WHAT IS A REVERSE MORTGAGE?
Essentially a home loan with four distinct advantages:
1. There is no income or credit score qualification.
2. It offers a very attractive interest rate.
3. It gives the flexibility of making or not making monthly payments.
4. Receive a one time "lump sum payment" or line of credit.
A reverse mortgage does not affect Social Security or Medicare/Medicaid benefits, the proceeds or monthly income is tax-free and can be used for any purpose, and most importantly, the title remains in your name.
Essentially a home loan with four distinct advantages:
1. There is no income or credit score qualification.
2. It offers a very attractive interest rate.
3. It gives the flexibility of making or not making monthly payments.
4. Receive a one time "lump sum payment" or line of credit.
A reverse mortgage does not affect Social Security or Medicare/Medicaid benefits, the proceeds or monthly income is tax-free and can be used for any purpose, and most importantly, the title remains in your name.
HOW DOES THE PROCESS WORK?
As a federally regulated, sponsored and insured loan, the government requires several steps. The first step is to meet with a licensed reverse mortgage lender in Massachusetts to discuss your situation and qualifications. The second is to speak with a HUD qualified counselor to educate and ensure your understanding of the loan. The third step is completing an application along with a home appraisal, and if qualified the loan may close in approximately 30 days.
As a federally regulated, sponsored and insured loan, the government requires several steps. The first step is to meet with a licensed reverse mortgage lender in Massachusetts to discuss your situation and qualifications. The second is to speak with a HUD qualified counselor to educate and ensure your understanding of the loan. The third step is completing an application along with a home appraisal, and if qualified the loan may close in approximately 30 days.
We will help you through the whole process.
Find out how much
more money you could
have every month.
more money you could
have every month.
Reliant Mortgage Company
100 Cummings Center
Suite 303c
Beverly, MA 01915
1-800 MYNETWORK
(800-696-3896)
100 Cummings Center
Suite 303c
Beverly, MA 01915
1-800 MYNETWORK
(800-696-3896)
