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HOME EQUITY CONVERSION MORTGAGE (REVERSE MORTGAGE) INFORMATION

If you are 62 years of age or older, you owe it to yourself to explore the benefits of FHA’s Home Equity Conversion Mortgage, also known as a reverse mortgage.

Advantages of a Reverse Mortgage Purchase:

  • This is a great way to double a seniors buying power, and help them retain liquidity during their retirement.
  • A Reverse Mortgage generally requires about 50% down on a purchase. The customer has no payments as long as they live in the home.
  • The customer is still on title, and owns the property, just like with a regular loan.
  • They are not signing over their home, or their equity, in any way. The customer, their heirs, or their estate are free to sell the home, and retain any equity that is left.

Advantages of a Reverse Mortgage Refinance:

  • If your home has at least 50% equity but is not paid off, often a Reverse Mortgage can pay-off the loan and eliminate the payment. This is a very nice raise for seniors in their retirement.
  • The senior can also setup a lifetime monthly payment. This can be a nice increase when a customer is living on their retirement income. The income is based on the age and equity position of the borrower.
  • A line of credit is a great option to set up when a senior is not in immediate need of money. The line of credit does not have payments, and is a great hedge against those unexpected future expenses. The limit grows over time, and can an excellent form of retirement planning.

To start the Reverse Mortgage Process > CLICK HERE