A Reverse Mortgage enables homeowners over 62 years of age to convert part of the equity in their homes into tax-free income without having to sell their home, give up the title or take on a new monthly mortgage payment. The reverse mortgage earned its name because the payment stream is "reversed." Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.
With Reverse Mortgage Consultant, you have several choices in how you will receive the funds. You may choose from the following:
- Lump Sum
- Line of Credit
- Monthly payments sent to you, directly deposited into your bank account at the beginning of each month.
- A combination of any of the above three options.
Due to the extensive rules and stipulations involved with Reverse Mortgages, 1st Advantage has partnered with local experts at ReverseMortgage.Pro to provide our members with information on this service. Contact Dennis Smith at 757-722-6800 ext 315 or 804-384-7960 ext 303 to learn more about the benefits of these mortgages. After discussing your options over the phone, Dennis will meet with you either at a 1st Advantage branch or at your home for your convenience.
For additional information about Reverse Mortgages, contact Dennis with ReverseMortgage.Pro at 757-722-6800 ext 315 or 804-384-7960 ext 303.
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