What is a Reverse Mortgage?
Approximately 80% of the reverse mortgages done today are insured by HUD/FHA. These loans and their fee structures are government regulated and all lenders operate under the same guidelines. These are non-recourse loans, which means that you can never owe more than the house will sell for. So you or your heirs will never be left with outstanding debt over the sales price of the home. There are several non HUD/FHA programs available, and are usually used on high valued properties.
What is a Reverse Mortgage?
Reverse mortgages are a powerful tool and help seniors obtain
tax-free cash flow. Thousands of people have already used them to
enhance their retirement lifestyle.
Think of a traditional mortgage in which you borrow money and make
monthly payments. With a reverse mortgage it’s the opposite. You borrow
money, but instead of making monthly payments, you receive monthly
payments or a lump sum of money.
Reverse Mortgages enable eligible homeowners to access the money they
have built up
as equity in their homes. They are primarily designed to strengthen
seniors’ personal
and financial independence by providing funds without a monthly loan
re-payment burden during their lifetime in the home. The major
eligibility requirements are that the borrowers must be at least 62
years of age and owner occupy the property.
The Benefits of a Reverse Mortgage Include:
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Tax Free funds for as long as you live in the property |
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No loan repayment for as long as you live in the property |
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Limited income or credit requirements |
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Retain ownership of your home |
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No restrictions on how you may use the funds |
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New! Increased Loan Limits |
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New! Reverse Mortgage for Purchase Program |
You do not need to have your home free and clear. Part of the proceeds from your Reverse Mortgage will be used to pay off any existing mortgage.
I will be happy to meet with you at your convenience to discuss your needs. Usually our first meeting will be about an hour, and feel free to ask your children or friends or trusted acquaintance to join us if you would like. This is usually a “get to know” each other session, and a chance to find out specifics about what a reverse mortgage can do for you.