The Money Store Reverse Mortgage
in Reverse Mortgages from The Money StoreUnaffiliated
|Origination Fee ($)||N/A|
The Money Store Reverse Mortgage Review
The Money Store Reverse Mortgage is offered by The Money Store (NMLS #1019), a direct lender founded in 1967 and based in Florham, NJ. The Money Store Reverse Mortgage is available in 40 states (and Washington, DC).
What types of reverse mortgages does The Money Store Reverse Mortgage offer?
The Money Store Reverse Mortgage allows borrowers to apply for the following types of reverse mortgage.
Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.
A line of credit. This is a more flexible option that allows borrowers to only borrow (and pay interest) on the amount they withdraw from their line of credit. In the case of reverse mortgages, the amount of cash available in your line of credit increases as time goes by.
Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.
What fees does The Money Store Reverse Mortgage charge for a reverse mortgage?
The Money Store Reverse Mortgage may charge a loan origination fee.
What types of property can you use as security for a reverse mortgage with The Money Store Reverse Mortgage?
Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. The Money Store Reverse Mortgage will consider lines of credit secured by the following property types:
- Primary home
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- Rhode Island
- South Carolina
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