Taking out a reverse mortgage can be a great way to get money for a much-needed cause. This may include medical bills, home repairs, in-home care, and more. In addition, a reverse mortgage comes with more benefits than you might know about. If you have been searching for a “reverse mortgage company near me,” we’re just what you’re looking for. Our team is ready to assist you in any way possible. For that reason, we’re happy to provide you with all the information you need. If you have been on the fence of taking out a reverse mortgage, here is a look at a few benefits that you might not have been aware of.
5 Benefits of a Reverse Mortgage
1. No More Monthly Mortgage Payments
As long as the owner of the home occupies the home as their primary residence, they will not have to make any more mortgage payments.
2. All Other Mortgages/Liens are Paid at Closing
You will no longer have to worry about the risk of foreclosure for non-payments of loans. Instead, everything will be paid off.
3. All Cash Advances are Tax-Free
The IRS generally does not consider loan advances to be income. However, make sure to consult with your tax professional. You’ll want to make sure you’re getting the facts correct for your specific situation.
4. Numerous Cash Advances, & You Decide How to Receive them
There are many different options you can choose from such as a line of credit, monthly cash advance, a lump sum, or a combination. For that reason, you will be able to choose what will financially work best for you.
5. Loan Balances are Not Required Until Owner Moves, Sells, or Passes
The following are reasons that would cause for repayment of the loan; death, property sale, relocation, or failure of the owners to pay property taxes, properly maintain the property, or violation of any terms of the loan.
We’ll Be Your “Reverse Mortgage Company Near Me”
Taking out a reverse mortgage can be extremely beneficial for someone struggling in their retirement age. It is a chance for them to get caught up on their financials and hopefully enjoy the life of being retired. We are the “reverse mortgage company near me” solution you have been searching for, and we look forward to working with you.
Call Mortgage South today at (423) 624-3878 to discuss your reverse mortgage options.