Homeowners across the country are opting for reverse mortgages instead of more traditional loans. These mortgages offer a number of cost-saving benefits, and the financial experts at Fairway Independent Mortgage Corporation in Minneapolis, MN, can assist you in finding the perfect investment for your current financial outlook. The following are just a few of the many advantages available to you when you choose this loan option.
Why You Should Opt for a Reverse Mortgage
No Monthly Payments
With a reverse mortgage, you won’t be required to make monthly payments until certain conditions are met. These conditions include the property no longer being used as a primary residence, property taxes or insurance going unpaid, or the homeowners being deceased.
Frees Up Money for Other Uses
Because you won’t be obligated to make monthly payments on your reverse mortgage, you’re free to use these funds for other purposes. Some homeowners use the extra savings to make home renovations to increase the value of the property. It can also be used for unexpected expenses, such as medical care or vehicle repairs.
No Personal Liability
Along with increased income, reverse mortgages entail no personal liability. As a non-recourse loan, owners are not considered liable until one of the three conditions listed above occurs. Accordingly, your heirs will also not retain any liability.
Whether you need a conventional mortgage, sound refinancing options, or more information on a reverse mortgage, Fairway Independent Mortgage Corporation can help. Schedule a meeting with this these skilled and knowledgeable financial professionals by calling (952) 797-6032 today. You can also visit their website to access the full range of loan options currently available to Minneapolis clients. This company is also licensed to assist customers in Wisconsin.