Cary North Carolina Reverse Mortgage Lenders

Posted by Charles D

November 3, 2009

Town of Cary NC

Yet again, Cary North Carolina has proven to be one of the country’s most safest places to live with low crime rates compared to the rest of the country. It’s no wonder that for the past 7 years Cary has seen its number of residents rise.

There are many local reverse mortgage providers in Cary North Carolina. With the explosion of families both young and old Cary is an ideal place to find a qualified HECM lender.

Cary Reverse Mortgage Lenders:

American Reverse Mortgage? 3900 Merton Dr, Raleigh, NC? - (919) 782-6003?

VanDyk Mortgage in Cary, NC? 1613 Walnut St, Cary, NC? - (919) 697-1135?

1. What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. FHA’s HECM provides these benefits. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.