What is a Reverse Mortgage?
Through a U.S. government
sponsored program, a senior
(over 62) can obtain a FHA
guaranteed loan for
approximately 50%-80% of the
equity of their home at the low
interest rate of 3-6%...and you
never have to repay the loan as
long as you live in your home.
The only requirements are that
you must be 62 or older and the
home must be your primary
residence. That's it … no other
requirements. No Credit score,
no income, no job, no health or
debt to income ratio
requirements.
Typically, seniors who get a
reverse mortgage receive $50,000
- $180,000 cash and you always
retain 100% ownership (and the
future appreciation) in your
home.
If your home currently has a
mortgage on it, our American
Reverse Mortgage will pay-off
the existing loan and you won’t
have any monthly payments.
Additionally, it is possible you
will also receive a substantial
amount of cash as well.
Repayment:
The loan is not due and payable
until you no longer occupy your
home as your principal
residence.
Types of Reverse Mortgages:
There are two types of reverse
mortgage loan products
available:
Fixed Interest rate and Variable
Interest rate. You will receive
substantially more cash from a
variable rate loan than a fixed
rate loan.
All American Reverse Mortgages
are "non recourse" which means
that no matter how high the loan
balance grows over time, neither
you or your heirs ever owe more
than the home's market value.
What can you spend your money
on:
Your
TAX FREE
proceeds from a
reverse mortgage can be used for
anything:
Pay off existing mortgage
Daily living expenses;
Home repairs and home
improvements;
Medical bills and prescriptions;
Pay-off of high interest credit
cards;
Long-term health care;
Travel;
Just dream of how you will enjoy
your money!
How will you get your money:
The proceeds from a reverse
mortgage are available either in
a lump sum, fixed monthly
payments for as long as you live
in your home, a line of credit
or a combination of all.
Amount You Can Receive:
The amount of money that you
will receive depends on your age
at the time you close the loan,
the type of reverse mortgage you
choose, the value of your home,
and current interest rates. As a
general rule, the older you are
and the greater your equity, the
more money you get.
Costs of a Reverse Mortgage:
The costs associated in
obtaining a reverse mortgage are
similar to those of a
conventional mortgage, such as
the origination fee, appraisal
and inspection fees, title
policy, mortgage insurance and
other normal closing costs. With
a reverse mortgage, all of these
costs can be financed as part of
the mortgage. All fees are
capped by the U.S. Government so
there is no price gouging or
discrimination.
Required HUD Counseling:
You must first have counseling,
either in person or over the
phone.
The counselor's job is to answer
any questions you may have, to
inform you about other
alternative options available to
you given your situation, and to
assist you in determining which
particular reverse mortgage
product would best fit your
needs. We will help you with
this.
It’s time your home paid you
back!
Call me today! 1.866.784.7300
|
