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Reverse Mortgages: What They Are And Who They Benefit, From Ennkar's Co Founder Mike Elachkar

Wednesday, 18 August 2021 02:00 PM

ORANGE, CA / ACCESSWIRE / August 18, 2021 / Reverse mortgages are often an overlooked sector within the mortgage industry. They help an underserved borrower: seniors at or near retirement.

Mike Elachkar and his company, Ennkar, specialize in reverse mortgages and are leading the charge to change the perception reverse mortgages have in society.

Ennkar, Inc., Wednesday, August 18, 2021, Press release picture

What is a reverse mortgage?

A reverse mortgage is similar to any other mortgage. It is a loan with a few added perks including the ability to take full control of your payment arrangement with the bank. If you want to pay the loan off faster, you can. If you want to extend the term of the loan, you can. If you want to take a payment vacation, that is allowed as well. Reverse mortgage loans give you the control and flexibility to pay the loan off as slow or as fast as you would like.

So what's the catch?

There really is no catch. The loan was designed to help people with low retirement income convert their home equity into cash without selling the property. However, nowadays, even the wealthy are using reverse mortgages as financial tools to take advantage of opportunities and tax shelters.

To qualify, you must have enough equity in your home and be over the age of 60.

How do lenders decide the loan amount?

Lenders take into account a few factors to determine how much a homeowner can borrow in a reverse mortgage; the age of the youngest borrower, how much the home is worth, and today's interest rate.

The older the borrower is, the greater the percentage of their home's value they can utilize. The minimum age to qualify for most reverse mortgages is 60.

Are reverse mortgage loans insured by the government?

Some are, some are not. That is why it is so important you work with someone that knows the difference and understands how that can impact you or your family.

Does the bank own my home?

No, the bank is just like in any other mortgage, a lien holder. This is one of the largest misconceptions that is held surrounding reverse mortgages.

The borrower is the sole owner of their home and the only person on title. This means that the borrower can sell, refinance, or pay off the reverse mortgage at any time without any penalty.

Ennkar, Inc., Wednesday, August 18, 2021, Press release picture

Prepare for Retirement with Mike Elachkar

In 2014, Mike Elachkar teamed up with co-founder Omar Ennabe to start Ennkar, a nationwide Lender that specializes in reverse mortgages.

Both Elachkar and Ennabe worked in the mortgage industry prior to the market crash prompted by the subprime collapse in 2008. After taking time away to regroup and refocus, they set their sights on entering an overlooked and underserved sector within the industry.

Armed with knowing that more people are turning 65 years of age each year than ever before in recorded American history, it was an easy decision to go all in on reverse mortgages. Unfortunately, for many American seniors, retirement isn't always the dream that they have been sold. Many seniors rely solely on social security benefits as their primary source of income once they retire. This is often an overlooked aspect of retirement planning. The reduction in income from employment to retirement can financially derail even the savviest homeowner. This is where Ennkar sets themselves apart from the crowd; by providing alternative solutions to their borrower's retirement needs and goals.

Putting the customer first is one of many reasons Ennkar has become a household name in the reverse mortgage space. They focus on their clients needs, expenses, and current lifestyles to make suggestions that will help serve the borrower now and still 10 years down the line. This financial tool will grow with the homeowner as their financial needs change with time.

To learn more about reverse mortgages and explore your options, visit www.ennkar.com.

CONTACT:
Company Name: Ennkar, Inc.
Contact Person: Mike Elachkar
Address: 1036 W. Taft Ave. Suite 200, Orange, CA 92865
Phone Number: 888-501-8539
Website Link: http://www.ennkar.com/

SOURCE: Ennkar, Inc.

Topic:
Company Update
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