According to announcements released by Retirement Mortgage Choices and Laura Biché, this business provides Redwood City reverse mortgage to retirees. The proprietor, Laura Biché, has more than 25 years of experience in the mortgage industry, and she is passionate about educating retired individuals and families about their choices with reverse mortgages. Availing reverse mortgage enables older citizens to unlock unused equity in their properties and use the liquidity to maintain a standard of living they are used to.
A reverse mortgage can include a line of credit with flexible repayment terms. Borrowers can repay should they want to; it’s up to them. With time, the amount available with a credit line increases even if there is a depreciation in property value.
With Retirement Mortgage Choices, homeowners can expect full guidance at every step of the process so that there are never any surprises for them. Reverse mortgages mature when a property is sold, or the title is transferred to someone else, the last surviving borrower dies, the home remains unoccupied for more than 12 months, required taxes remain unpaid, or if the house is not maintained. Reverse mortgages can be repaid through a sale or a refinance.
Unlike forward mortgages, reverse mortgages cannot be foreclosed so long as even one borrower is alive. Banks cannot move in to claim a property that has been reverse mortgaged as they can do with a regular mortgage.
A valuable benefit that retirees can accrue from reverse mortgages through Retirement Mortgage Choices is that they will never owe more than the property’s value, even if the loan amount is higher.
For more information, go to https://biche.com/
Laura Biché of Retirement Mortgage Choices said, “Like a forward mortgage, the bank does not own your home, you are merely borrowing money secured by the value of your home. A reverse mortgage may be used to purchase a new home or refinance an existing home. A reverse mortgage is a very versatile financial tool to help retirees. You can pay off existing mortgages with it, consolidate debt, avail care at home, pay for medical expenses, and use the money for regular expenses while allowing other investments to increase in value.
“The reverse mortgage has a safety net. The borrower or their heirs will never owe more than 95% of the property’s appraised value at the time of sale.
“Over time you have probably built equity in your home, that is your money, but it can be hard to access. Refinancing to pull out equity or opening a standard line of credit leads to higher monthly payment requirements at a time when your income may be decreasing. Qualifying for either may be difficult due to reduced income.”
Elaborating further, Biché said, “Whether used for a purchase or a refinance, a reverse mortgage solves both of those problems. It is a powerful financial tool that lets you use the equity you earned to provide safe liquidity. I have plenty of clients who say they’ve always avoided them simply because they’re worried that it will impact their social security and eligibility of Medicare, but that’s a myth.”
About the Company:
Retirement Mortgage Choices is owned and operated by Laura Biché. With more than 25 years of experience, this certified mortgage planning specialist is well-placed to help older citizens unlock the dormant equity in their properties. She guides them on how to approach the process strategically.
Laura Ferris Biché
Company Name: Retirement Mortgage Choices
Contact Person: Laura Biche
Email: Send Email
Phone: 650 922 0824
City: Redwood City
Country: United States