Larry McAnarney
815-703-4745

Reverse Mortgage Alternatives

Alternatives to Reverse Mortgages

The reverse mortgage should not be considered a "first choice" for older adults looking for extra cash. There are alternatives. It does have its advantages, but in some cases, the reverse mortgage fees outway the benefits. Below are some reverse mortgage alternatives to consider before gettting this type of loan.

Reverse Mortgage Alternatives

Downsizing - Selling the home and moving into smaller quarters
The Home Equity Loan or Home Equity Line of Credit (HELOC)
Refinancing the home completely
Having the children buy the home, and lease back to you
Securing money for home repairs from other sources

To discuss these reverse mortgage alternatives with a licenced Reverse Mortgages Consultant (RMC), please Contact Us. The RMC can help you determine if the reverse mortgage alternative is a good financial choice for you.

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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.

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