Highland Park Mortgage

Browse the Directory

« Highland Park Directory Home

Listings in the Mortgage category

Page 1

Bank Of America
1831 Saint Johns Ave
Highland Park, IL 60035

First Bank Of Highland Park
1835 1st St
Highland Park, IL 60035

Highland Financial Mortgage Corporation
Highland Park, IL 60035

Northern Trust Bank
1700 Green Bay Rd
Highland Park, IL 60035-3220

Seldon Amy
265 Whistler Rd
Highland Park, IL 60035

« Highland Park Directory Home

How Reverse Mortgages Can Help Out Senior Citizens

Reverse mortgages are an option for homeowners in Highland Park, Illinois who are over the age of 62. They are a great alternative to a home equity loan. There are a few different basic types of reverse mortgages available.

A reverse mortgage is where the homeowner living in Highland Park, Illinois receives a monthly payment from their lender of money that comes from their home equity. The money does not have to be repaid until the borrower dies or moves form their home.

The money received from a reverse mortgage is also tax-free, which makes it a nice extra income source. They can be a great way for a homeowner residing in Highland Park, Illinois to use the equity in their home in a very fiscal way.

A single-purpose reverse mortgage is one type of reverse mortgage. This type of reverse mortgage is usually offered by a government or nonprofit source.

A single-purpose reverse mortgage can only be used for one specified purpose. They are also usually income restricted.

Home Equity Conversion Mortgages are backed by the U.S. Department of Housing and Urban Development. They usually carry high upfront costs for those in Highland Park, Illinois who use them, but they have no income restrictions and the use of the money is also not restricted.

To apply for a Home Equity Conversion Mortgage a borrower from Highland Park, Illinois has to meet with a government approved housing counselor. The borrower will be told about the loan, the costs and the terms. The counselor will also let a borrower know if they qualify for other types of reverse mortgage lending.

A Home Equity Conversion Mortgage also gives a borrower living in Highland Park, Illinois many options. The borrower can choose different payment options and may qualify for a larger amount depending upon how much equity is in their home.

One of the reasons many people from Highland Park, Illinois choose a reverse mortgage is that the income from a reverse mortgage is not taxed and will not effect their Social Security payments or Medicare benefits. This is a big selling point.

Many seniors find they are living on a very limited budget. If they try to find employment then they risk getting some of their government benefits taken away. However, they are finding that without some sort of extra income they are barely able to make it. It is really a catch-22.

Reverse mortgages give seniors living in Highland Park, Illinois an option to live more financially stable without risking anything. They will have more money, not have to seek other employment or worry about losing benefits. So, a reverse mortgage could be the answer to a senior’s budget problems.

Looking for Highland Park real estate agents to help out with your home search?