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ElderLoan Reverse Mortgages

An exciting new type of home loan: Interest Only Option Mortgages

If your goal is to have the lowest possible monthly mortgage payment, consider the interest only option home loan. You pay only the interest, no principle, and so your monthly payment is drastically reduced. These loans can guarantee the interest only option for up to 15 years!

In the following table, a 30 year fixed home loan at 5.5% is shown along with the same 30 year loan at 5.5% but with the interest only feature.
Here is the difference in monthly payments:

Your total mortgage	30 yr fixed payment	Interest Only Payment
$100,000	$534.67	$458.33
$150,000	$817.96	$687.50
$200,000	$1,101.85	$916.67
$250,000	$1,385.75	$1,145.83

In each of these examples, one could save significantly by switching to the Interest Only Option Mortgage.

Contact us today to discover how much you could save by using this home loan feature!