Reverse Mortgage

Safeguard Your Future

• Eliminate the burden of making a monthly mortgage payment.
• Your heirs will not inherit your mortgage debt.
• You can never owe more than the fair market value of your home.

The federally-insured Home Equity Conversion Mortgage (HECM) is the most popular type of reverse mortgage on the market today and was created in order to make it easier for people over 62 years of age to access the equity in their home.

What is it?

The HECM allows homeowners to stay in their homes as long as they wish without making a monthly mortgage payment, provided homeowner\'s insurance and taxes are kept current and the home is kept in good repair. Not only does the HECM eliminate monthly mortgage payments, but it can also be used to receive additional funds. How these additional funds are dispersed can be customized in order to suit each individual homeowner\'s needs. The amount of money that an eligible homeowner can receive depends on their age and the amount of equity they have in their home. There are absolutely no restrictions on what can be done with the funds disbursed from a reverse mortgage.

Processing

The processing of a HECM is similar to that of a traditional mortgage, with a few key differences. The first step is a preliminary consultation with a reverse mortgage specialist in order to determine whether this program is the best solution for the applicant. The next steps are for the applicant to participate in a financial counseling session with a HUD-approved counselor and the lender to process the application. It is at this time that the specialist will send the initial loan disclosures to the homeowner for review. The counseling session will give the homeowner an opportunity to obtain any more information that they need and helps ensure that a HECM is the best product for them. Upon completion of the counseling session, an appraisal will be preformed and the loan will be underwritten. Once the lender has granted final approval for the reverse mortgage, the loan will close and the funds will be dispersed or become available, depending on the disbursement option chosen prior to closing.

The Benefits At-A-Glance.

Freedom from monthly mortgage payments. Instead of making payments every month, you can deposit cash into your bank account. You receive payments monthly, in a lump sum, or a combination of both - it's your choice.

It's tax-free. The money you receive is non-taxable and you're free to use it any way you choose. Just consult your tax advisor.

Stay in your own home. With a Reverse Mortgage, you continue to live in your own home and maintain ownership on your terms.

Peace of mind. Because it's a federally insured loan, you'll never owe more than your home is worth, and you can safely repay the loan any time with no penalty.

New and improved program. With lower total fees and your choice of fixed or variable rates, you have more choices than ever before.

Your responsibilities are simple. You must continue to reside in your home; and just like with traditional mortgages, you need to pay your property taxes and insurance, and continue to care for your home and property.

Qualifying is easy. If you're at least 62 years of age, have sufficient equity in your home, and meet other HUD guidelines, you may be eligible. Call us today to determine your qualification. It takes just a few minutes to find out.

To learn more, please see our frequently asked questions, submit your question to a reverse mortgage specialist or call us at (877)-840-2200

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