If you are 62 years of age or older and whether you’ve made or lost money in the stockmarket and you find yourself struggling financially or not, you may want to consider a reverse mortgage. With a reverse mortgage, your Cincinnati mortgage broker can help you turn your house into cash and oftentimes the money is considered tax-free. Sounds like a no-brainer, doesn’t it? Well, you may want to hold off looking into any Cincinnati home loans until you’ve read the following. Most mortgage lenders in Cincinnati will tell you not to go jumping into a reverse mortgage until you’ve considered the following four factors.
Do Your Children Approve?
You may think that talking to Cincinnati reverse mortgage brokers is your decision and yours alone, but hang on. We believe that it is important and necessary to bring in your trusted advisors, your family. This way everyone know what your wishes are and what is going to happen when you are no longer able to stay in your home or when you pass. What happens when you pass and how does your family handle that situation, we will have those answers.
Can You Afford It?
Reverse mortgages in West Chester, OH typically are relatively inexpensive considering you will never have to make a payment on them. True the amount you owe increases every month and the reverse mortgage do carry higher closing cost than the traditional loans but they can be deducted from available balance your home’s value and age produces. If you plan to sell or move a few years after taking the loan, then we want to look closely at the cost ratios and to be sure this loan meets your long term goals. Let us help you walk through the process as your mortgage lender in West Chester, OH and we will figure out the facts. If you do the calculations and you find that reverse home loans in Cincinnati is not a good fit, we can explore your other options.
Are You Qualified?
In order to qualify for a reverse mortgage, you have to be over 62 years of age and you don’t have to own your home outright but you do need to be able to pay the current mortgage off with the money you get from the reverse mortgage in West Chester OH. If this describes you, you may be right for a reverse home mortgage in Cincinnati. However, HUD and FHA have certain requirements that you have to meet beyond these basics. But if you live in a single family home, most likely you qualify as long as you meet the age and homeowner requirements, your credit score is NOT a factor with this loan type.
Do You Understand How Reverse Mortgages Work?
Finally, before you jump into any reverse mortgage situation in Cincinnati, you will want to know the types of loans available, the risks you face and all the rest that goes into the process. This isn’t a decision to take lightly and so you will want to find the advice and assistance of professional Cincinnati mortgage brokers who can guide you in the right direction. You will also be enrolled in a telephone class with a HUD representative to insure you are fully aware of how this loan product works now and in the future. It is a great way to consolidate bills, supplement your retirement income or even purchase another home that maybe more suitable for your senior lifestyle. Are you considering a reverse mortgage home loan in Cincinnati? Do you have any questions you’d like answered by professional Cincinnati mortgage broker, let us know in the comments section or call today…513 346 4070 and ask for Jeff x10. Toll Free 888 393 8784 x10. Lending in Ohio Indiana and Kentucky.