You borrowed a mortgage to buy your dream home and have built good equity on your property over time? Now if you are looking for a way to lower your monthly mortgage payment or get your home loan paid off faster, refinancing can be your next best step.
By refinancing, you can change the terms of your mortgage and choose favorable interest rates to lower your payment and improve your monthly cash flow.
HOW IT WORKS
Scott is 70 years old. He has paid off the first mortgage on his house. However, he currently has a home equity loan due to which he has to make principal and interest payments every month.
By refinancing his existing home equity loan using a reverse mortgage, Scott can significantly reduce his monthly payment. It is because of the reverse mortgage’s flexible repayment feature. (As with a traditional mortgage, he must fulfill his mortgage obligations. He must pay the property taxes, insurance, and any homeowners association fees. He is also responsible for his home’s maintenance.)
Brett Stumm Reverse Mortgage Difference
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