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Reverse Annuity Mortgage: An Option For Older Homeowners
This is a suitable mortgage program in which a homeowner receives monthly tax-free payment against the equity in his/her home. A reverse annuity mortgage is also called as reverse mortgage or home equity conversion mortgage.
Reverse Annuity Mortgage (RAM) is an alternative mortgage loan program in which the lender makes periodic payments to the borrower. The loan is secured by the borrower's accumulated equity in the home. An older, retired person who has substantially paid for a home, and now needs additional income to live on usually takes out this type of loan. The borrower receives periodic payments from the lender, or from an annuity set up with the proceeds from the loan. The owner continues to live in the house and retain ownership. The loan will be paid off either after the borrower’s death or after the sale of the home. This is a plan for taking money out of a home, for converting an existing frozen asset into current income.
We, at ABC of Mortgage provide Reverse Annuity Mortgage consultation to help senior citizen of America, especially those who live on their fixed income.
At ABC of Mortgage, we provide regular monthly tax-free payments to our borrowers against the equity of their homes. As we accept home as equity in reverse annuity mortgage so it is also known as home equity conversion mortgage.
In reverse annuity mortgage the borrower retains the ownership of his/her collateral. The aspirant of a reverse annuity mortgage secures the loan against his/her property. We usually help the borrower receive up to an equal amount in favor of the equity in his home. It helps meeting the additional needs of a retiree homeowner of America.
Apply today for a reverse annuity mortgage quotation.
The advantages of a Reverse Annuity Mortgage:- This is a fabulous provision for Older / Retiree American.
- Receive a monthly payment without tax fees.
- No Repayment requires until the borrower sells the property.
- In case of borrower’s death the mortgager get paid by selling the estate.
- Interest rate will be lower than fixed rate mortgage.
- Interest rate will be remaining same up to a complete repayment.
If you have any query please feel free to contact us. We will get in touch with you within a single working day.
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