Are you retired and thinking of doing a home renovation, but can’t seem to figure out where to get the financing you need to make it happen? Are you unable to bear monthly expenses? Does your pension not offer you enough financial support for your everyday needs? Pegasus offers reverse mortgage solutions to help you benefit from your home equity. Our team of dedicated Licensed Loan Officers are available to discuss the respective details with you and help you get the mortgage approval in no time.
Reverse Mortgage
Why Choose Reverse Mortgage?
No Monthly Payments
Unlike forward mortgages, a reverse mortgage does not include monthly repayments. The payments are accumulated through the life of the borrower and they are repaid if the borrower passes away, sells the property or refinances the property. Tap into your Home Equity to enjoy being retired or pay for those unmanageable expenses.
Equity into Cash
You can spend your monthly draws on your day to day necessities and other requirements using your home equity. You can take that dream vacation that you’ve wanted to go on for the longest time. You can buy that boat or sports car that you’ve always wanted. You built your equity in your home now its time to make it work for you through a Pegasus Reverse Mortgage Option.
No Compulsion of Changing Residence
You would never be asked to leave your home. You can enjoy your life with your family at your home while you receive income from a Pegasus Reverse Mortgage.
Am I Eligible?
You have to meet the following eligibility criteria in order to avail from a reverse mortgage:
- You must be the owner of 50% or more equity in the home.
- Your age must be 62 or above.
- The home must be your primary residence.
- The home should be well-maintained.
- You must provide your credit score, tax history and income for the review.