You must have seen some TV commercials or heard ads on the radio about reverse mortgages. These kinds of loans can be good, especially if majority of your net worth is tied up in your home. So, if you are looking for companies providing mortgage lender Mcallen TX, or anywhere else in the US, it is first important to know all the benefits of reverse mortgages.
Helps Secure Your Retirement – If you are retiree, who don’t have a lot of cash savings or investments, but have a lot of wealth invested in your home, reverse mortgage is an option for you. A reverse mortgage will help you turn your otherwise illiquid asset into cash, so that you can use it to cover expenses.
You don’t have to sell your home – Another significant benefit of a reverse mortgage is that you will not need to sell your home to liquefy your asset, because you can keep your property and still get cash out of it, through a reverse mortgage.
If the balance exceeds the home value, you are still protected – Sometimes your home value can become less than the total amount owed on the reverse mortgage. This might happen if the home prices fall, for example. However, if such an event occurs, there is no need to worry about paying back the balance.
It can help you preserve your other income sources – When you are using a reverse mortgage, you will not need to tap into your personal savings account, or investments.
You don’t have to pay off your home loan – In order to take out a reverse mortgage, it is not necessary that you need to pay off all your home loans. In fact, you should be able to use the proceeds of a reverse mortgage to pay off existing home loans.
If you are in McAllen, Texas, you can get in touch with Joe Cuellar for the best reverse mortgage services. If you need the best services for home loans, or mortgage refinancing in McAllen, TX, get in touch with him right away!
