Do you know that there are around 901 million people in the world who are 60 years old or above? In the US alone, there are 46.2 million people who are 65 years old or above. According to the UN, by 2050 there will be 2.1 billion people aged 60 or above. This rise in the number of old people in the world is because health care facilities have improved tremendously over the past few decades. This rise in old population has also triggered an increase in the sales of HECM loans. Here we have listed two questions that every homeowner should ask themselves before contacting an HECM lender in Mahwah, NJ.
Would a Reverse Mortgage Be Beneficial for Me?
Before you make the big decision of buying a reverse mortgage, you must first find out what benefit a reverse mortgage will provide you. If you are getting a handsome amount of money as pension, then probably purchasing reverse mortgage is not a good option. This is because you will be required to follow certain terms and conditions if you avail reverse mortgage.
What Is the Worst Case Scenario If I Fail to Abide by the Terms and Conditions of the Lender?
It is imperative that you keep the worst case scenario in your mind while purchasing reverse mortgage. The worst case scenario is that your home will be foreclosed if you fail to abide by the term of the HECM lender in Mahwah, NJ. So, are you willing and ready to take that risk?
Longbridge Financial is a reputed HECM lender based in Mahwah, NJ. It is approved by Federal Housing Administration (FHA), it operates in 46 states, and is committed to providing financial peace of mind to the elder generation.