A Henderson Nevada reverse mortgage is a financial tool for seniors to capitalize on home equity. It is a home loan that does not require repayment for as long as the borrower lives in the home and, typically, their heirs continue to live there as well. It is an ideal option for people looking to supplement their income in retirement or manage unexpected expenses. It is also a popular choice for people who want to downsize or move to another house in retirement without paying the mortgage on their new home.

The HECM Reverse Mortgage is the federally insured version of this type of loan and is available from lenders approved by the Department of Housing and Urban Development (HUD). It is offered only to homeowners 62 years or older. Its proceeds can be used for any purpose and there is no limit to how much you can borrow. However, there are restrictions on how the money can be spent. For example, the funds can be used for medical expenses or to pay off a second mortgage or existing debts.

Security National Mortgage Company is a lender that offers various residential mortgage loans in Henderson, including refinancing and reverse mortgages. Its loan options include FHA, VA, jumbo, and fixed-rate mortgages. It also collaborates with mortgage investors to deliver customized loan products for other sectors, including business and commercial. It has a network of more than 1,000 loan officers and branches in the United States.

Roseann Shannon owns and operates Five Star Mortgage in Henderson. The firm aims to provide quality financial solutions, such as assisting clients with the refinancing of an outstanding loan or consolidating debt. Its other services include home financing, jumbo mortgages, and location efficiency mortgages (LEM). It also offers residential and commercial real estate lending.

Several financial companies offer reverse mortgages in Henderson. The most popular is the HECM Reverse Mortgage, which is backed by the federal government. Its benefits include allowing borrowers to withdraw their equity and providing them with monthly payments that do not need to be paid back as long as they remain in the home. In addition, the HECM Reverse Mortgage can be combined with other types of loans to help homeowners make a larger down payment on a new home.

Tiffani Planck is a licensed mortgage professional who works for Vision Home Mortgage in Henderson. She helps clients secure the right mortgage programs and explains the different loan options to them. She assists clients in calculating their financial goals, comparing interest rates, and searching homes. She has more than 15 years of experience in the industry and is familiar with the latest trends in the market.

When it comes to Henderson Nevada reverse mortgages, many people find the concept of this unique type of loan confusing. However, it is not as strange as it seems once you understand how it works. To calculate your reverse mortgage payout, you will need to know the value of your home, your youngest co-borrower’s age, and your current outstanding mortgage balance. Once you have this information, you can use a reverse mortgage calculator to determine your eligibility. You can then meet with a local lender to get started.