Proprietary Mortgage Counseling
Is a Reverse Mortgage Through a Private Lender Right for you?
A proprietary reverse mortgage is a type of loan offered by private lenders and financial institutions. Credit.org provides counseling covering various proprietary products.
The Basics of Proprietary Reverse Mortgage
The loan allows homeowners as young as 55 years of age (depending on the state you live in), to convert a portion of the equity in their homes into tax-free income. The loan is repaid when the homeowner sells the property, moves out permanently, or passes away. With a proprietary reverse mortgage, the loan amount is typically based on the value of the property and the age of the youngest borrower. The funds can be used for any purpose.
Credit.org provides unbiased counseling to determine if a proprietary reverse mortgage is a good fit for you!
- Proprietary reverse mortgages can offer higher loan amounts and flexible payment options.
- Borrowers with higher property values and those who need larger loan amounts are more likely to benefit from a proprietary reverse mortgage.
- Proprietary reverse mortgages can be used to pay off existing mortgages, home renovations, or cover monthly expenses, among other things.
- Some proprietary reverse mortgages offer a line of credit feature, allowing borrowers to access their equity as needed, rather than receiving a lump sum.
- Proprietary reverse mortgages are typically more expensive than traditional reverse mortgages, due to higher interest rates and fees.
- Borrowers should carefully consider the terms and conditions of a proprietary reverse mortgage, including interest rates, fees, and repayment options, before applying.
What to Expect
Proprietary reverse mortgage counseling at credit.org can be a valuable resource for individuals who are seeking a proprietary reverse mortgage loan. By working with a HUD certified counselor, individuals can gain a better understanding of the loan process and make informed decisions about the type of loan that is right for their needs.
BENEFITS OF CREDIT.ORG'S
PROPRIETARY REVERSE MORTGAGE COUNSELING
- Understanding the loan terms and conditions: Proprietary reverse mortgage counselors can help individuals understand the terms and conditions of the loan, including the interest rate, fees, and repayment terms.
- Making informed decisions: By working with a counselor, individuals can gain a better understanding of the loan process and make informed decisions about the type of loan that is right for their needs.
- Avoiding common pitfalls: Proprietary reverse mortgage counseling can help individuals avoid common pitfalls associated with proprietary reverse mortgages, such as hidden fees and high interest rates.
- Improving financial planning: Proprietary reverse mortgage counselors can provide individuals with advice on how to improve their financial situation and plan for the future.
We Are Here To Help!
We are a HUD approved agency and can assist with your counseling on your journey for your reverse mortgage. Allow us to help you understand what the reverse mortgage is which will allow you to make an informed decision.
Call Credit.org Today!
Credit.org is a non-profit agency formed in 1974 to make a true difference in the lives of those in the community. Our mission is simple, yet vital: Our people improve the lives and financial well-being of homeowners and families by providing access to quality financial education, counseling, assistance, and affordable housing.
The goal of credit.org is to provide a comprehensive online hub of personal finance education and learning resources that guide consumers in improving their personal finances. We help you understand debt, consumer advocacy and protection, money management, credit financial planning, and consumer issues.
