Reverse Mortgages

Claim the dollars you have invested in your home – use them any way you wish – continue to live there – yet never make another mortgage payment!

It can all come true with a Reverse Mortgage.

WHAT IS A REVERSE MORTGAGE?

• In 1988 the Department of Housing and Urban Development (also known as HUD) began a program to help seniors convert the value they had built up in their homes to cash.
• The official name of the program is Home Equity Conversion Mortgages or HECM. It is more commonly called a Reverse Mortgage
• It is like any other mortgage in most ways. But there is ONE MAJOR difference. You are NOT required to make regular mortgage payments (principal and interest) on the loan.
• To qualify for a Reverse Mortgage you must be 62 years or older and be a homeowner and live in your home the majority of the year.
• Most homes qualify - 1 to 4 family (owner occupied), condos, town houses, mobile homes (with certain restrictions). Trailers do not qualify.
• There are NO income or credit score requirements. You can have seriously damaged credit and still qualify for a Reverse Mortgage.
• It works for anyone who needs cash. Most seniors are on a fixed income and HUD created a program to give them access to the money from the equity in their home. The Lender loans you a portion of your equity, and requires no monthly principal and interest payment while you live in the home. Following the death of the last borrower on the loan, the amount due can be paid off by selling the house, or it can be paid off using other assets. Or the heirs can pay off the balance by taking out a new loan and continue to own the property.
• Any money remaining after that repayment is made goes to the heirs of the borrower’s estate.
• The loan proceeds can be used in any way you choose. Some popular uses are to supplement Social Security income, to purchase a new home or a second one, pay for a grandchild’s education, or make repairs or additions to your home.

Read More: Exploding Myths You May Have Heard.

 

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508-255-2011

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