Home loan borrowers that are age 62 and older have an option to receive a Home Equity Conversion Mortgage or Reverse Mortgage Line of Credit. Homeowners can visit the website (www.flexreverse.com) and learn how Reverse Mortgage Funding LLC is helping homeowners who are interested in a Home Equity Line of Credit instead choose a much better option with a Home Equity Conversion Mortgage or better called Reverse Mortgage.
What is the difference between a Home Equity Line of Credit and a Reverse Mortgage?
Most homeowners are aware with a HELOC you borrow against the equity in your home and are required to make minimum loan repayments every month which depending on the loan homeowners may be paying interest only for a set period of time then they’ll begin paying down on the principal of the loan. For many homeowners paying back a HELOC means their monthly payments may increase drastically when they finally start paying on the principal.
With a Reverse Mortgage Line of Credit offered at (www.flexreverse.com) homeowners also borrow against the equity in their home but different from the HELOC there is a flexible monthly payment feature that gives homeowners the freedom to pay as much as a little as they want to. There is also feature that allows homeowners to make zero monthly payments at all and not get penalized.
With a Reverse Mortgage there are no required monthly interest or principal payments as long as you still live in your home. Under the Reverse Mortgage plan homeowners are in more control and can better manage their home loan. The main concern that homeowners have is ensuring they remain responsible for property taxes, homeowners insurance, and property maintenance to keep the loan in good standing.
A free information kit is available to homeowners who want more information at (www.flexreverse.com). Visitors will need to complete the short form on the homepage of the site which asks for your age, home value, mortgage balance, name, address, and phone number. After completing the short form you will be contacted by a representative of Reverse Mortgage Funding LLC. If you have questions about the program you can call 1-866-522-3159.