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Home Loan Forbearance Expanded and New Opportunities for Reverse Mortgages
Freddie Mac enables borrowers to remain in their homes due to new forbearance standards, and reverse mortgages are no longer a thing of the past.
Annamaria Andriotis writes in The Wall Street Journal that, “Converting home equity into cash has been a challenge. . . since the real-estate downturn, but a growing number of lenders are quietly reviving a loan for seniors that does just that: the reverse mortgage.” CPK Mortgage now offers reverse mortgages, which can be a valuable resource for those over 62 years-old. Call today for more info.
Additionally, reverse mortgages can actually be used to ACQUIRE a home. With a large enough down payment, those who are retirement age can down size from a large home to a small home (or a home with significant equity to a new property) and can use a reverse mortgage for the financing. This way, they still have the benefits of a reverse mortgage in the new property.