Want a reverse mortgage but live in a co-op? Use SteveKnowsLoans as your one-stop shop. If you’re a co-op owner looking into a reverse mortgage, we can help you out.
The following are some of the advantages of a co-op reverse mortgage:
- If you’re 62 or older, you might qualify for a reverse mortgage. You can use the money you get from this loan for anything you like. The loan is secured by the home’s equity.
- Having no recurring bill: No monthly payments are required with a reverse mortgage. The loan is paid back only upon the home’s sale or the borrower’s death.
- Rest comfortably at home: You can remain in your house for as long as you like if you have a reverse mortgage. Since you are still the legal owner, you can make whatever alterations or improvements you like.
- Reverse mortgage proceeds are not subject to income taxation, so they can be used for anything you like, including but not limited to debt consolidation, property repairs, or medical bills.+
SteveKnowsLoans recognizes the added complexity that may arise when seeking a reverse mortgage on a co-op rather than a single-family house. If you need assistance navigating the loan process or locating the ideal loan product, our knowledgeable staff is here to assist you.
We also provide a wide range of reverse mortgage choices, including:
- The most common form of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is backed by the FHA.
- Non-FHA insured proprietary reverse mortgages (RM) may have different stipulations than HECMs.
- If you choose SteveKnowsLoans as your broker, you can relax knowing that your interests will be protected. We’re here to walk you through the loan process, explain your alternatives, and help you choose the one that’s right for you. Moreover, we will work with you closely during the entire process to guarantee its success.
SteveKnowsLoans is the best option for co-op owners in search of a reverse mortgage. For a worry-free retirement, we can assist you with converting the equity in your property into cash. Get in touch with us right now to ask questions and get started.
Get in touch with one of our lending advisors today.
Call Steven Jackson at 813-616-9411 now!
