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How To Get a Reverse Mortgage Mississippi

Local Companies

Easy Money Emg
(601) 939-0262
401 Cross Park Dr
Pearl, MS

Shelby Mortgage Corporation
662-280-7730
917 Ferncliff Cove #5
Southaven, MS

FAIRWAY MORTGAGE
662-429-5100
224 West Commerce St
Hernando, MS

Mortgage Lending Group
601-664-9200
586 Lakeland Drive East Suite A
Flowood, MS

American General Financial Services
(601) 924-4602
602 Springridge Rd
Clinton, MS

BancorpSouth
(601) 925-4111
812 Highway 80 E
Clinton, MS

Bankplus
(601) 926-0003
217 Clinton Blvd
Clinton, MS

BancorpSouth
(601) 936-8400
2301 Highway 80 E
Pearl, MS

Navy
(601) 939-5916
15214 Crossroads Pkwy
Pearl, MS

Regions Mortgage Applications
(601) 960-2565
3101 Highway 80 E
Pearl, MS

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Reverse mortgages can be a way to help an elderly individual or couple receive the money they need to make the rest of their lives comfortable, to finance a medical need, or to get them out of a financial bind. With a reverse mortgage, a lender will pay you a lump sum or monthly payments and in return, the lender will have ownership over your home when you pass or move out of the home. Additionally, if you sell your home, the loan will need to be repaid in full. A reverse mortgage is not a decision that should be taken lightly. It seems like a great deal, but there are also many factors to consider. The steps below will help you through the process.

Decide which type of reverse mortgage fits you best. You can choose from a single-purpose reverse mortgage, which is given out by the government and nonprofit companies, a Home Equity Conversion Mortgage, which allows your mortgage to be insured by HUD, and a proprietary reverse mortgage, which is a fully private loan.
Make sure you meet the minimum requirements for the type of reverse mortgage you choose. These usually include being 62 or older, owning your own home (which may or may not have mortgage payments remaining on it), and using the home as your primary residence. Some programs may have their own requirements, such as income guidelines.
Determine what you can get from your home and if it is enough to fulfill your needs.
Determine how you will receive your funds. You can choose from lump sum payment, a line of credit (which you can access when you need), a monthly payment (which will be a set amount paid at the same time every month), or you can combine a number of methods if you need flexibility. Each of these options will have its own advantages or disadvantages depending on your situation.

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Author: Julie Bonner

Featured Local Company

Easy Money Emg

(601) 939-0262
401 Cross Park Dr
Pearl, MS
http://www.cash30minutes.com

Read more about How To Get a Reverse Mortgage

- A HUD Reverse Mortgage For Retirement Mississippi

HUD reverse mortgages can be a great tool for Seniors that are looking for additional funds for retirement. Through a HUD reverse mortgage, seniors can tap into the equity from their homes without having to make repayments.

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Advertising	Family	Home Services	Real Estate Resources
Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History