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What is a Reverse Mortgage?

In reverse mortgages, the equity in a home is converted into cash, so that older homeowners can finance living expenses, home improvements, or in-home health care. Usually, a reverse mortgage is for the homeowners that are old and need some financial help.

With a Reverse mortgage, the installment stream is “turned around.” That is, installments are made by the lender to the borrower, which is something contrary to what happens with a standard home buy contract.

Generally, reverse mortgages are only available to homeowners 62 years or older who own their homes free and clear of debt, or near it, and the homes are free of tax liens.
Borrowers usually have a choice of receiving the proceeds from a reverse mortgage in the form of a lump-sum payment, fixed monthly payments for life, or a line of credit.
Some reverse mortgage products additionally include the acquisition of an annuity that can guarantee proceeds with month-to-month payments to the senior mortgage holder regardless of whether they sell the home. An individual owner’s ability to receive money depends on several factors, including the reverse mortgage’s type, the borrower’s age, interest rate, and the home’s value. Monthly payments or credit lines are calculated using the “Projected Life Expectancy”. A borrower’s monthly payments or line of credit will often be larger the older the person is. The old-age person does not have to meet income or credit requirements to qualify for a reverse mortgage.
If you are above the age of  62 years and need a reverse mortgage for yourself, you can reach out to us. We are one of the reverse mortgage lenders in the business and would love to assist you with your mortgage needs. Our staff will guide you throughout the process and help you with all the procedures of the reverse mortgage. We have earned the trust of several people and are the lenders around.

Reverse Mortgage Features

Some reverse mortgage products also involve the purchase of an annuity that can assure continued monthly income to the senior homeowner even if they sell the home.
No monthly payment.
No income or credit qualifying needed
You maintain title and ownership of your home
Proceeds from a Reverse Mortgage are not subject to personal income taxation
Can be used only for the borrower’s primary or principal residence

    Get Pre-Approved Now!

    Get Pre-Approved Now!

    Get Pre-Approved Now!

    Get Pre-Approved Now!


    NMLS# 112844


    PierPoint Mortgage, LLC, was founded in 2003 and had been offering brilliant services ever since. It is a nationwide mortgage broker that has over 50 years of mortgage experience.


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