[Towson, 01/25/2017] – Primary Residential Mortgage, Inc.’s Reverse Mortgage Program gives seniors the opportunity to live in their home without monthly mortgage payments.

The large residential mortgage lender has vast knowledge and experience with home loans. Moreover, it operates under the slogan, “Where the Primary focus is you.” As such, it is able to help low-income seniors convert home equity into cash while still maintaining property ownership.

An Improved Financial Situation for Seniors

A reverse mortgage — also known as a Home Equity Conversion Mortgage — pays the homeowner for home equity. It allows seniors to use their home’s equity as cash, thus eliminating monthly mortgage payments and improving their financial situation.

The common uses of reverse mortgage income include assisting with everyday living, paying off debts, and covering medical bills, to name a few. With that said, it may serve as a lifeline for low-income seniors.

Tax-Free Retirement Security for Seniors

Reverse mortgage contributes to financial security by adding income in retirement while retaining ownership of the home. Borrowers may receive the money as a line of credit, a lump sum, a tenure payment, or a term payment. This money is typically tax-free, so seniors may use it anyway they want without tax liability.

It is available to borrowers who are at least 62 years old and have the financial ability to pay ongoing property expenses. Moreover, borrowers need to own the property or have a small mortgage balance, and occupy the property as their primary residence.

For inquiries about reverse mortgage, get in touch with Primary Residential Mortgage, Inc. today.
About Primary Residential Mortgage, Inc.

Primary Residential Mortgage, Inc. is an independent and full-service residential mortgage lender in Towson, Maryland. It assures quick and efficient loans for customers through these features: in-house underwriting, processing, and closing.

They operate under the slogan, “Where the Primary focus is you.” The slogan embodies their day-to-day operations as they work with customers throughout the home loan process.

Find out more at http://www.primaryresidentialmaryland.com.