Retirement is supposed to be a time where you kick back and enjoy your lifestyle. However, financial struggles can make that feel impossible for many Freeport senior citizens. If you're planning for retirement and would like to stay in your home but don't know how to afford it, then a reverse mortgage company ME may be able to help you. The main advantage to taking out a reverse mortgage in Freeport ME is that the debt will be repaid after your death in one lump sum payment, including arrears and interest charges in some cases. That way your family won't have the financial burden of trying to settle your estate by paying off various creditors.

Benefits to a Reverse Mortgage in Freeport ME

Reverse mortgages Freeport ME can be a great way to get rid of your current mortgage payment and get rid of debt. You may want extra cash, or need help figuring out how the reverse loan fits into your retirement plan. Let’s work together so we can figure it all out! A Reverse Mortgage, also known as a Home Equity Conversion Mortgage (HECM) is actually a home loan which property owners take out against the their home. A reverse mortgage in Freeport ME can provide you with monthly payments for life, a lump-sum payment, line of credit or a combination of those things.

Who Will Qualify for a Reverse Mortgage in Freeport ME)?

A reverse mortgage, also known as a home equity conversion loan (HECM), is a type of loan available in Freeport ME that allows seniors to convert some or all of the equity in their homes into cash. Reverse mortgages are often attractive to people who want access to money without selling their houses, and without having to pay any interest on the loan. As the population in Freeport ME continues to grow older and life expectancies increase, more people are going be living longer in retirement. The end of work is inevitable for many due to age or disability. One option that can provide an income source even after you've retired from labor may seem promising but it has its own set of pros and cons.

Which Loan Officer in Freeport ME Should I Use to Apply for a Reverse Mortgage?

All reverse mortgage loans available in Freeport ME are regulated by HUD and insured by FHA. Everyone who applies will have to fulfill specific income and credit requirements to be approved for the loan. If you get approved for the loan, there are multiple ways to access your money. A fixed interest rate for your HECM in Freeport ME can be a good option when you are using it to buy or refinance a home. This loan may also help if there is little equity in the property after paying off existing liens against it. However, this comes with less risk and greater certainty of knowing how much you owe at any time going forward than the other options available - so keep that in mind!

Call to Find Out if You Qualify

Do you want to remain in your house when you retire? Then you may be the right candidate for a Freeport ME reverse mortgage. You should not apply for a reverse mortgage if you plan to leave the residence or sell your property within the next few years. One condition with a reverse mortgage is that when you leave the property you are required to pay back the remainder of the loan. This is a great option for seniors in Freeport ME looking into retirement that hasn't paid their mortgage off yet. However, if you plan to move or sell your property then this loan isn't the right choice for you. This is bestateuse you will be required to pay it back once you move. If you don't already have the funds secured to pay it, then there may be a penalty. A reverse mortgage can be a comprehensive solution for those who are struggling to find the money they need. For example, if you plan on staying in your home and don't want to sell it or take out another loan but still require extra funds then this is right option for you! Seniors deserve to live the life they want with dignity. And we're on a mission to make sure that happens! Call us today for more information about loans tailored just for you and your future needs.

We help borrowers in these places as well: Yarmouth, Brunswick, North Yarmouth, Durham, Cumberland Most people would like to deal with someone who is not just local, but is also a specialist at reverse mortgage loans. There is not any need to use a mortgage lender that’s not local when you can meet directly with someone in Freeport.