Getting a Loan

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Getting a Loan: Your Options

To ensure that you make an informed financial decision about a reverse mortgage, take the time to understand the various options available to you. A few are highlighted below for your consideration.

1. Sell Your Home.

You will receive a sum of money when the sale closes that can be applied to your future living expenses. Costs associated with rent or other living arrangements, relocation or storage of your possessions may also be incurred.

2. Apply For a Different Type of Loan Option for Accessing Home Equity.

You may want to refinance your present mortgage or apply for a home equity line of credit to access your equity. However, with these options, you will need to qualify based upon your income and credit history, and need to make monthly mortgage payments.

3. Move In With Family or Friends.

This option may significantly reduce your housing expenses and improve your ability to meet other necessary living expenses. However, living with friends or family can often mean compromising your privacy and independence, which can be a difficult step to take.

4. Be Aware of Financial Options – Start Planning.

Seniors often face financial challenges that must be handled with a sound strategy. Careful consideration and planning are needed so that these challenges do not escalate and create anxiety. By empowering yourself with the right information, you can make a smart decision about the financial solution that will best meet your needs. You may not be ready or don’t need to consider changes to your financial situation; however, you could be planning for a rainy day.

Recommended Steps to Choosing the Best Option

  • Have a clear understanding of your needs and goals
  • Carefully review all of your options
  • Educate yourself to understand how a reverse mortgage works
  • Discuss your goals with family members and other advisors you trust
  • Compare product features, benefits, and costs
  • Learn about the company with which you intend to do business
Next Section:  Next Page  Loan Specifications

To speak with a Countrywide Reverse Mortgage Solutions Advisor, call 1-800-959-3789.