Also known as a Home Equity Conversion Mortgage (HECM), a reverse mortgage is a way for cash-strapped or low-income seniors to leverage the equity in their home to pay bills, supplement income, cover health care costs, pay off debt, finance home improvements or repairs, or simply stay in their home with no more mortgage payments. Reverse mortgages in Kansas City can be a lifeline for seniors, but many people aren’t aware of them or don’t understand how they work.
So how do they work? It’s really pretty simple. If you’re a homeowner aged 62 or older and you own your home outright or have a low mortgage balance that can be paid off at closing, then chances are you qualify for a reverse mortgage. If you’re unsure whether you qualify, or would like to learn more, you can contact First Fidelis, LLC, your low-interest mortgage lender in Kansas City today, and we’d be happy to walk you through the process.
What are the benefits of reverse mortgages in Kansas City?
- You still own your home; your equity is simply converted into cash (either as a lump sum, a monthly payment, or a line of credit) that you can use to help pay for whatever you might need.
- The loan doesn’t need to be repaid until you are deceased, sell the home, or permanently move out. That means no monthly payments for you!
- You can never owe more than the value of your home. Your reverse mortgage is insured by the Federal Housing Administration, so if the balance of your loan is less than the value of your home when the loan comes due, you or your heirs keep the difference.
- Almost anyone aged 62 or older is eligible for a reverse mortgage so long as you own your home outright or have a low mortgage balance. There are generally no credit checks or income requirements when applying for a reverse mortgage from a quick closing mortgage lender in Kansas City.
- Your reverse mortgage won’t affect your Social Security or Medicare benefits in any way.
At First Fidelis, getting your reverse mortgage is easy. Our mortgage loan experts will walk you through the process and help you make the choice that’s right for you. Once you fill out a short application, one of our Senior Loan Officers will send you a packet with more information and we’ll go from there.
So if you’re ready to convert your home’s equity into cash, or would just like to learn more about reverse mortgages in Kansas City, contact First Fidelis today 913-205-9978.