Monday, 07 February 2022 01:15 PM
Product Announcements
ORANGE, CA / ACCESSWIRE / February 7, 2022 / Reverse Mortgage loans are not what they used to be. In the past, Reverse Mortgage loans were used by people that had no other options. But today, even the wealthy are using reverse mortgages to take advantage of today's unique market conditions. People can use reverse mortgage loans to pay off their home faster, improve their chances to qualify for a second home or investment property, and all with more safety and less risk than a traditional loan. Even Financial experts have chimed in to urge retirees to "have a retirement plan that includes a reverse mortgage strategy from day one".
We had the opportunity to speak with the President of one of the fastest-growing reverse mortgage companies in the country, Omar Ennabe of Ennkar, Inc. on the new reverse mortgage.
According to Ennabe, because of the low interest rate environment and the certainty of uncertainty, Reverse Mortgage loans are being used by seniors all over the country as a tool to ensure they have options when it comes to paying off their home.
If money is good, they can send in a payment. If money is not so good in a particular month, they can elect to skip a few payments. And the best part is, when they skip a few payments, there is no risk of losing the home to the bank, no late penalties, no added fees, etc. It is the ultimate in terms of flexibility, safety, and control.
Now of course, when payments are skipped, the bank does add the interest for that skipped month to the back of your loan. But other than that, there really is no other drawback to a reverse mortgage. It amortizes just like any other mortgage and you retain exclusive ownership of the property just like in a traditional 30 or 15-year fixed mortgage.
Ennabe went on to mention that a reverse mortgage loan does not report the debt or payment history to the credit bureaus since technically the monthly payment obligation is zero. This means that it can open up a senior's ability to qualify for other loans for a second home or investment property.
Ennabe urges buyers to be cautious because who you do your mortgage with is super important.
It is advised to work with a company or individual who is familiar with all the intricacies of how a reverse mortgage loan works. It's important that you work with a lender that can understand your specific needs and teach you how to use this strategy to accomplish your goals.
Ennkar, Inc prides itself in non-sales consultations, used to guide and educate clients according to their unique circumstances.
Using this novel approach to help their clients, they are regarded more like personal advisors than traditional mortgage professionals.
About Ennkar, Inc.
Ennkar, Inc. is a swiftly growing mortgage company, which now has more than 100 associates throughout the United States. They offer a comprehensive suite of services primarily aimed at people aged 62 or older. The firm carefully tailors loans to the specific needs of clients, rather than using general templates that might have led to homeowners being rejected for mortgages in the past.
"We do this because we have an excellent understanding of how hard it can be to restructure your mortgage when you are semi/fully retired or getting ready to retire," says Ennabe.
The staff at Ennkar are invested in getting their clients the best rates and terms available for their mortgages, he adds, because of the company's overall philosophy. It structures pay plans and bonuses in such a way that associates are incentivized to help the homeowner, not the lender. "That way they fight for the ideal loan for our clients," Ennabe says.
It's a novel client-facing strategy that is paying dividends, as the company continues to experience quick growth. And as more and more older homeowners start to think about the benefits of reverse mortgages, Ennkar is poised to help them navigate the process smoothly.
Contact Details
Ennkar
[email protected]
http://www.ennkar.com/
SOURCE: Ennkar, Inc.