There are people who decide to retire from their jobs at young ages, and some at older ages. It is granted that when someone is in retirement, they will not have as much income as when they were still working.
If that person still has not finished their mortgage term, monthly loan installments can really take a toll on their financial condition. With Financial Freedom reverse mortgage, retirees can solve this issue and see their mortgages to end.
What is Reverse Mortgage at Financial Freedom?
Financial Freedom reverse mortgage is a leading reverse mortgage plan that has been developed since 1989. It has provided reverse mortgage services across United States. This mortgage company has assisted tens of thousands retirees with their reverse mortgage programs.
This company is based in New Jersey. In addition to reverse mortgage, this mortgage company also helps with FHA loans.
Reverse mortgage is one type of mortgage loan that does not demand borrower to make monthly payment. It opens access of home equity for retired homeowner. Payment is deferred until the homeowner sells their property, moves out of the property, or passes away.
Financial Freedom reverse mortgage plan is suitable for retiree who does not want to move out from their house. It is also perfect for retiree who wishes to access their home equity to add to their income so that they will have additional cash flow for when condition demands.
Reverse mortgage is a logical retirement plan for people with limited financial situation.
When using Financial Freedom reverse mortgage service, retirees can receive their payments through several plans. These payment plans are based on their mortgage loan types.
If retirees are taking adjustable interest rate mortgages, they can collect payments through various plans such as line of credit lump sum, fixed monthly payments, or certain customized combination that can be discussed with the company. Retirees can use money that they obtain from the payments for any purpose.
The most common ones are home improvements, health care fees, or financing other debts.
However, there are several things to consider before using Financial Freedom reverse mortgage service. There are fees that have to be paid, such as insurance premiums to FHA, servicing fees, closing costs, and interest.
These fees are relatively high. Retirees are still expected to pay homeowner insurance, property taxes, and their house maintenance as well. A retiree’s beneficiaries will face hard time to keep the house within their family as it will be up for sale when retiree passes away.
It also needs to be noted that retirees’ loan balance keeps rising over the course of reverse mortgage programs instead of decreasing.
Retirees will get chance to consult their financial situation with officers of this mortgage company before taking Financial Freedom reverse mortgage. Officers will make sure that retirees will get the best deal of their reverse mortgage plans.
They will be referred to independent third party counseling agency, too, as per government mandatory procedure before they make their decisions. With this counseling agency, retirees will be presented alternatives of solutions.
People who wish to attain Financial Freedom reverse mortgage service can contact this company through toll free phone line on 800-441-4428. The company’s customer service is also reachable through email at email@example.com.