[SALT LAKE CITY, 09/21/2017] - Primary Residential Mortgage, Inc. gives low-income seniors the opportunity to use their home equity to improve their financial circumstances with its reverse mortgage program. The loan augments their retirement savings and allows them to stay on top of their everyday expenses.

A Practical Option for Low-Income Seniors

Reverse mortgages help seniors improve their financial situation while avoiding monthly mortgage payments. As a federally-insured loan, it offers a borrower several ways to receive funds — all while giving them the freedom to spend the cash the way they want. Some borrowers turn to the loan to pay for medical bills, home repairs, and vacation trips, in fact.

The biggest advantage of the loan program is that it provides low-income seniors with a lifeline when they need to pay for their everyday expenses. Reverse mortgage lenders pay the borrowers the equity in their home through a variety of payment options.

Retirement Security and Flexible Payment Options

Primary Residential Mortgage, Inc. offers reverse mortgages for seniors. Unlike other mortgage programs, the loan does not have any credit or income requirements, apart from the borrower’s ability to pay for ongoing property expenses. As long as a borrower is at least 62 years old, occupies the property as a primary residence, and owns the property, then they can qualify for the loan.

A reverse mortgage offers a borrower several benefits:

• Retirement security – If seniors want to increase their income, a reverse mortgage can help supplement their retirement earnings.
• Tax-free payments – Borrowers can get the cash from the loan any way they want, free of tax liability.
• Flexible payment options –The cash received can come in the form of a line of credit, a lump sum, term and tenure payments, or a combination of the previous options.

About Primary Residential Mortgage, Inc.

Primary Residential Mortgage, Inc. is a Utah-based mortgage firm that offers multiple loan options. The company has helped more than 200,000 Americans fulfill their dream of homeownership. The mortgage programs they offer include FHA loans, fixed-rate home mortgages, jumbo loans, HARP loans, and more.

Visit https://www.primaryresidentialmortgage.com to learn more.