CT Reverse Mortgage
Connecticut is a great place to live. But there is no getting away from it, CT is also expensive. And it's even harder if you are on a low income like a pension. If you live in Connecticut and are looking for extra money in retirement then you may want to consider getting a reverse mortgage. You could receive a lump sum or monthly income yet not have to make any monthly repayments. Here is the low down on CT reverse mortgages.
What is a reverse mortgage?
A reverse mortgage is available to homeowners over the age of 62. It is ideal for seniors who have spent their lives working hard to pay off their mortgage but now have a lovely home but very little income. Rather than selling up and moving to a smaller house, a reverse mortgage would allow you to realize some of the equity in your home and supplement any retirement income that you have. The loan is repaid when you eventually move out of the house or sell it.
Where can I get a CT reverse mortgage?
The first thing that you should do is research as much as you can about this type of mortgage. Then you can approach a mortgage broker that will be able to show you what is available. Connecticut brokers and banks that offer this service include:
Cambridge Senior Capital
Everbank Reverse Mortgage
Fairfield County Bank
Northwest Community Bank
Guilford Community Bank
Wells Fargo Home Mortgage
How can I get a good deal?
There is a lot of built in protection with a reverse mortgage. The first important point to realize is that the repayments of this type of loan can never exceed the value or sale price of your house. Before you make the final decision to take out a reverse mortgage you should speak to a HUD-approved counseling agency. These organizations are independent and will ensure that the reverse mortgage loan is the correct product for you having considered other alternatives.
Getting a CT reverse mortgage could be an early step to having a brighter future. If you are 62 or over and have equity in your home, it could provide a useful source of income.