That’s the potential promise of what one leading mortgage expert is calling a revolution in mortgages for older borrowers. Evan Ennabe, VP of Sales at Ennkar, Inc., specializes in helping seniors navigate complex mortgages designed with them in mind. New programs offered by his company aim to help homeowners have flexibility without giving up any ownership of their home.
In the past, homeowners aged 55 and older might have been stuck with restrictive options on how they could restructure their mortgage debt for retirement. But today, with record numbers of seniors reaching retirement and home equity at all time highs, people have options.
“Consumers now have options including loans where the payment is optional,” says Ennabe. “The homeowner can skip payments and add them to the back of the loan as long as they pay their property taxes and homeowners insurance, among other things.”
Increasing access to these unique loans
Despite once being seen as a complicated and daunting type of home loan, demand for these flexible loans has been ticking up in recent years and looks set to continue regardless of the market’s ups and downs. Many seniors have realized that these types of loans are not something to ignore.
Ennkar is at the front of the charge on this important change to the mortgage industry. Ennabe is eager for homeowners that qualify to learn about the merits of these unique mortgages, and how it fits within their circumstances.
“Our goal is to become the first and primary resource center for seniors as it relates to financing their home. We help our clients find unique programs for their unique situations. Unlike banks that urge clients into a loan designed for the masses, we tailor every loan to the individual and their unique set of circumstances.”
Simplifying the home loan process
With a typical mortgage, a lender provides a set amount at funding so that someone can buy or refinance a property. The owner then makes monthly repayments for the loan, plus interest.
With some of the unique mortgage products offered by Ennkar, people aged 55 and older, who qualify, can take out a loan based on the property’s equity (not necessarily on credit, income, etc.). They can receive the cash in monthly installments, as a lump sum, or in the form of a credit line. There are no restrictions on how these funds are spent, freeing up cash for everything from healthcare to securing a steady retirement income.
There are also fewer restrictions that prevent a senior from getting one of these mortgages. As a result, these loans and the repayment flexibility that they offer can be an important option for ill or unemployed seniors who need some urgent funds. In many cases, seniors are unable to qualify under the more strict guidelines of the mainstream loans offered by large banks; these programs give those seniors a great and viable option.
The bank never owns the house, even when the borrower does not pay. The interest just gets added on to the principal balance for payment at a later date. Now that’s flexibility! Technically, the mortgage doesn’t have to be paid back in full until the borrower passes away, sells the property, or moves to a new location.
Helping homeowners plan their future
Not only are these unique mortgage loans a viable and affordable option for many eligible homeowners, but there are also fewer hurdles to obtaining them thanks to Ennkar’s simplified process.
Ennkar’s tried-and-true process is designed with seniors in mind. And the company’s success with providing this service helps to explain why it continues to see definitive growth each year by giving older homeowners the flexible mortgages they need to fulfill their dreams.
“We help seniors accomplish their goals by restructuring their mortgages in ways to help them increase cash flow and accomplish their life goals, ” says Ennabe. He encourages seniors to trust in Ennkar, just as thousands already have, and reach out today!