You have worked hard to reach your golden years, and you deserve to enjoy your retirement to its fullest.
One way to do that is to increase your income while still living in the home that you have invested in. You can do that by taking out a reverse mortgage.
A reverse mortgage is a financing product available to senior citizens. It makes it possible to borrow against your home equity. The cash from the loan can be disbursed to you as a lump sum or in installments. You also can opt for a line of credit.
Once you receive your funds, you have full control over how you will use them.
Since you get to decide how you will use your reverse mortgage, the possibilities are literally endless.
Here are a few of the features and benefits which make reverse mortgages an attractive lending option for seniors:
You and you alone get to decide how you will use your reverse mortgage income. It is not up to your lender, and there are no restrictions.
You can choose a lump sum, line of credit, or monthly installment option for disbursements.
In most situations, reverse mortgage income is not taxable.
Even though you are drawing against the equity in your home, you do not need to move out.
You do not need to make payments on your reverse mortgage until a maturity event. Examples include the death of the last borrower on your home loan, or selling your home.
These eligibility criteria determine whether you can take out a reverse mortgage:
Reverse mortgages are only available to borrowers aged 62 and up. Only one borrower needs to meet this criterion.
You only can take out a reverse mortgage if you own a minimum of 50% equity in your home.
You can only borrow against your primary residence.
To qualify, your status must be current on all maintenance payments (such as homeowners insurance and property taxes).
Your credit score, income and tax records also are accounted for during the application process.
Liberty Capital Services LLC is located on 438 E Wilson Bridge Rd #105, Columbus. From John Glenn Columbus International Airport (CMH) head south on Stelzer Rd and use the right lane to turn right onto International Gateway. Then keep right to stay on International Gateway and merge onto I-670 E. Next, continue onto US-62 E and use the left 2 lanes to merge onto I-270 N toward Cleveland. After that take exit 27 toward Cleveland Ave and use the right 2 lanes to turn right onto Cleveland Ave. At this point use the left 2 lanes to turn left at the 1st cross street onto Schrock Rd and continue straight to stay on Schrock Rd. Finally, turn right onto Huntley Rd and turn right onto Worthington Galena Rd. Turn left and Liberty Capital Services LLC will be on your right.
We are open Monday - Friday 9am - 6pm.
Liberty Capital Services LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.