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Reverse Mortgage

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Why Should You Consider A Reverse Mortgage
Reverse mortgages have their own set of rules and requirements that vary slightly from standard mortgages in New York. One main requirement is the borrower must be at least sixty one years of age before they can apply for a reverse mortgage. The amount borrowed is based on the current value of the home and how much equity the owner has accumulated.
If the home owner moves or dies, the loan is paid from the sale of the home, which may or may not be a good financial move for the owner. The loan amount is payable in a lump sum, line of credit, monthly payments or a combination of these elements.
Before attempting to find reverse mortgages on your own, it is recommended you contact us to discuss all the available options that may fit your needs.
Mortgages in New York can be complicated enough without adding the requirements and stipulations that apply to reverse mortgages. Home equity or refinancing loans may be a better option for you, and we at Centex Capital can help you to navigate through all the different lenders and programs that are available.
If you are not planning to stay in your house for more than seven years it does not make sense to get a reverse mortgage, since the move will call the loan due. Also if you plan to leave the house to your children a reverse mortgage will make that impossible. The longer you stay in the house the more charges ad interest will grow, eventually totaling the value of the house.
These are all things to be considered when taking out a reverse mortgage on your home. the best move is to get in touch with a mortgage broker to discuss the options you have and make an informed decision not based on commercials or salesperson pressure.

Contact us to see if you qualify for a Reverse Mortgage. Email us or call us at (800)842-2910.

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