How is a reverse mortgage different from a traditional home equity loan or line of credit?

A reverse mortgage offers certain advantages:

  • With a traditional home equity loan or home equity line of credit, you must make monthly principal and interest payments on the balance while you live in the home — whereas a reverse mortgage has a flexible repayment feature. You can pay as much or as little as you like each month toward principal and interest, or make no monthly loan payment at all. Your reverse mortgage balance, including accrued interest and fees, does not have to be repaid until you pass away or move out, as long as you meet your loan obligations (which includes keeping current with property-related taxes, insurance and upkeep).
  •  If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month — giving you access to more available funds as time goes on. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan.
  •  And the lender cannot “freeze” or reduce the line of credit, as long as you fulfill your loan obligations — so it will be there if and when you need it.

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Larry is Extremely Professional Larry was extremely professional. He was able to answer all questions -- very knowledgeable and patient. I would highly recommend Larry to anyone considering a reverse mortgage    

John L — Dec 27, 2019

We Started this Process During the Shutdown We started this process during the shutdown. During our process HUD changed the income verification process and we had to submit additional documents to underwriting,. Even though it could have been very stressful Larry guided and educated us through the process. He made what could have been a negative experience into a positive and exciting experience.    

Eric & Roxanne E — Aug 26, 2020

Larry Truly Cares About Those He Helps From our first meeting we felt at ease. Larry is definitely knowledgeable with the reverse mortgage and he helped us to understand what went on with each step of the process. He was patient, a good listener, and took his time to explain issues in a way we understood. In the end we felt confident we had made the right decision and had chosen the right person to guide us. Larry truly cares about those he helps. We so appreciate his looking out for us. Thank you, Larry.

Ron & Carol T — Feb 13, 2018

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