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Reverse Mortgage lenders

Hire the Top Ranked Reverse Mortgage Lenders at PierPoint Mortgage

Handling financial hardships can be complicated for senior citizens. However, a reverse mortgage can be a viable solution. It’s ideal when you need regular financial aid during your golden years.

With reverse mortgage loans, you can convert part of your home’s equity into cash to manage a range of expenses such as:

  • Paying for medical expenses
  • Money to pay off your existing mortgage
  • Increasing your financial stability
  • Or paying any additional monthly bills

A reverse mortgage program enables applicants to generate cash inflow without having to sell the house. So, if you are struggling financially and considering applying for a reverse mortgage, PierPoint Mortgage is here to help you out!

At PierPoint Mortgage, we aim to help senior residents make the right decision when choosing their home equity into cash. Before we move ahead, let’s discuss what a reverse mortgage is and how it can benefit you when you need financial assistance.

What is a Reverse Mortgage?

In a reverse mortgage, older homeowners receive installments from the reverse mortgage lender, contrary to traditional home mortgages as the homeowners already own the house. Thus, it allows homeowners to withdraw a portion of their home’s equity.

It is specifically meant for senior residents, typically 62 years of age or older. These allow senior homeowners to manage their expenses after their retirement by borrowing money using their home as security for the loan.

Types of Reverse Mortgages:

There are three types of reverse mortgages you can choose from:

  • Home Equity Conversion Mortgages (HECMs)
  • Proprietary reverse mortgages
  • Single-purpose reverse mortgages

Although there are various types of reverse mortgages available in the market, Home Equity Conversion Mortgage (HECM) is the most popular one. At PierPoint Mortgage, our experienced lenders will explain the different types of reverse mortgages and help you find the best one as per your needs.

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Reverse Mortgage Features

Before you apply for a reverse mortgage, you should know why it is the ideal choice for you.

  • No need to pay monthly mortgage payments
  • No income or credit check required
  • If your home's value increases since you took the loan, you can expect to get additional proceeds by refinancing your reverse mortgage
  • If your home's value decreases when you die while the loan balance accumulated is more, your heirs won't need to pay the difference.
  • The borrower retains title/ownership of the home

Requirements for Applying for a Reverse Mortgage

Other than your age, you also need to adhere to the following requirements for qualifying for a reverse mortgage:

  • The house must be your principal residence i.e., you should be living in the house for the majority of the time.
  • You must maintain homeowners insurance with regular mortgage insurance premiums. You can also use the loan proceeds from the reverse mortgage to pay the mortgage insurance premium.
  • You must either own your home in your name or mostly paid the existing mortgage balance on the house. If you need a reverse mortgage to pay off your current mortgage, you can use the loan proceeds from the reverse mortgage.
  • You must pay property taxes and should not have any federal debt.
  • The home must be well-maintained and in decent condition to fulfill the required property standards before you can get a reverse mortgage loan.

If you want to discuss your loan eligibility, the financial implications of the loan, or have any other queries, feel free to reach out to our experts today!

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Here's How Reverse Mortgages Work

Whether you choose home equity conversion mortgages, a proprietary reverse mortgage, or a single-purpose reverse mortgage, the process at PierPoint Mortgage is pretty straightforward. Simply follow these steps:

  1. Consult with a reverse mortgage expert to find the right mortgage option.
  2. Submit your application for the loan.
  3. The lender usually reviews the borrower’s property, home title, and appraisal value. Additionally, they may also check your credit history.
  4. If you meet the required criteria, the loan will be approved.
  5. Borrowers can choose whether they want to receive the reverse mortgage proceeds as a lump-sum payment, fixed monthly payments for life, or a line of credit.

Why Should You Choose PierPoint Mortgage?

Hiring a trustworthy and reliable mortgage lender is crucial as there are also a few fraudulent lenders who may want to scam you. So, don’t get pressured into any reverse mortgage scams. Instead, take your time collecting accurate information from the best reverse mortgage lenders at PierPoint Mortgage.

We are a trusted and reputed name in the mortgage industry with an extensive track record of satisfied borrowers.

If you are a reverse mortgage borrower, you can enjoy the following benefits when you choose our services:

  1. Streamlined Loan Services
  2. Secure Loan Process
  3. Fully Licensed Professionals
  4. Variety of Loan Options

Consult With Reliable Reverse Mortgage Lenders at PierPoint Mortgage!

When you’re looking for knowledgeable, licensed, and qualified lenders to assist you during the reverse mortgage process, PierPoint Mortgage is your trusted partner. We specialize in helping senior citizens access their home equity in cash with a hassle-free reverse mortgage plan.

We are committed to providing quality services to help you achieve your financial goals. In addition, our team of top reverse mortgage lenders has accumulated decades of experience in the mortgage industry. So, you can rely on us for the best mortgage advice.

Apply online and know your eligibility for a reverse mortgage today!

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PierPoint Mortgage assists with reverse mortgages across the USA, including Alexandria, Atlanta, Auburn, Bay City, Dearborn, Denver, Grand Rapids, Los Angeles, Miami, Norton Shores, New Orleans, Norwalk, Philadelphia, Portland, Stamford, Seattle, Tulsa, Wetumpka, and the surrounding areas.