You must be 62 or older, you must maintain the house as your primary residence, and you must have equity in your home. Call us today at (866) 330-7595 with your questions about reverse mortgages. If you are a homeowner age 62 or over and you live in your home, you probably qualify for a reverse mortgage insured by the U.S. Federal Housing Administration.
This special program was developed by the U.S. Government to help seniors enjoy a higher quality of life. With this program, you will continue to retain full ownership of your home. You may also be eligible to receive additional money each month to use in any way that you wish. When Social Security Isn't Enough, Get Senior Security with a Government-Insured Reverse Mortgage!
Important Terms: Homeowner is still responsible for the payment of real estate taxes, hazard insurance premiums and any HOA dues or condominium charges, if applicable.
This special program was developed by the U.S. Government to help seniors enjoy a higher quality of life. With this program, you will continue to retain full ownership of your home. You may also be eligible to receive additional money each month to use in any way that you wish. When Social Security Isn't Enough, Get Senior Security with a Government-Insured Reverse Mortgage!
Important Terms: Homeowner is still responsible for the payment of real estate taxes, hazard insurance premiums and any HOA dues or condominium charges, if applicable.
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A reverse mortgage is similar to a normal mortgage except that the bank pays you.
You do not have to repay the loan as long as you live in your home.
There is no catch, but there are important things you need to understand before you move forward.
We encourage you to call or e-mail us so that our loan consultants can answer all of your questions.
The most common reverse mortgage product is the Home Equity Conversion Mortgage (HECM), but there are a variety of options to choose from.
Here are some of the options available under the reverse mortgage program.
You do not have to repay the loan as long as you live in your home.
There is no catch, but there are important things you need to understand before you move forward.
We encourage you to call or e-mail us so that our loan consultants can answer all of your questions.
The most common reverse mortgage product is the Home Equity Conversion Mortgage (HECM), but there are a variety of options to choose from.
Here are some of the options available under the reverse mortgage program.
The federally-insured reverse mortgage is a NON-RECOURSE loan.
That means that you will never be obligated to pay the bank for any amount beyond the value of your home.
The same is true for your heirs and for your estate - they will not be liable either.
The funds that you receive are the proceeds of a loan, so you will not be required to pay any income taxes on the money you receive.
Answer: Compared with many other types of mortgages, a reverse mortgage is normally less costly for you.
However before you move forward, you will see all your costs spelled out in black and white.
That means that you will never be obligated to pay the bank for any amount beyond the value of your home.
The same is true for your heirs and for your estate - they will not be liable either.
The funds that you receive are the proceeds of a loan, so you will not be required to pay any income taxes on the money you receive.
Answer: Compared with many other types of mortgages, a reverse mortgage is normally less costly for you.
However before you move forward, you will see all your costs spelled out in black and white.
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