Why Choose a Tennessee Reverse Mortgage?
Reverse mortgage solutions offer homeowners who are age 62 and over the opportunity to tap into the equity in their homes to achieve financial freedom. You can use your home’s equity as income for you, which is available as monthly payments, a line of credit, a lump sum payment, or a combination of these. Qualified applicants can use the income for any purpose.
Use the money to pay medical bills, take a trip, undertake home improvement projects, or purchase a new car.
With a HECM for Purchase option, it’s a one-step process to buy a home and get a reverse mortgage.
Receive extra income with few conditions. If you own your home, it’s your main residence, and you’re at least 62 years old with at least fair credit, you probably qualify.
Your home can be turned into a home pension!
Eliminate your mortgage payment!
How is Trinity Unique?
Trinity is a unique company with a unique commitment to helping seniors. Our owner and founder, Michael Fullam, is a CSA; at Trinity, every member of our staff is hired by and also operates by the standards and ethics of CSAs. A Certified Senior Advisor (CSA) is one who understands and communicates with seniors about finances and the decisions that influence the lives of seniors. If a reverse home mortgage is not a perfect fit for you, we will recommend a traditional refinance, a consultation with a financial planner, or trade properties and then do a reverse mortgage. In addition, we might also suggest that you make no changes to your current loan. Read more about CSAs at https://www.society-csa.com.
With a reverse mortgage, you can stop worrying about retiring on time, and put to rest concerns about having enough income to enjoy retirement. A reverse mortgage is quickly becoming a popular tool that homeowners and financial planners are using to supplement retirement income. For example, some financial planners use it to postpone Social Security payments for clients so that they receive higher benefits. It’s easy to qualify. Funds are available quickly, and the disbursements are tax-free (consult your tax professional).
Don’t wait any longer to see how easy it can be to enjoy your retirement without financial worry. Apply now for Trinity’s reverse mortgage solutions and make your home’s equity work for you!
Which Disbursement Option will You Choose?
Funds from a reverse mortgage are going to be available to you via a number of different options, so you can choose the payment solution that is best for your needs:
- Receive your funds from your reverse mortgage as a one-time lump sum payment at close (or at any time you choose).
- Receive term payments over a period of time (months or years). So, if you have $36,000 of funds available, you might want to have $3,000 deposited into your bank account each month for one year, for example.
- Tenure payments are those that are made over the expected life of the youngest borrower; if that person lives longer than expected by the FHA, payments would still continue for as long as he or she lives.
- Equity Line (Credit Line): This is a popular option because of the interest gained on the credit line for the amount of funds on it. For example, if you had a $200,000 credit line with 6.35% growth, you would have $12,700 in interest income if the proceeds during the year remain in the credit line!
- Mix a combination of the above options, and create your own unique payment package that suits your needs.
Financial Peace of Mind with a Reverse Mortgage
You’ll rest easy knowing that your needs are being served by our experts here at Trinity, and we always have your best interests at heart. If a reverse mortgage isn’t the best option for you, we will recommend a traditional mortgage refinance, a consultation with a financial consultant, or trade properties and then do a reverse mortgage. Alternatively, we may advise that no changes be made to your current loan.
To learn more about reverse mortgage options, contact us! Enjoy your retirement without worrying about securing enough income to pay for the things you want and need.
*Trinity Mutual is not a lender, but a mortgage broker who looks for the best lender for your loan.