A Reverse Mortgage allows you to choose how you receive your payments on a refinance transaction.
The most popular is to
1) Establish a line of credit to use when you need it.
2) Monthly installments.
3) Lump sum of funds
4) Any combination of these options.
5) Purchase loans using a Reverse Mortgage – Requires a down payment and then monthly payments are not required. This requires that the borrower must pay property taxes, homeowner’s insurance and costs associated with maintenance of the home.All loans subject to credit approval. Mortgage financing brokered by Mortgage Miracles Happen, LLC. Equal Housing Lender.
Mortgage Miracles Happen, LLC is a mortgage broker in Arizona, Colorado, Florida, Texas & Utah. NMLS: 1289680; Arizona: 0937981, Colorado, Florida License # MBR1900, UT license # 7380298 Utah DRE; Texas TDSML Texas Recovery Fund.