REVERSE MORTGAGES in Portage and Kalamazoo MI: A reverse mortgage is a loan which is available to senior citizens who are aged 62 or older. The reverse mortgage is available per HUD. A reverse mortgage is used to release the home equity in a property in one lump sum payment or in multiple payments. The homeowner’s responsibility to repay the loan is postponed until the owner dies, the home is sold, or the owner leaves. The senior can be out of the home for up to 364 consecutive days. (e.g., into aged care).If you want to see the cash that a reverse mortgage will make available use our Reverse Mortgage Calculator. The Reverse Mortgage Calculator will calculate exactly how much your mortgage balance will be after taking out reverse mortgage. Simply enter in the reverse mortgage advance payment received, the number of years to receive reverse mortgage payments, the reverse mortgage interest rate, and the reverse mortgage monthly payment received (not including the initial reverse mortgage advance payment received). Senior citizens or adult children of seniors can calculate how a reverse mortgage works with the free online reverse mortgage calculator below.
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Your Kalamazoo Real Estate Experts and Home Team
David Veenstra, REALTOR
Jason Veenstra, REALTOR
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