Reverse Mortgages
What is a reverse mortgage?
A reverse mortgage is a home loan (used for any purpose) where seniors, 62 and older, can access the equity (cash) built up in their home.
There are several different reverse mortgage programs. Fannie Mae Home KeeperŪ, Jumbo Cash-Out loan, and the government (FHA/HUD) insured Home Equity Conversion Mortgage (HECM) are three such programs. Fixed and variable interest rates are available.
It is called a reverse mortgage because you borrow money from a lender, but the lender makes monthly payments to you, rather than you making monthly payments to the lender. All interest is paid at the end of the loan, rather than in the beginning.
What are some of the benefits of a reverse mortgage?
- Strengthen your personal and financial independence.
- Help pay for health care or other needs.
- You can never lose your home in foreclosure as long as you maintain the property tax and insurance payments.
- You retain full ownership of the home. The new loan is just a mortgage against the property as with any other type of mortgage.
- The loan is only required to be paid off when the house is sold by you or your heirs, the house is refinanced, or all borrowers move out of the house permanently.
- Keep your Medicare or Social Security benefits.
- Use it as a credit line and draw upon it as needed.
- Get all your cash right away in a lump sum
- Get the best of both—get cash now and have a balance in reserve to use as a credit line.
- No Income / Credit Score requirements: The homeowner does not need to be working and is not qualified based on income or credit score. The main factors in determining the available amount of a reverse mortgage is 1) dates of birth of the borrowers, 2) appraised value of the home, 3) amount of existing mortgages and 4) current interest rates
- All existing mortgages are paid in full and the new loan requires no monthly mortgage payments. This immediately improves cash-flow for the homeowners.
It takes less than 5 minutes for me to estimate how much money may be available to you on a Reverse Mortgage. I am happy to answer any questions and can help you determine if a Reverse Mortgage may be right for you. If you would like a FREE brochure or FREE report on the "10 Most Frequently Asked Questions Regarding a Reverse Mortgage", just click on the "Contact Me" tab and request them. There is no obligation for this FREE information.
First Mortgage Corporation - 15040 7th Street - Victorville, CA 92395
Office Phone: (760) 962-6860 x19 Cell Phone: (760) 403-6335
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