Reverse Mortgages
Unlock the Equity in Your Home with Reverse Mortgages
At Contemporary Mortgage Services, we offer reverse mortgages to help homeowners aged 62 and older convert a portion of their home equity into cash. This financial tool provides you with additional income while allowing you to remain in your home. Whether you need to supplement your retirement income, pay for healthcare expenses, or make home improvements, a reverse mortgage can provide the financial flexibility you need.
What is a Reverse Mortgage?
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a loan available to homeowners aged 62 and older that allows them to convert part of their home’s equity into cash. Unlike traditional mortgages, reverse mortgage borrowers do not make monthly mortgage payments. Instead, the loan is repaid when the homeowner sells the home, moves out permanently, or passes away.
Benefits of Reverse Mortgages
Choosing a reverse mortgage comes with several advantages:
- Supplemental Income: Convert your home equity into cash to supplement your retirement income and improve your financial security.
- No Monthly Mortgage Payments: Eliminate your existing monthly mortgage payments and use the funds for other needs.
- Flexible Disbursement Options: Receive your funds as a lump sum, monthly payments, a line of credit, or a combination of these options.
- Stay in Your Home: Continue living in your home and retain ownership while benefiting from the equity you’ve built.
- Non-Recourse Loan: You or your heirs will never owe more than the value of the home when the loan is repaid.
Is a Reverse Mortgage Right for You?
A reverse mortgage might be the right choice if you:
- Are 62 years of age or older.
- Own your home outright or have a low mortgage balance that can be paid off with the proceeds of the reverse mortgage.
- Need additional income to cover living expenses, medical costs, or home improvements.
- Want to eliminate monthly mortgage payments and improve your cash flow.
- Plan to remain in your home for the foreseeable future.
Our Reverse Mortgage Options
At Contemporary Mortgage Services, we offer a range of reverse mortgage options to suit your needs:
- Lump Sum Payment: Receive your funds in a single lump sum, ideal for large expenses or debt consolidation.
- Monthly Payments: Get a steady stream of monthly income to help with ongoing expenses.
- Line of Credit: Access your funds as needed, offering flexibility and control over your finances.
- Combination: Customize your disbursement method with a combination of lump sum, monthly payments, and a line of credit.
The Application Process
Securing a reverse mortgage with Contemporary Mortgage Services is simple and straightforward:
- Consultation: Speak with one of our experienced Loan Originators to discuss your financial situation and determine if a reverse mortgage is right for you.
- Counseling: Participate in a mandatory counseling session with a HUD-approved counselor to ensure you understand the loan terms and options.
- Application: Complete the reverse mortgage application with the guidance of our team, ensuring all necessary documentation is provided.
- Approval: We’ll process your application and, once approved, finalize the loan terms.
- Closing: Sign the final documents and access your funds according to the chosen disbursement method.
Why Choose Contemporary Mortgage Services?
At Contemporary Mortgage Services, we are committed to helping you achieve financial security and peace of mind. Our extensive network of lenders and dedication to customer satisfaction ensure you receive the best possible terms for your reverse mortgage needs.
Contact Us Today
Ready to explore your reverse mortgage options? Contact Contemporary Mortgage Services today and let our experienced Loan Originators guide you through the process. Discover how a reverse mortgage can provide financial freedom and security.
Call us at 407-834-3377 or fill out our online contact form to get started.
Click here to learn more about reverse mortgages: www.contemporarymortgage.com/reversemortgages