Reverse mortgages were created in the 1970’s to help seniors keep their home, and alleviate the stress of a monthly mortgage payment. Since their inception, a number of lenders have worked with the Federal Government to perfect the current Reverse Mortgage programs.
The beauty of this product is that the senior has very few qualifications to meet. The youngest person on the mortgage must be at least 62 years of age and there must be enough equity in the home. This loan is not based on a credit score or income qualifications.
The loan does not have to be repaid until you either sell your home or permanently leave your primary residence. You get the comfort of your home, access to the equity that you have worked hard to build, and no monthly payment to worry about.
Once you have determined that a Reverse Mortgage is right for you, there are a number of ways to gain access to your equity. You can elect to receive all of the equity in a lump sum, monthly payment, or reserve in a line of credit; or any combination to fit your needs. Our goal is to make it simple and hassle free for you to access the equity in your home and help you maintain your quality of life.
What can you do with the money once you get it? Well frankly, anything. There are no stipulations about usage in any way. Home repairs, vacations, investments, monthly income - whatever you choose, the money is yours.
You (the borrower) will be required to attend a HUD (Dept of Housing and Urban Development counseling session during your reverse mortgage process. This counseling session will provide you with more information on reverse mortgages. We can set you up with a HUD-approved counselor in your area.
Reverse Mortgages are very safe. You (or your estate) will never owe more than your home is worth, and you can stay in your home for as long as you would like. This is all backed by the Federal Government, and is completely safe to you, the homeowner.
Please call or email Dave or Terri for more information on Reverse Mortgages.
