Whether you are seeking to supplement your retirement income or fulfill your lifelong dreams, funding your retirement is important. While saving and investing wisely are a few ways to secure income for retirement and fund lifelong dreams, another option is reverse mortgages. To find out if a reverse mortgage is right for you, your local reverse mortgage company can help.
Karren Tyler at Waterstone Mortgage specializes in offering reverse mortgages for seniors. She educates them about reverse mortgages and helps them understand if this would be the right tool for financing their retirement. What sets our services apart is that we are local. She come to you and explain about reverse mortgages in detail, you don’t need to be just another number reaching out to a call center to learn about these services. Our branch is located in Charlottesville, VA, and we serve local clients throughout the state of Virginia, including Albemarle, Green, Madison, Nelson, Augusta, Waynesboro, Louisa, and Fluvanna.
To reach Karren, you can contact her at 434-529-8421 or contact us online to learn more reverse mortgage information.
What Are Reverse Mortgages?
Reverse mortgages are a well-regulated financial solution and a safe resource to meet needs, improve lifestyle, and add flexibility to a retirement plan.
A reverse mortgage is a financial product designed particularly for homeowners typically aged above 55 or 62 (depending on local regulations). When you take this financial product, it will enable you to convert a part of your home equity into cash without selling your home. However, unlike a traditional mortgage, with a reverse mortgage, you don’t need to make monthly payments. The loan has to be repaid when you sell the home or permanently move out. At this time, the loan, plus accumulated interest and fees, has to be repaid.
As your local reverse mortgage company, there are some important points about reverse mortgages we want to make sure you understand:
- There is no need to make monthly mortgage payments.
- You still need to pay your taxes, insurance, and other property charges.
- You can have the home to yourself and maintain the title of the house.
- Furthermore, you get the option to pay a part of the loan plus the interest at any time, which will help reduce the loan payment burden when the loan is due.
How To Make Sure a Reverse Mortgage Is Right for You?
Deciding if a reverse mortgage is right for you requires careful consideration of several factors. These include:
- Understanding Your Needs: Understanding your financial needs is a key component in determining if a reverse mortgage is right for you, and your reverse mortgage company should be able to help with this. Are you looking to cover extra expenses such as healthcare? Or are you looking for extra income? Based on your needs, you can decide if a reverse mortgage is the right tool for the job.
- Checking Eligibility: It is also important to check if your age meets the age requirement of a reverse mortgage. If you are above 62, you are eligible for a reverse mortgage. Although some states and products are available to homeowners starting at age 55 and older.
- Assessing the Value of Your Home: Reverse mortgages are based on home equity. The more value and equity you have in your home, the more funds are available for you to receive.
- Exploring Your Options: There are different reverse mortgage options available including Home Equity Conversion Mortgages and our proprietary reverse mortgage loan. Before you select the best option for your needs, your reverse mortgage company should help you understand each and every option, check if they are aligned with your requirements, and then decide on an option.
Considering all these factors will help you make an informed decision about whether to proceed with the reverse mortgage plan.
Contact Our Reverse Mortgage Company in Charlottesville for Reverse Mortgage Services
If you are interested in learning more about our reverse mortgage services or want to find out if a reverse mortgage is right for you, you can reach us at 434-529-8421. As a leading reverse mortgage company in Charlottesville, VA, we are here to answer all your questions and provide you with the reverse mortgage information you need. From answering your questions to walking you through the reverse mortgage process, we are here for you.
