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Financing Options for CCRC Entrance Fees and Senior Community Financing
This loan option is ideal for a transition to a senior community. Quick to approve, usually within 7 business days or less, and most often used to pay for assisted living while liquidating assets or waiting for the home to sell. This short-term loan is ideal for covering entrance fees to move a senior into a community and can help homeowners gain cash flow quickly with no income approval necessary. No pre-payment penalties - pay back anytime for up to a year.
A home equity line of credit (HELOC) is secondary mortgage on your home, and functions as a revolving form of credit with a variable interest rate, similar to a credit card. This line of credit is tied to the equity in your home. When you are approved for a HELOC, you’ll be given a credit limit based on your available home equity. Well-qualified borrowers can tap up to 80 percent of your home’s value (sometimes as much as 85 percent), minus outstanding mortgage balances.
A home equity loan, also known as a second mortgage, enables you, as a homeowner to borrow money by leveraging the equity in your home. The loan amount is dispersed in one lump sum and paid back in equal monthly installments. This loan is secured by your home and can be used to consolidate debt or pay for large expenses, such as the entrance fee for a CCRC or senior community. The interest rate and monthly payments are both fixed, ensuring a predictable repayment schedule.
A cash-out refinance turns your home’s equity into cash by replacing your current mortgage with a new, larger mortgage. Or, if your home is paid off, this refinance allows you to access your hom’es equity. You can use this money for any purpose, including paying for entrance fee to a senior community, paying for monthly dues for an assisted living community, home remodeling and other financial needs.
An asset depletion mortgage allows a borrower to qualify for a home loan by converting liquid assets into income. These home loans are best suited for individuals who don’t have traditional sources of income such as retirees, and high-net-worth individuals. Liquid assets you may use to qualify you for a mortgage include bank accounts, CDs, investment and retirement accounts, and money market accounts.
A reverse mortgage is a type of loan that allows homeowners ages 62 and older, typically ones who’ve paid off their mortgage, to borrow against part of their home’s equity. Unlike a regular mortgage in which the homeowner makes payments to the lender, with a reverse mortgage, the lender makes regular payments to the homeowner. The money is tax-free. Homeowners who opt for this kind of mortgage can continue to live in their homes.
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