For most people there are mortgages, for everyone else there are reverse mortgages. What is a reverse mortgage? First of all, only the most privileged American citizens are able to even qualify for a reverse mortgage loan, and these people are senior citizens that are 62 years of age or older. That’s right, only our beloved grandmothers and grandfathers who are living out their golden years can qualify for a reverse mortgage, which is a mortgage that means the lenders will pay the borrowers, instead of the borrowers paying the lenders. So, if you’re not yet a senior citizen, keep reverse mortgages in mind, but if you are a senior citizen who is looking for more time to spoil the grandchildren, receive extra un-taxed income, or move into a new house without having to take out regular monthly mortgage payments, then keep reading.
Countrywide, a company founded in 1969 and committed to breaking down the barriers of owning a home, is America’s #1 Home Loan Lender, and has already helped millions of families. Now Countrywide Bank, FSB, and Countrywide Home Loans have come together to provide senior citizens who are 62 years of age and older the best reverse mortgage plans available in America.
Countrywide Reverse Mortgage Loans are loans that pay homeowners in One Lump Sums, monthly payments, periodic credit lines, or a combination thereof. The homeowners, on the other hand, don’t have to pay anything for a Countrywide Reverse Mortgage Loan, in fact, the homeowner can do whatever he or she wants with the money received from the Countrywide lender. Countrywide Reverse Mortgage Loans are available for people who already have a home and are looking to refinance, or for people looking to move into a new home near family. Either way, the homeowner will no longer have to pay monthly mortgage rates, and will receive money instead.
The Countrywide lender is paid back the loan through the proceeds of the homeowner’s house when it sells. However, the homeowner is in no danger of losing his or her house. The only way the house can be sold is if the homeowner becomes deceased, is gone for more than 12 months, must permanently enter into the care of someone else at another location, or decides to sell the home. When the home sells, then anything above the loan amount due is paid back to the existing homeowner or heir(s). In contrast, if the home sells for less than the loan amount due, then the insurance will typically cover the difference.
Countrywide Reverse Mortgage Loans allow senior citizens 62 years or older to be able to relax and enjoy friends and family. It also allows for senior citizens to receive extra income for exotic travel destinations, hobbies, for giving gifts to family, or for simply saving up so that family has something after the senior citizen has passed.
For more information please visit our website on Reverse Mortgage