[Draper, 5/10/2017] — City Creek Mortgage’s reverse mortgage program is an insured loan program that lets senior citizens aged 62 and up access cash, take care of monthly expenses, or relocate to a house that better suits their lifestyle preferences. The firm adds that clients can use a reverse mortgage to pay off an existing home loan. If the home is already fully paid, clients can convert their equity into cash flow. Reverse Mortgage Features and Benefits
Clients will get all qualifying benefits of the reverse mortgage terms provided that they consider the house as their primary residence. The reverse mortgage terms may include one or more of the following:
• No monthly mortgage payments
• A line of credit, which clients can access as needed
• Monthly payments
• One lump sum of money
When the last living borrower passes away, heirs would either have to pay off the property’s current value or the balance of the reverse mortgage loan — whichever is lower. If the property value dips below the amount used in reverse mortgage, the FHA mortgage insurance fund will cover the difference. Inheriting individuals need not shell out cash.
Applying for a Reverse Mortgage
Interested and qualified parties who want to apply for a reverse mortgage may drop by the City Creek Mortgage website and complete the 4-step application process. After clients finish the online application, the firm will quickly review the form and get back to the customer. The firm reminds applicants that there is no cost or risk involved until Phase 4 in the application process.
About City Creek Mortgage
The company takes pride in being an established mortgage firm in Salt Lake City, Utah. The firm’s team facilitates the loan shopping and application process. Its team consists of people with an unwavering passion for helping clients in need of ideal mortgage options.
Visit https://citycreekmortgage.com for more information.