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VanDyk Mortgage offers a full line of Reverse Mortgage Options to help Seniors. We are saddened by Friday's closure of IndyMac Bank and their Subsidiary, Financial Freedom by the US Government, however it has not reduced our product offerings. We have multiple investors to assist you in getting the best options for your retirement planning.
Reverse Mortgages
Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
Most reverse mortgages require you be at least 62 years of age, and maintain the property as your principal residence. Contrary to popular notion, you can pay off an existing mortgage with the reverse mortgage, relieving you of your monthly mortgage payments for as long as you live in the home.
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.
This is the perfect way allow your greatest asset, your home, help you into a comfortable retirement. Poor credit is not a consideration. Call us today to see if the VanDyk Reverse Mortgage is the way to help you reach your retirement goals.
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