Reverse Mortgages

What Can I Use a Reverse Mortgage For?

Do you need cash? Do you have a lot of equity in your home? Approved Cash can help you get a reverse mortgage.

What is a Reverse Mortgage?

A reverse mortgage is exactly what it sounds like — a mortgage paid to you, the homeowner. Essentially, you put your home up as collateral. In exchange, the lender hands you an amount of money equal to the value of your home.

When you move or pass, the proceeds of your home sale are used to pay back the lender. If your home appreciates in value and exceeds the loan balance and any additional costs, the proceeds go to you — or to your estate if you pass away.

You can get a reverse mortgage one of six ways.

  • Lump sum: You receive all of your proceeds at once. Lump sum reverse mortgages interest rates are fixed (interest rate doesn’t change throughout the term of the loan). All others are variable (the interest rate changes with overall interest rates).
  • Tenure plan: You receive fixed, steady payments for as long as you live. This is essentially an annuity.
  • Term payments: The lender pays you fixed monthly payments for a defined length of time, such as 10 years.
  • Credit line: You can borr
  • Tenure plan + credit line: You get both the annuity and a credit line.
  • Term payments + credit line: You get both steady monthly payments and a credit line.

Should I Get a Reverse Mortgage?

Reverse mortgages sound a lot like home equity loans, so why get the former over the latter?

Well, if you don’t care about your home becoming part of your estate when you pass away, then the reverse mortgage would be the better option. 

What Can I Use a Reverse Mortgage For?

You can use a reverse mortgage for anything, although, as with any kind of debt, some uses are better than others. Potential uses of a reverse mortgage include the following.

  • Debt consolidation
  • Education
  • Home improvements
  • Investing in other assets

How Do I Get a Reverse Mortgage?

First of all, you must be at least 62 years old, and your home must be your principal residence. Additionally, most reverse mortgage lenders require you to have at least 50% equity in your home — although standards vary by lender.

When you’re ready to get your loan, you can contact a lender about a reverse mortgage. The easiest way to do so would be to submit a request on Approved Cash, specify that you want a reverse mortgage, then give us the relevant loan information. Our system will match you with a local lender within 24 hours.

Once you’re matched, and a lender contacts you, it’s time to iron out the details. Provide all the relevant documentation and finalize your loan terms. Your lender will send the loan funds to you in the using whichever method of disbursal you specify.

What Do I Need to Bring Get a Reverse Mortgage?

You’ll need to give your lender several documents and pieces of information to close on your reverse mortgage.

  • Bank statements: At least two month’s of bank statements.
  • Documentation for all assets: Documentation for investment accounts, retirement accounts, bank accounts, pension plans, annuities, etc.
  • Documentation for your current mortgage: If you still have a balance on your mortgage, make sure to bring documentation saying so.
  • Driver’s license or state-issued ID
  • Homeowner’s insurance policy
  • Property tax receipts
  • Property title or deed
  • Reverse mortgage counseling certificate
  • Social Security awards letter
  • Social Security card

Why Should I Get a Reverse Mortgage Through Approved Cash?

Comparison shopping for reverse mortgages takes time and effort. Approved Cash handles all that for you, finding licensed lenders in your area with excellent reverse mortgage options.

All you have to do is fill out our loan request form (on our homepage) with your name, contact information, and loan details (type and loan amount). Our site will handle then match you to a local lender automatically — and your lender contacts you within 24 hours.

We only give your reverse mortgage request to 3 lenders. All of them will be in your local area. By doing this, we ensure that you won’t get bombarded with calls — yet your lenders will still have to compete with each other for your business.

Ready to Get a Reverse Mortgage? Submit a Request on Our Site and GET APPROVED TODAY!

Requests will not affect your credit score.

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Mortgage Loans

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Mortgage Loan Process

Ready to live in your dream home? Approved Cash can help you get there.

What is a Mortgage Loan?

Mortgage loans, often shortened to “mortgages,” are loans you can get to purchase a house. There are several types.

Fixed-Rate Mortgages

A fixed rate mortgage’s interest rate doesn’t change. Because you can get fixed interest rate loans with term lengths of 10, 15, 20, 30, and 40 years. 15-year and 30-year fixed rate mortgages are the most popular loans.

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Home Improvement Loan Tips

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Home Improvement Loans

Need extra cash to fix up or improve your home? Approved Cash can help you find the right Home Improvement Loan.

What is a Home Improvement Loan?

Whether it’s repairs from storm damage or renovations to create your dream home, Home improvement costs a lot of money.

And between bills, groceries, and other expenses, many people struggle to save up for these home expenses.

A home improvement loan provides you a way to finance repairs, renovations, or upgrade to your home. In general, they are unsecured loans — meaning, you don’t have to put down collateral to get one. However, you can find secured loans as well if you want a lower interest rate and some better terms.

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I Need A Personal Loan

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Personal Loans

Need a personal loan? Approved Cash can help you out.

What is a Personal Loan?

A personal loan is a broad type of loan that you can use for nearly anything. You repay these loans in fixed monthly payments plus interest over time.

Personal loans tend towards being shorter-term — with most maxing out at five-year term lengths. Long-term personal loans exist, but they’re uncommon and have higher interest rates.

Personal loans can either be secured or unsecured. Secured personal loans require collateral, but you usually get better interest rates and higher loan amounts. Unsecured loans can be harder to get and have higher interest rates, but no collateral is required.

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How Can I Get A Business Loan

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Business Loans

Starting a business? Need some extra funding to jump-start your current business? Approved Cash can help you.

What is a Business Loan?

Business loans provide entrepreneurs the funding they need to turn their idea into a reality.

Many business models require a lot of upfront investment to get going, yet saving enough cash to launch a business could take years. Business loans can speed up that process.

Business loans aren’t just for new businesses, though — existing companies may take out a loan to expand or invest in new projects.

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Student Loans

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What the process of getting a Student Loan

Heading off to college soon? Going back to school for another degree? Or maybe you want your child to get an excellent education that prepares them for a bright future. Approved Cash is here to help.

What are Student Loans?

Your or your child may get accepted to your dream school, yet lack the funding to attend. 

That’s where student loans come in. They provide students with the funding they need to get a quality education. These loans are unsecured, meaning you don’t have to put down collateral.

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Debt Consolidation Loans

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How To Get A Debt Consolidation Loan

Need to simplify your debt? Approved Cash can help you.

What Does Debt Consolidation Mean?

The debt consolidation process involves getting a new, large loan to pay off several existing unsecured loans (loans without collateral) you have. By doing this, you’re able to combine several loans into one convenient monthly payment. 

In some cases, you can get a lower rate on your new loan compared to the average interest you were paying on the old loans.

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Home Equity Loans

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How Can I Get A Home Equity Loan

How does a home equity loan work? Want to leverage your home equity to accomplish financial goals? Approved Cash can help you get a home equity loan.

Home Equity Loans Explained

Each mortgage payment gains equity in your home — in other words, you “own” more of it.

Since houses are valuable assets, you can tap into that equity (when you have enough of it) to borrow money at a low interest rate for anything you want.

The money you borrow is called a home equity loan

People often call home equity loans “second mortgages” because you’re taking out a brand-new loan against your home.

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Auto Loans

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What’s The Process Of Getting An Auto Loan

Buying yourself a car? Approved Cash can help you.

What is an Auto Loan?

Cars are expensive machines. Some people buy cars outright with cash, but that’s not realistic for many.

Auto loans help people get into safe, reliable automobiles that get them where they need to go. These loans typically last 4-6 years.

Auto loans are secured loans. This means your car is the collateral. In the worst case, if you’re unable to pay your loan, the lender has claim to the vehicle. In most cases, your debt will not go to collections.

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