Older couple being goofy and singing in their home

MORTGAGE RETIREMENT LOAN

If you want to pay off your mortgage debt quicker than initially planned, you may benefit from getting a Mortgage Retirement Loan. At Community West Credit Union, we offer pay-off-early mortgage loans to help our members across West Michigan attain financial freedom earlier in life.

 

Why a Mortgage Retirement Loan?

People seek Mortgage Retirement Loans for numerous reasons - from consolidating debt to financing home improvement efforts. When you secure a Mortgage Retirement Loan, you get the following benefits:

  • Pay Off Mortgage Debt Faster. Like most homeowners, you probably have a mortgage with a 15 or 30-year term. While this timeframe may have been ideal in the beginning, it may not be suitable now as your circumstances have changed over the years. A Mortgage Retirement Loan allows you to pay off your mortgage debt sooner, preventing you from waiting the full term and spending additional money on interest. With your mortgage paid off, financial independence increases, and you can fully experience the joy of owning your home entirely.
  • Consolidate Debt. Another benefit of our Mortgage Retirement Loan is that it helps you merge different debts into a single loan program. Debt Consolidation may result in lower interest rates, enabling you to pay off loans quicker. Combining your debts into one package also makes it easier to manage your money in the long run.
  • Achieve a Lifelong Dream. Once you pay off debt through a Mortgage Retirement Loan, you will have more resources to devote to other aspirations. For example, you may use the extra money to fund a dream vacation, a home remodeling project, or a boost into your retirement savings.

 

What Should You Consider?

At Community West, our Mortgage Retirement Loans come with a maximum of a 10-year term, low annual percentage rates, and a flat processing fee. Before acquiring this loan, you must complete an application. In some cases, an appraisal of your home may also be necessary.