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Standard Lenders
What is a Reverse Mortgage Loan?
A reverse mortgage is a powerful tool that allows seniors to access the equity in their homes without selling or making monthly mortgage payments. This option is especially helpful for seniors with limited retirement savings or unexpected expenses, as it can cover living expenses, healthcare costs, home repairs, and other necessities. With a reverse mortgage, seniors can supplement their retirement income, improve their financial situation, or unlock their home’s equity for any purpose they choose. It’s a valuable option that offers flexibility and financial security to seniors.
How much can you borrow on a Reverse Mortgage?
The amount you can borrow on a reverse mortgage depends on various factors, including your age, home value, and existing equity. A rule of thumb is that the older you are, and the more equity you have in your home, the higher the borrowing limit will be.
Do you get all the money at once with a reverse mortgage?
The funds from a reverse mortgage can be received in a variety of ways. You have different options such as a cash lump sum, a line of credit, monthly payments, or any combination of these. This choice depends on your specific financial needs and goals.
How long does it take for a reverse mortgage to close?
On average, reverse mortgage companies take approximately 2 months from start to finish. However, due to our efficient streamlined process, Standard Lenders averages 35 days from start to finish. In addition, the borrower will set the tone as to how soon the required counseling is completed, documentation is submitted, and preparation for an appraisal. The faster the borrower moves, the faster we move. However if a borrower elects to take their time, we respect their decision and move at their pace.
Address 15315 Magnolia Blvd Suite 328, , Sherman Oaks, CA, United States, California
Email infostandardlenders.com
Ph # +1 888-347-6252
Website https://standardlenders.com

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