101 Home Loans

Reverse Mortgage

Happy older couple

Reverse Mortgages From 101 Home Loans.

If you are looking for a better solution for your money problems or for extra help in retirement, 101 Home Loans has options for reverse mortgages. Using a reverse mortgage, homeowners can dip into their home equity without making monthly payments. Unlike a standard home mortgage, a monthly payment is not due to the lender. Instead, the loan amount needs to be paid in full when the homeowner or estate sells the home. 


With a reverse mortgage, your funds can be dispersed in numerous ways. Whether you need a lump sum, a monthly allotment, or a line of credit, we can help build the best plan for your individual needs. Our local Sonoma County lending team is ready to help you find the best fit and determine if a reverse mortgage is a good option for you. 

Pros and Cons of Reverse Mortgages.

Understanding the pros and cons of a reverse mortgage and its financial impact will help you determine if this  option is right for you.

Pros

Proceeds of the loan are non-taxable.

You remain the owner and hold the title.

No monthly mortgage payments.

Extra cash for daily living expenses or retirement. 

Cons

Must have enough equity to qualifly.

A lien is placed on you home.

Vacation and investment properties don't qualify.

Reverse Mortgage Eligibility Requirements.

We want to ensure that your application process is as simple as possible. Let us help you remove all of the guesswork. At 101 Home Loans, we will walk you through each step of the application process and help you determine what kind of money you are eligible to receive. Because a reverse mortgage is a special type of loan, it is only available for homeowners over 62 years of age. Reverse mortgages allow you to pull money out of your home equity. Doing so gives you reliable cash flow to use as retirement funding or to cover everyday expenses. 

Reverse mortgage calculator
signing mortgage documents

Is a Reverse Mortgage Right For You?

There are many reasons reverse mortgages work for the right individuals. Life can throw unexpected curveballs, requiring you to take a new approach. Perhaps circumstances have been such that you need to retire early. Doing so may leave you a few years shy of obtaining your retirement funds. In this case, a reverse mortgage would help cover your living costs until your retirement money becomes available. Do you have lots of equity built up in your home? A reverse mortgage allows you to take the money that was already yours and put it back in your pocket rather than keeping it locked up in real estate. Contact our team if you think a reverse mortgage is right for you.


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