What is a Reverse Mortgage? This is NOT your Grandparents Reverse Mortgage! Today’s HECM loan is federally backed and allows Seniors, age 62 and older, to tap into their equity and get paid with No Monthly Payment and you can remain living in your home. Home Equity Conversion Mortgage loans, are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments.
We’re here to make getting a Home Equity Conversion Mortgage Loan easier with our personal touch, technology, tools, expertise, that will guide you along the way. We’ll help you clearly understand the differences between loan programs and options, empowering you to make the best informed decisions on what is right for you.
A Reverse Mortgage or HECM is different than any other mortgage; with a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage, the mortgage lender pays you money through monthly installments and/or a one-time lump sum payment. The amount of money you receive is dependent on your age and the value of your home. Kind of like
One of the great advantages of a is that you are not required to pay the loan back until the home is no longer your primary residence. Another great feature is you can never owe more than the value of your home, no matter what.
Eventually the money paid to the homeowner is repaid with interest, however, it generally doesn’t become due until the homeowner leaves the home due to death, move, if living in a healthcare facility for more than one year, etc.
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Getting a reverse mortgage is a big step that needs to be carefully evaluated. However, there are many advantages:
Typically those who benefit the most from a Reverse Mortgage are those who plan to stay in their homes over an extended period and have built a decent amount of equity in their homes.
The money you receive is not taxed because it’s already your money on income taxed in years past.
This income option for seniors can provide a steady, reliable stream of income during retirement.
If are over 62 years of age you are eligible for a reverse mortgage. There are additional conditions to be able to qualify:
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* Some qualifications, terms and conditions apply. Inquire for more details.
