Higher payments on your reverse mortgage
By admin | May 17, 2007
Do you have a higher valued home and are a member of the older generation of Americans in need of some help financially now that you are retired? Well there is a new reverse mortgage out just for your needs, the Prime Advantage. This option is set up for the higher valued homes with owners seeking to receive more cash than a traditional reverse mortgage with a fixed interest rate for the entirety of the loan.
With interest rates more than doubling over the past three years, many homeowners are uncomfortable with an adjustable rate,” said Robert Sivori, co- president, BNY Mortgage, an EverBank Company.
The Prime Advantage reverse mortgage offers a rate comparable to that of many conventional loans and requires no payments as long as you live in the home. The fact that the interest is set then the borrower actually knows exactly how much they will receive each month.
“A reverse mortgage is a powerful tool that can make a big difference in the lives of older homeowners, offering financial peace of mind and enabling them to live a more fulfilling life,” added Sivori. “Prime Advantage lifts the lending limits of a traditional reverse mortgage, while offering more money, more benefits, and more flexibility to owners of higher value homes.”
Check out the rest of the story here
Topics: Uncategorized |
