A reverse mortgage is a type of home loan that homeowners aged 62 and older can access. Clients most commonly use it to help pay for medical expenses, home repairs, debt payment, and travel. For that reason, if you are looking for reverse mortgage companies near Nashville, we are just what you’re looking for.
This is an opportunity to take the equity you have built into your home and turn it into cash. Your options can include monthly payments, a lump sum, or a line of credit. However, you’ll find different types of reverse mortgages that fit different financial needs and circumstances. Let’s look at the three different types.
Offered By Reverse Mortgage Companies Near Nashville:
1. Home Equity Conversion Mortgage (HECM)
This is the most common type of reverse mortgage and is useful for any purpose. This mortgage usually has higher upfront costs. However, you can also choose how to withdraw the money. This loan is only available through the Federal Housing Administration (FHA).
2. Proprietary Reverse Mortgage
This type of loan is a private loan which is not backed by the government. Since this is a private loan, the eligibility will differ depending on the lender. This loan typically is used to get larger advance, especially if you have a higher-valued home.
3. Single-purpose Reverse Mortgage
This is the least common type of reverse mortgage and is offered by the government and nonprofit organizations. It is usually the least expensive out of the three. However, you can only use it for a specific reason. It is only for remodeling purposes to support handicap needs.
Contact Us Today
For whatever your reasonings are for wanting a reverse mortgage, we can make it happen for you. Our team is ready to get you going on whatever you need fixed in your life. Whether you need medical help or are ready to take on new adventures, we are here to get that going for you. If you are looking for reverse mortgage companies near Nashville, give us a call today!
Call Mortgage South today at (423) 624-3878 to discuss your reverse mortgage options.