American Indian Pride and Mortgages 

For senior citizens from 62 years of age, reverse mortgages provide a safer alternative access to loans. Not only do reverse mortgages provides needed funds but it also helps beneficiaries to keep their homes. Reverse mortgage is a type of loan taken by a senior retired citizen using his/her house as collateral. The beauty of this mortgage package is that the borrower really does not have to repay unless they die, sell the home or move out. The lender only gets reimbursed when the house is sold.  

The American Indian Pride and Mortgage loan package designed by the Rio Arriba Property and Mortgage Center is designed to help American Indians who make up a large percentage of residents of the Rio Arriba County in New Mexico to enjoy the benefits of a loan without losing or even risking their home. With a reverse mortgage loan you can do whatever you want; take a vacation, pay for insurance, pay medical bills, repair your home and even renovate it.

For regular mortgage loans you need to have a strong line of credit, proof of steady income and yet you risk losing your home if you default on the loan. With the American Indian pride and Mortgage plan you cannot lose your home. You can collect the loan in bulk form, as fixed monthly payments or even keep it as an open line of credit. Whatever way you chose, you do not lose your home while you are still alive and living in it.

To apply for a reverse mortgage loan you need to be at least 62 years of age. The older you are the higher the amount that you are eligible to receive. You need to own and live in your own home. You do not need proof of medical fitness or any medical doctor’s approval certificate, neither do you need to have a job or show proof of employment, although you do have to undergo reverse mortgage counseling. If you meet these requirements why not consider the option of a reverse mortgage so that you can get a loan and keep your house. Contact Rio Arriba Property and Mortgage Center for more details.