Were you aware that if you are 62+ and own your home, you may be able to pay off your existing mortgage with a Home Equity Conversion Mortgage (Reverse Mortgage) in Memphis? Chris Brundige with FirstBank Reverse Mortgage, says that one of the most frequently asked questions he receives is “Can I do a reverse mortgage if my house is not paid off? The short answer is “YES” as long as you qualify for enough reverse mortgage proceeds to be able to pay off any existing mortgages currently on the home.
If you are ready to relieve yourself of the monthly burden of your traditional home mortgage payment, Chris Brundige says you may be able refinance your current loan into a Reverse Mortgage which doesn’t require you to make a monthly payment on the mortgage. FirstBank, a Reverse Mortgage lender in Memphis said, This will allow you to be mortgage payment free for the remainder of time you live in the home because the reverse mortgage does not have to be repaid until the last borrower dies or moves out of the home. The homeowner must continue to pay property taxes, homeowner insurance, and keep up with the home’s maintenance, as failure to do so could result in default under the loan agreement.
“There are a few stipulations that you must meet in to qualify for a HECM Reverse Mortgage in Memphis”, Chris went on to say. The borrower must be 62+, have sufficient equity in their home, and qualify for enough proceeds from the reverse mortgage to pay off any existing liens. The loan amount is based off of the youngest borrower’s age and the value of the home. Chris Brundige has been helping seniors relieve the monthly burden of a home mortgage and showing seniors 62+ how to put that money back into their pocket for years. He is the Tennessee Reverse Mortgage Specialist for FirstBank and is happy to answer any questions you may have on this topic.
Here is one recent example of a client that Chris Brundige with FirstBank Reverse Mortgage in Memphis was able to help.
Mr. Smith was 62, his house was valued at 200k, and he 100k on his current mortgage. His mortgage payment was $1,000 per month and he had 27 years left to pay on his current mortgage. Chris Brundige with FirstBank was able to refinance his current loan into a HECM (Reverse Mortgage) saving him $12,000 dollars per year out of pocket and he continues to own his home and live there without having to make any ongoing monthly mortgage payments. This took a large financial burden off of Mr. Smith’s plate and completely changed his quality of life in retirement. He now is less concerned financially and able to better enjoy his retirement because of this loan.
If you are ready to have a discussion with Chris and find out how you too may be able to keep your home, but not pay another monthly mortgage payment as long as you live in your home, please call 901-472-1301 or visit http://reversemortgagelenderintn.com/ to use our free reverse mortgage calculator.