Reverse
Mortgages - Seniors Home Loans - Home Equity Conversion Mortgage - Reverse
Home Mortgage - HECMs
Safe -
Easy - Keep Your Home
A
Reverse Home Mortgage Allows You to Tap Into YOUR Home Equity
A
Reverse Mortgage or Reverse Home Mortgage can be the answer for senior
citizen to buttress their "golden years."
-
Typically
a reverse mortgage loan grants approximately 40-70% of the current
appraised value of your house.
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You never
make payments on the loan during you or your spouse's lifetime.
-
The money
received from the loan, in addition to a low interest rate amount, is paid
back when the last surviving spouse of the estate has passed on or has
permanently left the home.
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For the
most part those who get a reverse mortgage receive a large amount of cash
within 30-75 days.
-
Most importantly
you keep total ownership and accumulate the future appreciation of your
house.
-
Reverse
mortgage moneys can be dispursed as a lump sum, fixed monthly payments,
or a combination of the two.
Even if
you current have a mortgage on your home, you can still allowed to obtain
a reverse mortgage. You would however be required to pay-off the remaining
balance of your curren mortgage with the moneys from the reverse
mortgage. There by eliminating your current monthly mortgage payment.
You
can use the funds from your reverse mortgage for anything:
-
Ongoing
Living Expenses
-
Tour the
World
-
Continue
Persuit of College Degrees
-
Home Repairs
and Improvements
-
Payoff
Current Debt and Bills
-
Medical
and Prescription Bills
-
Gifts
Money to Your Family
Medical
and Health Issues
NOTE
The
current appraised value of your home, the prevailing interest rate and
your age are the main factors that influence the amount of money you would
receive from a reverse mortgage.
Reverse
Mortgage loans were designed by the U.S. Department of Housing and Urban
Development (HUD) in the late 1980's from the lobbying efforts of AARP.
Most Reverse Mortgage loans made today are insured by the Federal Housing
Administration (FHA)(a government supported mortgage insurance program).
Read
More About Reverse Mortgages - Advantages & Disadvantages
Read
More About Reverse Mortgages - Frequently Asked Questions
THE
RIGHT MORTGAGE with the RIGHT TERMS
from the RIGHT LENDER.
What distinguishes us. from
our competition is our attention to detail for what our clients’ goals
and needs are, and being able to match them up with the proper lender. |
