ORANGE, CA / ACCESSWIRE / August 18, 2021 / Reverse mortgages are often overlooked in the mortgage lending industry. They help the borrower with an insufficient level of service provision: retirees or those close to retirement.
Mike Elachkar and his company, Ennkarthat specialize in reverse mortgages and are leading the team to change the perception of reverse mortgages in society.
What is a reverse mortgage?
A reverse mortgage is like any other mortgage. This is a loan with several additional benefits, including the ability to fully control your payment agreements with the bank. If you want to pay off your loan faster, you can do so. If you want to extend the term of the loan, you can. If you want to take paid leave, that is also allowed. Reverse mortgages give you control and flexibility to repay the loan as slowly or as quickly as you like.
So what’s the catch?
There really is no gimmick. The loan was designed to help people with low retirement income convert their net worth into cash without selling their property. However, nowadays, even wealthy people are using reverse mortgages as a financial instrument to take advantage of opportunities and tax havens.
To qualify, you must have sufficient capital in your home and be over 60 years of age.
How do lenders determine the loan amount?
Lenders take several factors into account when determining how much a homeowner can borrow on a reverse mortgage; the age of the youngest borrower, how much the house is worth and today’s interest rate.
The older the borrower is, the more percentage of the home’s value he can use. The minimum age for most reverse mortgages is 60 years old.
Are reverse mortgages insured by the government?
Some are, some are not. This is why it is so important that you work with someone who knows the difference and understands how it might affect you or your family.
Does the bank own my house?
No, the bank, like any other mortgage, is the mortgagee. This is one of the most common misconceptions associated with reverse mortgages.
The borrower is the sole owner of his home and the only person holding the title. This means that the borrower can sell, refinance, or pay off the reverse mortgage at any time without any penalty.
Prepare for retirement with Mike Elachkar
In 2014, Mike Elachkar teamed up with co-founder Omar Ennabe to start Ennkar, a nationwide lender specializing in reverse mortgages.
Both Elachkar and Ennabe worked in the mortgage industry until the market crash caused by the 2008 subprime collapse. After spending time regrouping and reorienting, they set their sights on entering an overlooked and underserved sector of the industry.
Armed with the knowledge that more people turn 65 each year than ever before in recorded American history, it was an easy decision to go all-in on a reverse mortgage. Unfortunately, for many American seniors, retirement isn’t always a dream they’ve sold. Many post-retirement seniors rely solely on social security benefits as their primary source of income. This aspect of retirement planning is often overlooked. A drop in income from work prior to retirement can be financially detrimental to even the smartest homeowner. Here Ennkar stands out from the crowd; by providing alternative solutions to the retirement needs and goals of the borrower.
Bidding on the client first is one of the many reasons Ennkar has become a household name in the reverse mortgage industry. They focus on their clients’ needs, expenses, and current lifestyle in order to provide suggestions that will help serve the borrower now and 10 years later. This financial instrument will grow with the homeowner as his financial needs change over time.
To learn more about reverse mortgages and explore options, visit www.ennkar.com…
Company name: Ennkar, Inc.
Contact Person: Mike Elachkar
Address: 1036 W. Taft Ave. Suite 200, Orange, CA 92865.
SOURCE: Ennkar, Inc.
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