Why On Q Financial?
At On Q Financial, we understand the rising financial requirements of senior homeowners and the need for supplemental retirement income. That’s why we have designated exclusive Reverse Mortgage Managers across the country that help active adults over the age of 62 fully understand and secure reverse mortgages and determine if that is the best option for you. It’s important to us that seniors, their adult children and other family decision makers feel safe, comfortable and assured when moving forward with any sort of loan program. We will find the specific design that best fits your unique situation.
What About Mom and Dad?
If you are an adult child to senior parents and find yourself worrying what their future looks like, it’s important to educate yourself on the details of a reverse mortgage. If it’s right for your family, a reverse mortgage will allow your parents to gain access to their home’s equity in cash, age in the comfort of their home, and truly enjoy what life has to offer.
Loan Proceeds From Reverse Mortgage
Perhaps the best part of a reverse mortgage is that there are no house payments to pay out each month. Instead, the lender makes payments to the borrower against the equity of the home until the property is sold, or the homeowners move or pass away. Here are some options for how loan proceeds from a reverse mortgage can be distributed:
- A lump sum of cash at closing*
- Equal monthly payments as long as the homeowner lives in the home
- Equal monthly payments for a fixed period
- Growing line of credit that the homeowner may draw any amount at any time until the line of credit is exhausted
- Any combination of the above
With a reverse mortgage loan the amount is determined by a formula that considers the borrower’s age, current interest rate, and the lesser of the appraised value of the home, sale price or lending limit.
Contact an On Q Reverse Mortgage Manager for full details and to see if a reverse mortgage might be right for you.