Learn more about reverse mortgages

You may have heard about how a reverse mortgage can help you make the most of your retirement. A reverse mortgage is a special type of loan for homeowners over the age of 62. The experienced loan officers at American Senior Funding realize you may be concerned that this is just another get rich quick scheme. However, there are a number of important features that make reverse mortgages an attractive option for Arizona seniors looking for a source of supplemental income.

With a reverse mortgage, there are no monthly payments for you to make. No payment is required until you no longer occupy the home as your primary residence. This provides increased protection against unforeseen future circumstances, making reverse mortgages one of the safest alternatives for seniors. Origination fees may be financed with your reverse mortgage, reducing your out-of-pocket expenses to obtain the loan.

A reverse mortgage has no set maturity date. This guarantees you the right to occupy your home for as long as you are able. When the loan is due, your heirs or estate can sell the property to pay off the loan. Since your reverse mortgage can never be more than the value of your home, no debt will ever be passed to your heirs or estate.

Freedom and flexibility are the most important benefits of a reverse mortgage loan. A reverse mortgage gives you cash that can be spent any way you wish. You can pay for medical care not covered by your existing insurance, supplement daily living expenses, or travel around the country. You can choose to receive your money as a monthly payment, lump sum, line of credit, or a combination of these methods. To receive a free, no obligation evaluation, please fill in the form below.

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