Willow Bend Mortgage has added a new product mix to their product offerings as of this year which now includes the reverse mortgage product. This is a great option for senior homeowners that are looking for ways to supplement their retirement by utilizing the equity in their homes as a new retirement solution tool. There are many senior homeowners looking for ways to tackle their retirement days with unexpected medical bills, home repairs, paying property taxes and home owners insurance, eliminating their mortgages, or simply adding additional cash flow through their retirement years.
The reverse mortgage loan allows senior homeowners the ability to draw equity out of their homes which is tax free proceeds without the burden of a monthly mortgage payment. A reverse mortgage can be a powerful source of funding for individuals who need to increase their income to be comfortable in retirement. There are several options on a reverse mortgage which include a line of credit, lump sum, monthly payments, or a combination of the three. Additionally, these different options allow borrowers the ability to tailor the reverse mortgage loan to their specific financial needs throughout retirement as each senior homeowner may have a different strategic plan for tapping into the equity as in most cases this may be their largest asset.
The state of Texas has also introduced the reverse for purchase product. For many senior homeowners they find themselves looking to downsize, move closer to family, or finding their dream retirement homes. The reverse for purchase will allow the homeowners the ability to leverage a portion of the equity in their existing property to put down on a new home. The amount needed to put down on the on the new property depends on the borrowers age, while the remaining portion is covered under the reverse mortgage loan without the burden of ever having a monthly payment as long as they live in the residence.
We are excited to share that this is a new product offering Willow Bend Mortgage has rolled out to its senior homeowners looking for ways to give themselves a peace of mind during their retirement days.
If you have any direct questions, please reach out to Mike Hicks at Willow Bend Mortgage at 713-805-5351.