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Q:
Yes. You could get another loan in addition to your current one. This is called a 2nd mortgage, and you could take the cash in a lump sum or as a HELOC.
Think of it as an investment in your home, actually another name for it is a Home Equity Investment. That's because the company is actually investing in the future value of your home. They give you some cash upfront (not a loan) in exchange for a percentage of your home's future value. These can be worth exploring along with other ways of getting some cash out of your home's equity.
No. The lender will have a lien on your house just like they would if you did a refinance or got a HELOC. With a reverse mortgage you are in an even better position because the lender can start foreclosure if you miss 3 or more payments on your refinance or HELOC. With a reverse mortgage you are not required to make monthly mortgage payments, so a lender cannot foreclose for missed payments.
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Claire Financial Services, LLC is a boutique Mortgage Broker located in the beautiful city of Port St Lucie, Florida.
Our mission is to find the right mortgage loan every time, for everyone we serve, so that they can create and leverage Home Equity to Live A Better Life.
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(772) 281-4515
1680 SW Bayshore Boulevard, Suite 104, Port St Lucie FL 34984
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