Do you own a home in Mt. Juliet? Are you sitting on a substantial amount of equity? If you’re at least 62 years of age, a reverse mortgage may be worth considering – and the experienced team at Primary Residential Mortgage, Inc. is here to help you explore this unique financing option.
With a reverse mortgage, you can turn your home equity into a source of cash, giving you the funds you need to cover the bills, make large purchases or pay for home repairs. The money can go toward anything you like, and as long as you continue to live in your Mt. Juliet home, you won’t have to pay it back.
What’s more, you’ll be able to say goodbye to monthly mortgage payments.
Reverse Mortgage Solutions for Mt. Juliet Homeowners
The type of reverse mortgage we offer here at PRMI Mt. Juliet is also referred to as a home equity conversion mortgage (HECM). These loans are insured by the Federal Housing Administration – which is beneficial, as it means you will never owe more than the value of your property.
With a HECM, you can opt to receive monthly cash payments or a single lump sum. Or, if you prefer, you can go with a line of credit and have the ability to draw on the funds when the need arises. Some homeowners also use a HECM to buy a new primary residence that better suits their current needs.
As for how much money you can obtain, that depends largely upon how much equity you have built up in your Mt. Juliet home. However, other factors, such as prevailing interest rates and your property’s appraised value, have an impact on the decision. The PRMI team can help you crunch the numbers and figure out the amount of cash you’ll be able to access with a reverse mortgage.
Are You Eligible for a Reverse Mortgage?
To take advantage of the HECM program, you must meet the requirements. If you’re 62 or older and either own your Mt. Juliet home outright or have a considerable amount of equity, you may be eligible. That said, your property must be eligible, too – it has to be your primary residence, and it must meet the FHA standards.
If you’re interested in a reverse mortgage, you’ll want to get more details about the eligibility requirements and the financial repercussions of taking out a HECM. Meeting with a HECM counselor allows you to make a more informed decision, and if you’re left with any unanswered questions – or if you’re ready to move forward with the reverse mortgage process -- the professional team at Primary Residential Mortgage, Inc.is ready to help.
Providing financing solutions that meet the needs of current and future Mt. Juliet homeowners is our goal, and while we have a broad portfolio of lending options, PRMI is one of the few Nashville-area mortgage companies with HECM specialists. You’ll be in good hands with our experienced team. For a free consultation to explore your reverse mortgage options, contact us today!