Thank you for considering New Castle Mortgage as a source for answers to your questions on Reverse Mortgages. It is extremely important that you choose wisely with whom you work in obtaining your Reverse Mortgage, as this could be one of the most important decisions you will ever make. At New Castle Mortgage, we are experts in the field of Reverse Mortgages. Our company was founded to specialize in this industry. New Castle Mortgage is:
“The Reverse Mortgage Company of Tennessee.”
As a consumer you can be certain we are qualified, experienced and credible. New Castle Mortgage is the only mortgage company in Tennessee purely specializing in Reverse Mortgages. Our partners have 30 years experience successfully originating FHA loans throughout the state of Tennessee. We hold a TN State license, and are members of our state and national mortgage broker associations, TNAMP (Tennessee Association of Mortgage Professionals) and NAMB (National Association of Mortgage Brokers). We are active members of the prestigious NRMLA (National Reverse Mortgage Lenders Association) and the BBB (Better Business Bureau). Our offices are conveniently located in the Green Hills area of Nashville and in the West side of Knoxville. You are always welcome to visit us at our office, or we will be happy to meet with you in your home.
We advertise on CBS, NBC and ABC, WSM Grand Ole Opry Radio, the Yellow Pages statewide, the BBB, the NRMLA and numerous media print publications throughout Tennessee.
We are pleased that you have given us the opportunity to present this valuable program to you. If you have any questions, need more information or would like to schedule a personal appointment to discuss how a Reverse Mortgage may be the solution for your individual needs and concerns, please call, email, or write to us. One of our highly qualified Reverse Mortgage Specialists will promptly respond to your needs.
Thank you for allowing us to assist you in this very important matter.
NEW CASTLE MORTGAGE
What is a reverse mortgage?
Reverse mortgage loans are a way for older homeowners to convert their home’s value into tax-free cash, without having to sell or move. Insured by the U.S. government, the Department of Housing and Urban Development (HUD) allows Homeowners who are 62 or older to borrow against the equity of their homes.
Here’s how it works:
Qualifying homeowners can choose to receive tax-free payments from reverse mortgage lenders either on a monthly basis, in a lump sum, or as a line of credit.
No income or credit checks are required.
No repayments are required while a borrower lives in the home.
Social Security and Medicare benefits are not affected.
Reverse mortgage lenders recover the loan amount, plus interest when the home is sold (because owners choose to move, or pass away)
When the loan is paid in full, all equity associated with the property will be distributed to your heirs.
Keep in mind:
Reverse mortgage borrowers continue to own their homes. Because there are no monthly loan payments due, the amount owed grows over time. That means that the amount and the remaining equity in the home decreases.
Borrowers must continue to pay homeowner’s insurance and property taxes during the loan period. It is also the borrower’s responsibility to keep up with repairs. In fact, if a borrower fails to adhere to any of these obligations, it may become immediate cause for the loan to become due. In which case, it would become payable in full.
Do I qualify for a reverse mortgage?
Main Number: 865-531-6300
Fax Number: 865-531-6138
New Castle Mortgage,LLC
9050 Executive Park Dr.
Knoxville, TN 37923
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