Reverse Mortgage

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[/vc_column_text][vc_column_text css=”.vc_custom_1564732006361{margin-top: 0px !important;padding-top: 40px !important;}”]A Reverse Mortgage is a great option for homeowners, who are aged 62 or above, as they can retire conveniently and have a growing line of money and credit that they can use freely.[/vc_column_text][gem_divider margin_top=”30″][vc_tta_accordion shape=”round” color=”grey” c_icon=”outlined_rounded” c_position=”right” active_section=”1″ css_animation=”fadeIn” collapsible_all=”true”][vc_tta_section title=”How Does it Work?” tab_id=”how-does-it-work”][vc_column_text]

You can borrow money with a reverse mortgage that will be based on your age, your current interest rates, and the value of your home.
You can pay off an existing mortgage (if you still have one) with the loan, and the remaining money can be spent any way you want.
Payments can be made based on your preference, but it isn’t required.
You also have the choice to receive proceeds as a line of credit, as monthly payments, as one lump sum, or in a combination of the three choices.
You’ll still need to pay home maintenance costs, homeowner’s insurance, and property taxes.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Qualification Requirements for Reverse Mortgage” tab_id=”Qualification-Requirements-for-Reverse-Mortgage”][vc_column_text]To qualify for the reverse mortgage, you’ll need to meet certain requirements to qualify for it. These are:

You must be aged 62 years or older and must own a home
You could have an existing mortgage on the home or own the home without any mortgage
Your home must have enough equity in it.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Reverse Mortgage Products” tab_id=”Reverse-Mortgage-Products”][vc_column_text]There are several different types of reverse mortgage products, which include:

Fixed Rate

The fixed rate loan will have an interest rate that isn’t going to change. The rate is going to be locked at closing time and isn’t going to change throughout the length of the loan. You’ll get a lump sum payment with the fixed rate loan.

Adjustable Rate

With the adjustable rate loan, the interest rates will change over the course of the loan. You have the option of receiving your proceeds as monthly payments, as a line of credit, as one lump sum or in a combination of the three.

The Reverse Mortgage Line of Credit as a Retirement Tool

This is an adjustable rate loan and all available funds will increase in value over time
You can live off the funds you get with the line of credit and allow your other retirement assets to increase in value
You can also take advantage of the flexibility you get with a traditional home equity line of credit (HELOC) without any monthly mortgage payments
Keep in mind that you’ll still need to pay your homeowner’s insurance, property maintenance costs, and property taxes

Purchase

With the reverse mortgage for purchase, you can buy a house with a reverse mortgage, and not worry about making payments monthly for as long as you’re living in that home.[/vc_column_text][/vc_tta_section][vc_tta_section title=”The Main Benefits” tab_id=”the-main-benefits”][vc_column_text]There are several advantages that you gain with a reverse mortgage, which include:

You can easily pay off your existing mortgage and have money to spend on other stuff at month’s end with the reverse mortgage.
You’ll still be the legal owner of your house, as your name will be in the title.
You can use the money to use in the future or for fulfilling an immediate need.
You’ll be responsible for paying homeowner’s insurance, property maintenance costs, and property taxes.

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Iconic Mortgage Corp is one of the fastest-growing consumer lenders around today, and we are among a select few that survived the excessive changes in the industry after the 2007 Mortgage Crisis
We currently operate in 15 states and are licensed to do business across the country from the East Coast to the West Coast
We’ve also been awarded an A+ rating from the Better Business Bureau, and our motto is “Every client, every time. No exceptions, no excuses”.

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