Reverse Mortgages
Reverse Mortgages offer a unique financial strategy for homeowners aged 62 and older, allowing them to convert a portion of their home equity into tax-free income. Unlike traditional mortgages, reverse mortgages enable homeowners to receive funds in various ways, such as a lump sum, monthly payments, or a line of credit.
The loan only becomes due when the homeowner passes away, sells the home, or no longer uses it as their primary residence. This financial instrument is particularly beneficial for retirees seeking to enhance their cash flow without the burden of monthly mortgage payments. It's a flexible solution that allows seniors to age in place while tapping into the value of their home to support their retirement lifestyle.
The loan only becomes due when the homeowner passes away, sells the home, or no longer uses it as their primary residence. This financial instrument is particularly beneficial for retirees seeking to enhance their cash flow without the burden of monthly mortgage payments. It's a flexible solution that allows seniors to age in place while tapping into the value of their home to support their retirement lifestyle.
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At Eroica Financial Services, we offer FHA and VA loans for those looking to purchase or refinance a home. These government-backed loan programs offer flexible credit and income requirements, making them a great option for many individuals and families.
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Banks do what’s best for them. Eroica Financial Services does what’s best for you. That means matching you with the mortgage that makes the most sense for your situation. Whether you are purchasing or refinancing, when you unite with us, you can rest assured that you’ll be getting the best loan, lowest rate, and be able to close quickly.