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Welcome...
Reverse mortgages are versatile and flexible. Often times they are used more as a financial planning tool than a mortgage. These uses can include: income, health care, access to money for the extras in life, home improvements and modifications, charity gifts, assisting a family member and as cash reserves. Each year new records are set regarding reverse mortgage in the numbers of people using them. Information and exposure is the key. It is important to get as much information as you can before moving forward with your reverse mortgage loan.
Freedom...
Nearly everyday we are inspired by examples of the triumph of mind, body, and spirit over the aging process. An 81 year old man who ran his first marathon or the grandmother who earned her law degree at age 75. The fact is people are living longer, healthier lives and reaching retirement age no longer means growing old.That’s why a Reverse Mortgage allows you to live independently and enjoy your retirement years to the fullest. Imagine having the income you need to remain living comfortably in your home and at the same time make much needed repairs, afford quality home healthcare, vacation with family and friends, start a new hobby or even a part-time business, of take piano lessons. Enjoy the freedom a Reverse Mortgage offers.
Flexibility...
There are a wide range of products, providing you with the ability to customize a Reverse Mortgage to help you realize your financial goals. A Reverse Mortgage can turn the equity in your home into cash, a line of credit, monthly income or a combination of all three. Plus, there are no required monthly mortgage payments and no income qualifications. The proceeds are tax free and best of all you retain full ownership of your home.
Finally...
There is a solution. You’ve worked hard to build the equity in your home. Now let your home work for you. We realize a home holds a great deal of emotional value for your family, and a reverse mortgage offers the freedom to improve your quality of life and the flexibility to help you realize your financial goals.“Imagine the Possibilities…”
Reverse mortgages are versatile and flexible. Often times they are used more as a financial planning tool than a mortgage. These uses can include: income, health care, access to money for the extras in life, home improvements and modifications, charity gifts, assisting a family member and as cash reserves. Each year new records are set regarding reverse mortgage in the numbers of people using them. Information and exposure is the key. It is important to get as much information as you can before moving forward with your reverse mortgage loan.
Freedom...
Nearly everyday we are inspired by examples of the triumph of mind, body, and spirit over the aging process. An 81 year old man who ran his first marathon or the grandmother who earned her law degree at age 75. The fact is people are living longer, healthier lives and reaching retirement age no longer means growing old.That’s why a Reverse Mortgage allows you to live independently and enjoy your retirement years to the fullest. Imagine having the income you need to remain living comfortably in your home and at the same time make much needed repairs, afford quality home healthcare, vacation with family and friends, start a new hobby or even a part-time business, of take piano lessons. Enjoy the freedom a Reverse Mortgage offers.
Flexibility...
There are a wide range of products, providing you with the ability to customize a Reverse Mortgage to help you realize your financial goals. A Reverse Mortgage can turn the equity in your home into cash, a line of credit, monthly income or a combination of all three. Plus, there are no required monthly mortgage payments and no income qualifications. The proceeds are tax free and best of all you retain full ownership of your home.
Finally...
There is a solution. You’ve worked hard to build the equity in your home. Now let your home work for you. We realize a home holds a great deal of emotional value for your family, and a reverse mortgage offers the freedom to improve your quality of life and the flexibility to help you realize your financial goals.“Imagine the Possibilities…”
What Are The Requirements?
Each person on the title must be at least 62.
If there is already a loan on your home, part of the proceeds of the Reverse Mortgage must be used to pay off the existing loan.
The home must meet FHA standards for safety and physical condition, and have a termite clearance. (Repairs needed to meet these standards can be funded through the loan.)
Each person on the title must be at least 62.
If there is already a loan on your home, part of the proceeds of the Reverse Mortgage must be used to pay off the existing loan.
The home must meet FHA standards for safety and physical condition, and have a termite clearance. (Repairs needed to meet these standards can be funded through the loan.)
How Much Money Can I Get?
The amount you can borrow is based on 3 factors:
Appraised value of your home — the higher the value, the higher the loan amount.
Age of the youngest spouse — the older the borrower, the higher the loan amount.
Current interest rates - the lower the rate, the higher the loan amount
How Do I Receive The Payments?
You can receive your payments in any of 4 ways:
Monthly payments for as long as you live in the house.
Monthly payments for a set number of years, such as 5, 10, 20 or anything you choose.
A lump sum up front, for all or part of the total amount.
A line of credit for the loan amount, to be drawn whenever you need the money, in full or in part.
Is This Safe For Seniors?
YES, it is safe; here’s why.
The program is administered and regulated by the FHA.
The FHA guarantees you will receive your payments, even if the original loan provider defaults.
The amount of the loan will never be more than the value of your house.
You can never be forced out of your home.
FHA regulations require that you hear all the facts directly from an independent loan counselor before your loan can even be approved.
What Happens After I Get The Loan?
There are 3 things you must do:
Maintain the property in good condition.
Maintain your homeowners insurance.
Pay the property taxes on time.
These are the things you would do anyway to protect your home.
How Does The Loan Get Paid Back?
No repayment is necessary until you no longer occupy your home, or sell the house.
No prepayment penalty for early payment.
Non-recourse loan — the balance due on the loan will never more than the value of your home.
Can I Use The Money For Anything I Want?
Yes, anything.
Travel
Pay medical and living expenses
Hire help around the house
Have money available for unexpected needs
Renovate your home
What If I Don’t Need The Money Now?
The loan can be treated as a line of credit, available for you to use:
Anytime you want.
Any amount you want.
Any purpose you want.
Why Is A Reverse Mortgage A Good Idea?
You’ve already paid for your house. Now your house can pay you!
Let’s you stay in your house as long as you want.
Loan proceeds are tax free.
Can I Get A Reverse Mortgage From Any Lender?
Reverse Mortgages are a specialized program for Seniors only. Providers must be approved by HUD and the FHA.