A reverse mortgage is a loan that converts equity in your home into cash that can be used for many different purposes that can potentially enhance and extend your retirement plan. If you currently have a mortgage, a reverse mortgage could eliminate your current monthly mortgage payment and also allow you to access any additional equity (over and above your mortgage balance) to create accessible cash which is not readily available while in the form of equity in your home.
You must still pay property taxes, homeowners insurance, and maintenance. A HECM is the only mortgage that never requires a payment until you pass away, move out of your home*. You are required to always pay taxes, insurance, and maintenance on your home, but whether you take a line of credit, monthly checks, or a lump sum, you will never be required to make a mortgage payment during your lifetime as long as you live in your home.
However, should you choose a line of credit, you have the option of paying down the line should you wish to have less cash and increase your equity.
You must still pay property taxes, homeowners insurance, and maintenance. A HECM is the only mortgage that never requires a payment until you pass away, move out of your home*. You are required to always pay taxes, insurance, and maintenance on your home, but whether you take a line of credit, monthly checks, or a lump sum, you will never be required to make a mortgage payment during your lifetime as long as you live in your home.
However, should you choose a line of credit, you have the option of paying down the line should you wish to have less cash and increase your equity.
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The deed is still in your name-the bank never owns the house and has no say as to what you do with the house as long as you keep it insured, pay the taxes, maintain it, and of course, live there.
If you want to remodel it, paint it a different color, or even sell it, you are the one in control because your name is on the deed-just like it is now.
A Reverse Mortgage Gives You Money From Your Home Equity Which is Usually Tax Free, ** But it is Not Free Money.
The money you receive is required to be paid back when you permanently move out of the house with the interest agreed upon in the beginning.
If you want to remodel it, paint it a different color, or even sell it, you are the one in control because your name is on the deed-just like it is now.
A Reverse Mortgage Gives You Money From Your Home Equity Which is Usually Tax Free, ** But it is Not Free Money.
The money you receive is required to be paid back when you permanently move out of the house with the interest agreed upon in the beginning.
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Call Scott Breen, reverse mortgage planner, NMLS #290475 @ (855) 969-5956 anytime so he can answer any questions you have.
Talk with your reverse mortgage planner to find out how much you qualify for and what documents are required.
Note: A prequalification is not an approval of credit and does not signify that underwriting requirements have been met.
Complete your application, sign disclosures and provide any remaining documents requested.
Appraisal is completed to determine value.
Call Scott Breen, reverse mortgage planner, NMLS #290475 @ (855) 969-5956 anytime so he can answer any questions you have.
Talk with your reverse mortgage planner to find out how much you qualify for and what documents are required.
Note: A prequalification is not an approval of credit and does not signify that underwriting requirements have been met.
Complete your application, sign disclosures and provide any remaining documents requested.
Appraisal is completed to determine value.
Most reverse mortgages today are federally insured through the Federal Housing Administration's (FHA) Home Equity Conversion Mortgage ("HECM") program, which is a non-recourse mortgage loan for homeowners aged 62 and older."
It converts about 50-75% of a client's equity into cash based on the age of the youngest borrower.
No sale or ownership transfer of the home is required.
The borrower never gives up ownership or control of the home, as long as all loan terms are complied with.
In general, the older you are, the more equity you may have in your home.
It converts about 50-75% of a client's equity into cash based on the age of the youngest borrower.
No sale or ownership transfer of the home is required.
The borrower never gives up ownership or control of the home, as long as all loan terms are complied with.
In general, the older you are, the more equity you may have in your home.
If you are 62 years or older, the HECM for purchase loan may help you buy your next home without required monthly mortgage payments, except for taxes, insurance, and general maintenance.
The HECM for purchase is a reverse mortgage insured by the Federal Housing Administration (FHA) that allows seniors to use the equity from the sale of a previous residence to buy their next primary home in one transaction.
Regardless of how long you live in the home or what happens to your home's value, you only make one initial investment (down payment) towards the purchase.
The HECM for purchase is a reverse mortgage insured by the Federal Housing Administration (FHA) that allows seniors to use the equity from the sale of a previous residence to buy their next primary home in one transaction.
Regardless of how long you live in the home or what happens to your home's value, you only make one initial investment (down payment) towards the purchase.
NOTE: *Most reverse mortgage loans today are federally insured through the Federal Housing Administration's Home Equity Conversion Mortgage (HECM) Program.
This information is HECM loans only.
According to the National Reverse Mortgage Lenders Association (NRMLA), More Than a Million Households Across the Nation Are Using a HECM Reverse Mortgage.*.
No Repayment of Loan Until Borrower No Longer Lives In The Home and Continues To Abide By All Loan Terms.
To pay for the down payment, the funds can come from the sale proceeds of their last home, 401k, and other sources that meet the U.S. Department of Housing and Urban Development (HUD) and lender guidelines.
This information is HECM loans only.
According to the National Reverse Mortgage Lenders Association (NRMLA), More Than a Million Households Across the Nation Are Using a HECM Reverse Mortgage.*.
No Repayment of Loan Until Borrower No Longer Lives In The Home and Continues To Abide By All Loan Terms.
To pay for the down payment, the funds can come from the sale proceeds of their last home, 401k, and other sources that meet the U.S. Department of Housing and Urban Development (HUD) and lender guidelines.
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