Is A Reverse Mortgage Right For You?
If you are 62 years of age or older and own a property that is used as your primary residence, you could qualify for the below benefits of a Reverse Mortgage:
+ No income restriction: A reverse mortgage is based on your age & the value of your property, not your income.
+ Free you from existing loans: Your existing loans can be paid off from the proceeds of the reverse mortgage.
+ No more monthly payments: The loan is not due as long as you live in the property so there are no monthly payments.
+ A line of credit with growth: You may also choose to have a line of credit that grows every month.
+ Use the proceeds for any purpose: The loan proceeds can be used to pay of credit card bills, medical insurance, or anything you can think of.
+ No prepayment penalty: You may terminate the loan anytime you like by paying off the loan balance without any penalty.
+ Limit on the amount you owe: You will never owe the lender more than the appraised value of your property since the program is insured by FHA.
+ Closing costs may be financed: Almost all of the closing costs can be financed in the loan, which means no out-of-pocket expense for you.
+ Social Security & Medicare unaffected: The loan will not affect existing Social Security and Medicare benefits.However, services such as Supplemental Security Income (SSI), Medicaid, etc. may be affected. The Reverse Mortgage Program also allows a homebuyer to use a Reverse Mortgage to purchase a home. This can be a great tool for senior homebuyers that may not qualify for a traditional mortgage!
If you feel you might benefit from a Reverse Mortgage either to purchase or to refinance and enjoy a better quality of life, please call me to see how we can help.