If you are having financial struggles in your retirement age, you should check out reverse mortgage. This loan can be a great way to catch up on medical bills, home repairs, in-home care, and much more. You might have a lot of doubts by taking out a “loan,” but there are many benefits to a reverse mortgage. Our team at Mortgage South is ready to provide you with all the necessary knowledge to make this process as simple as possible. If you are looking for the best reverse mortgage company Hendersonville, TN has to offer, we are just that! If you are on the fence about applying for a reverse mortgage, take a look at some of the most common benefits.
5 Reverse Mortgage Benefits
1. No More Mortgage Payments
As long as you are following the requirement of staying in your primary residence, you will not have to make any more monthly mortgage payments.
2. All Other Mortgages are Paid at Closing
You will no longer run the risk of foreclosure due to not paying your mortgage payment. Everything will be paid off at the time of closing.
3. Loan Proceeds are Tax-free
Generally, the IRS does not consider loan advances to be income therefore you will not pay any taxes on it. Be sure to talk with you tax professional to make sure all the facts are straight with your specific situation.
4. You Decide How to Receive Your Advance
There are numerous options you can choose from such as a line of credit, monthly cash advance, a lump sum, etc. Once approved, you will be able to choose what will be the best option for you.
5. No Loan Balances Due
Repayment of the loan is not required until either the death of the borrower, property sale or relocation, or failure to pay property taxes or any violation of the terms of the loan.
We’re Your Reverse Mortgage Company in Hendersonville TN
Taking out a reverse mortgage can be a simple process for a chance to no longer be burdened by so many financial struggles. Call us today to work with the best reverse mortgage company Hendersonville, TN has to offer.