Reverse mortgages provide an option for seniors to obtain cash from the equity in their homes. Prior to the reverse mortgage product, a senior citizen might have considered downsizing into a smaller home or to obtain an affordable home equity mortgage loan that requires regular monthly payments. As a reputable home lender in Texas, 1st USA Reverse Mortgage employs knowledgeable professionals who can answer any questions about a reverse mortgage loan.
Pay Off Consumer Debt
Seniors who are on a fixed income may not have enough money to eliminate a sizable amount of credit card debt or other consumer bills. A retiree might also follow a strict budget that does not have a sufficient amount of discretionary funds to make additional contributions toward debt reduction. However, a reverse mortgage loan could enable a qualified borrower to pay off a lot of their consumer debt.
Our mortgage advisors can evaluate a variety of debts that you want to pay off. Instead of dealing with a maze of confusing possibilities by yourself, one of our reverse mortgage experts can help you determine which bills have the highest interest rates and ongoing fees. Paying off your consumer debt could provide you with some additional comfort during your retirement.
Take More Vacations With a Reverse Mortgage Loan
If you are ready to stay at resorts that are beyond your regional area, you will need money for extended accommodations and for traveling expenses. Whether you plan to take a cruise for more than a week or to stay at a premier destination, a reverse mortgage loan could provide you with the funds that you need.
While you might book your travel plans several months in advance, you may be able to pay for your vacation in just a few weeks. We can help you complete your application for a reverse mortgage loan. If you are approved, you can elect to receive a lump sum distribution or to receive scheduled payments. Typically, the process may be completed within a month. Speaking with an experienced lending professional is a great way to learn more about the process for getting a reverse mortgage loan.
Explore Opportunities That Are Beyond Your Current Budget
Perhaps you have waited to remodel your home or to start a small business due to a limited amount of savings. With a reverse mortgage loan that does not requires monthly payments, you may be able to complete some of your most desirable goals.
Contact 1st USA Reverse Mortgage today at (512) 288-4700 to get more information about affordable home loans for seniors.