Introduction to Reverse Mortgage Loans

Many Spokane homeowners have found that a reverse mortgage loan is a great way for them to take advantage of the equity they have built up in their homes, securing their retirement or paying off medical bills.

A reverse mortgage loan is different than a traditional mortgage. With a traditional mortgage loan you make monthly mortgage payments, but with a reverse mortgage loan the lender pays you money through monthly installments, a one-time lump sum payment, a line of credit or a combination of a line of credit and monthly installments. The money that you receive is dependent on your age, the value of your home and the current interest rate.

One of the great advantages of a reverse mortgage loan is that you are not required to pay the loan back until the home is no longer your primary residence or you fail to maintain the home, or fail to pay property taxes and/or homeowner's insurance or do not otherwise comply with the terms of the loan. For more information on when a reverse mortgage loan comes due click the following link: What about Repaying a Reverse Mortgage Loan

If you’re aged 62 or older and own your home you might be eligible for a reverse mortgage loan. Contact us to find out more about reverse mortgage loans and ways to make it work for you, or apply now and start the process of tapping the equity in your home.

Check out these pages for more information about reverse mortgage loans.

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Lake City Mortgage

421 N Mullan Rd
Spokane Valley, Washington 99206

Phone: 208-640-5626

Fax: 888-676-6547

NMLS: 75605

 

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