When planning for retirement, many people want to spend their senior years in the home they have lived in all these years. However, with aging comes financial worries and if you are able to afford your house when retired or not. Luckily, Hollis reverse mortgage lenders can make this dream financially possible by giving seniors a chance at staying where it's comfortable - at home. A reverse mortgage is a loan that is available to people ages 62 and over. When you apply for a reverse mortgage in Hollis ME you could qualify to purchase or refinance your home without any monthly payments. All payments are voluntary, so as the borrower you can pay as much or as little as you want. You can even choose when your payments are made as well.

Doing Your Due Diligence When Getting a Reverse Mortgage in Hollis ME

A reverse mortgage is just a mortgage. There are lots of bells, whistles and features that are available with it, but it is still just a mortgage. The most notable feature of this loan is that payments are voluntary. Borrowers do not have to make a monthly mortgage payment if they choose not to do so. They do still need to pay taxes, insurance and maintain the home. However, borrowers can make house payments at any time in any amount they choose. There are several benefits to making a payment on a reverse mortgage in Hollis Maine , but again, the payments are voluntary. You may be wondering how a reverse mortgage Hollis Maine could affect your homeowner status. Rest assured, when approved for a reverse mortgage you will still own the home and everything else about your life won't change except that now there is no monthly payment due. Like with traditional mortgages, you'll also receive regular mortgage loan Statements showing interest and balance information on it too!

Should I Work with Someone in Hollis Maine to Get A Reverse Mortgage?

A reverse mortgage gives people the freedom to pay what they can and on their own schedule. If they are facing financial hardship or have an unexpected expense, they can skip a monthly payment without any penalties. As a senior in Hollis Maine, you shouldn't have to worry about leaving your house bestateuse of a money situation. If you are looking for a local reverse mortgage expert, call us. We'll give you the information to make your decision an easy one: not choosing is just as important! Reverse mortgages in Hollis Maine can help relieve some of that debt and put more money in your pocket but, like any financial product out there, they need to be used responsibly so don't forget this when considering them.

How Long Does it Take to Get a Reverse Mortgage Completed in Hollis Maine?

The first step in applying for this type of loan is to contact your local reverse mortgage lender in Hollis Maine. You will need to fill out an application form and provide documentation proving your age and residence status. Once the lender has accomplished the verification procedure they will send you a pre-approval letter which outlines the terms of the proposed agreement between you and them (including interest rate). I'm excited to answer any questions you have about getting reverse mortgages in Hollis Maine! I've been working with them for years, so ask away. There's no obligation and it'll be my pleasure to see if a mortgage is the right option for you.

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Don't worry, this loan doesn't take any of your titles away. You are still the owner of the property when you receive a reverse mortgage in Hollis Maine. The only thing that will be different for you is having peace of mind knowing you don't have to worry about paying a certain amount of money on a certain date. This is a great option for seniors in Hollis Maine 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 help you get out from under your monthly mortgage payments, but it also comes with hidden fees that could cost thousands of dollars over time. You have to watch out for these fees when applying for a reverse mortgage so make sure to do your homework before signing any papers!

For the home owners not living in Hollis I also work in these areas: Buxton, Waterboro, Lake Arrowhead, Gorham, Limington Many people thinking about a reverse mortgage loan want to deal with somebody that is local. There’s no reason to use a lender online when you can work directly by using someone in Hollis.