More mature adults in Auburn are beginning to discover the strength of reverse mortgages.If you are a senior citizen and wondering if you can afford to stay in your home when retirement rolls around, take heart. A reverse mortgage Auburn gives people the option of staying in their homes without worrying about finances; it is an affordable loan that allows seniors to enjoy life as they please. You can say goodbye to the days of constantly calling your Auburn lender for updates, bestateuse we offer one simple call that combines all the necessary steps in loan servicing.

Auburn Reverse Mortgage - Should You Get One

You could be a homeowner and retiree at the same time! Reverse mortgages Auburn ME allow you to convert your unused funds back into a line of credit. You can change how the loan is structured, from monthly payments to line of credit with no income or age restrictions. A reverse mortgage is a great option for those homeowners that want to maintain their independence and don't have an urgent need to sell the house. A reverse mortgage is a financial tool available in Auburn ME that lets you convert the equity in your home into cash. The loan has no monthly payments and it never needs to be paid back, as long as you're living there! You can use the loan proceeds in whatever way you would like: for retirement, college tuition or even for an emergency fund. But if anything happens- like say we have another downturn in property values - then make sure all of those other plans are still intact bestateuse they could help sustain your lifestyle during tough times too

Can You Get A Reverse Mortgage in Auburn ME With No Equity?

Many people in Auburn ME are cautious about looking into a reverse mortgage bestateuse they think it's too good to be true. There are conditions, however, this loan is legitimate bestateuse it has been regulated by HUD and is insured by FHA. In other words, there are many ways to structure this type of Auburn ME mortgage so it meets your current financial needs right now but also takes into account both short-term and long-term financial goals. For example, when starting out people tend to allocate more funds towards their future planning (e.g., saving) than they do on day-to-day basis once they are retired.

What Credit Score Do I Need to Apply for a Reverse Mortgage in Auburn ?

A reverse mortgage may just be the ideally suited choice for some people who are struggling with their financial situation as they enter into retirement age bestateuse instead of piling on more worry over debts and worries, this type of loan in Auburn provides an opportunity that allows them to meet these needs while also feeling safe from future struggles coming along the way during aging process since there is no pressure associated with repayment until one passes away which leaves heirs enough time come up with funds if need be. When it comes to retirement, your needs are unique and every person handles their finances differently. A reverse mortgage can provide Auburn seniors with the financial security that they need as well as take some of the stress out of planning for a financially secure future.

Call Now to See if it is A Good Fit for You

If you find yourself in need of a home loan for the next few years, this is not right for you. You're going to have closing costs when it comes time to leave your current residence and are required by law to meet income requirements as well as credit qualifications. All applications will be considered on an individual basis so long as they fit these criteria. I want to help you find out if a Auburn reverse mortgage is the right choice for your financial needs. I will provide information and answer any of your questions, so call me today! Some people decide to use a reverse mortgage in Auburn as an alternative solution. They are backed with federal funds and the interest rates vary depending on your credit history, age of residence, home value and equity amount you want loaned against. The most complicated type is called a Home Equity Conversion Mortgage (HECM) that requires expert advice from HUD-approved counselors or financial planners before applying for this type of program bestateuse there may be little penalty if you sell now but it's important to understand how they work should you choose not to stay in your property long term due diligence is needed!

Just in case you don’t live in Auburn, I also help clients in these areas: Lewiston, Minot, Greene, Sabattus, Mechanic Falls One thing we have heard from our clients that are thinking about a reverse home loan is that they chose us because we are local. Quite frankly we all understand this. Why on earth would you want to do business using a lender on the phone when you are able work with a lender in Auburn in person?