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:

 

+ Minimal income restriction: A reverse mortgage is based primarily on your age & the value of your property, not your income.  You will however need to demonstrate the ability to pay for ongoing property    taxes & insurance.

+ Free you from existing loans: Your existing loans can be paid off from the proceeds of the reverse        mortgage.

+ No more monthly payments: As long as you live in the property there are no monthly payments to make.

+ A line of credit with growth: You may also choose to have a line of credit that grows in value every month.

+ Use the proceeds for any purpose: The loan proceeds can be used to pay off credit card bills, medical     insurance, or anything you can think of.

+ No prepayment penalty: You may terminate the loan anytime 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 the Federal Housing Agency (FHA) of the U.S. Government.

+ 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.

 

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