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Reverse Mortgage Information Aberdeen SD

A typical mortgage is created when a lender provides you with a lump sum amount of cash to purchase real estate. In consideration of this, you agree to repay the mortgage on a monthly basis for a defined time period at a particular interest rate.

Cu Mortgage Direct LLC
(605) 725-0200
203 S Dakota St
Aberdeen, SD
 
Great Plains Bank
(605) 725-9400
3915 6Th Ave Se
Aberdeen, SD
 
Aberdeen Federal Credit Union
(605) 725-2328
2324 8Th Ave Ne
Aberdeen, SD
 
Wells Fargo Home Mortgage
(605) 229-8225
204 South 1st Street
ABERDEEN, SD
Services
Mortgage Brokers

Wells Fargo - Aberdeen Mb
(605) 229-8231
116 3Rd Ave Sw
Aberdeen, SD
Type
Motor Bank
Office Hours
Mon-Fri 07:30 AM-06:00 PM
Sat 09:00 AM-12:00 PM
Sun Closed

Plains Commerce Bank
(605) 225-7548
524 South Dakota Street
Aberdeen, SD
 
Dacotah Bank
(605) 225-5611
308 South Main St
Aberdeen, SD
 
Wells Fargo - Kessler'S Aberdeen
(605) 225-5795
615 6Th Ave Se
Aberdeen, SD
Type
In-Store Branch
Office Hours
Mon-Fri 09:00 AM-06:00 PM
Sat 09:00 AM-01:00 PM
Sun Closed

Centennial Homes Inc - Corporate Office
(605) 225-8301
Aberdeen, SD
 
Wells Fargo - Aberdeen
(605) 229-8242
204 S 1St St
Aberdeen, SD
Type
Private Client Services
Office Hours
Mon-Fri 08:00 AM-05:00 PM
Sat-Sun Closed After Hours call toll free: 1-866-460-8470

Reverse Mortgage Information

Tell Me About Reverse Mortgage

If you own a home, you know mortgage products have moved beyond the basic 30 year fixed option. Let me tell you about reverse mortgage options, a new product that is very popular.

Tell Me About Reverse Mortgage

A typical mortgage is created when a lender provides you with a lump sum amount of cash to purchase real estate. In consideration of this, you agree to repay the mortgage on a monthly basis for a defined time period at a particular interest rate. The length of the repayment period and interest rate, whether fixed or adjustable, set the monthly payment amount.

A reverse mortgage works in a similar way, but backwards. It is a fact that the baby boomer generation is moving into their retirement years. A high percentage own homes with significant amounts of equity in them. The problem, of course, is equity is a fixed asset, to wit, you can't see it in your bank account. Traditionally, the best way to turn this hard asset into cash was to sell the property and move down to something cheaper. You then pocketed the difference in the form of cash.

Many people, however, are attached to their homes. A good portion of your life, including raising a family, may have occurred in your home and it is emotionally difficult to sell it. On top of that, tax issues may take a bite out of the cash you receive. Throw in the pure misery of attempting to move all of your valuables that have been accumulating for 15 or 30 years and selling your home starts to look like a dubious option at best.

Lenders being the ultimate capitalist, they have come up with a solution for this problem. The reverse mortgage. A reverse mortgage allows you to convert much of your equity into tax-free cash without having to take on a monthly payment obligation. You don't have to sell the home, go through the moving process or make any monthly payments to a lender.

A reversed mortgage gets its name from the payment process. Unlike a traditional home loan, a ...

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