Different types of Reverse Mortgages…which one
is right for you?
HECM-FHA (Home Equity Conversion Mortgage)
- Nationwide a single family, manufactured
home, condo, townhome or a 4 plex can presently lend on home values up to
$625,500.00
- No More Mortgage Payments Ever!
- Loan only becomes due upon passing of homeowner***, homeowner chooses to sell
their home or resides outside of home
for 12 consecutive months.
- Non-recourse loan*
(Never owe more than the value of the home)
- Available to homeowners 62 and older
- No traditional income, asset or credit approval needed
- No restrictions on use of loan proceeds income. (tax free**)
- Funds are available as cash payment, line of credit, tenure payment (monthly income for as long as the borrower lives
in the home), or term payment (you set how much you would like every month which will have a cap) or any combination
- Available balance in the line of credit grows annually
- Closing costs are financed into your loan
- Social Security or Medicare eligibility should not be affected
- Refinance an existing Reverse Mortgage and get more money out!
- Now you can PURCHASE a home with a
reverse mortgage!!!!
Statistically 95% or more of all Reverse Mortgages are
originated using the HECM program.
I
* Consult tax advisor
** The borrower or their heirs can never owe more than the value of the home even if more money has been borrowed
against the home than it is worth.
*** Homeowner as written is also know as the Borrower/Borrowers
It may sound a bit overwhelming but that’s why I am here, for you. Fill out the “request
free information” form and I will show you how these programs will work for you, it can be that simple.
