There are so many different kinds of loans out there. What’s right for someone else may not be the right option for you and your family. Here at US Direct Lender, we can help you to figure out what the exact correct loan is for your situation. One of our more popular choices right now are refinance loans. These can offer quite a number of benefits. In this blog, we’ll go over what those benefits are as well as how we can help you to set up loans that can go a long way towards securing your financial future.
Refinance Loans with US Direct Lender
One of the major reasons that people often choose these kinds of loans is that they can lower your interest rate. If you feel that your interest rate has been creeping higher than it should be, these loans may be a viable option. By that same token, many use these loans to lower their monthly payment rates. They make it possible to better consolidate your debt, too. Still others choose to refinance so as to accrue cash out equity for home improvements.
Benefits of Reverse Mortgage Loans
As this option is often chosen by those who are a bit older, we’re often asked about how this kind of refinancing will affect Medicare or Social Security. The truth is that it mostly doesn’t. Those should be largely (if not entirely) the same should you go through with a refinancing. On top of that, you’ll remain the owner of your home. Just because you’ve decided to refinance doesn’t mean that you’re giving your home up. You won’t have to make a monthly mortgage payment, either. While you will have to pay for property tax, insurance and the like, you won’t have to worry about a monthly mortgage payment.
Qualifications for Reverse Mortgage Loans
If you’re going to go through with a reverse mortgage loan, then you should know that the borrower has to be at least 62. On top of that, the property in question has to be their primary residence; not merely somewhere that they stay overnight at occasionally. There are minimal income and credit requirements that you have to meet to qualify for these kinds of loans. Typically, these loans are best used by seniors who are hoping to sail into retirement without a mortgage hanging over them.
Refinance with US Direct Lender
The money you bring in from a reverse mortgage loan can be used for essentially any purpose you’d like. Many of our customers use it for paying down debt, medical needs, long-term care or even just to improve their home. If there’s some home project that you’d like to get down, some kind of repairs or maintenance, this can help with that. Better still, this income isn’t taxable, so you won’t have to worry about paying some enormous tax on it. If you’d like to learn more or start refinancing, head to our site or give us a call at (626) 460-8900.