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.