Reverse Mortgage: A powerful tool for seniors
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A Reverse Mortgage is a loan product available to Americans over 62. Seniors can use this loan program to eliminate their monthly mortgage payments for the rest of their lives. They can use a Reverse Mortgage to re-finance their existing home or to purchase a new home.
How much better would your life be if you didn’t have a mortgage payment?
Well, the government finally got something right when they designed the Reverse Mortgage! Yes, the Reverse Mortgage is insured by the Federal Housing Administration (FHA).
Your credit cannot keep you from qualifying for a Reverse Mortgage. The key approval criteria is equity. So, if you have 50% equity in your home or a 50% downpayment, you can use the Reverse Mortgage and never make another mortgage payment again.
Both you and your spouse/partner must be at least 62 years of age. Your spouse/partner can live in your home after you have passed for the rest of their lives. You can will your home to your children, or anyone else, just as you can now. The neat thing about the Reverse Mortgage is that your heirs have 1 full year, payment free, to settle your estate. The Reverse Mortgage makes settling your estate much easier for those who mean the most to you.
We are certain you will have several questions and have listed those we hear alot below. We are anxious to be your resource. When you are ready to find out how you can live the rest of your life “mortgage payment free” just fill out the short form below and expect a call from our Reverse Mortgage Advisor, very shortly. You’ll be glad you did!
Frequently Asked Questions:
Q: Can the lender take my home away if I outlive the loan?
No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current.
Another safeguard is that the borrower will never owe more than the value of the property at the time it is sold.
Q: How much money can I get from my home?
The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less.
Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.
Q: Will I still have an estate that I can leave to my heirs?
When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender.
The remaining equity in your home, if any, belongs to you or to your heirs.
