Help For Mortgages provides helpful information for all types of mortgages. Advisors Mortgage, a mortgage lender for 23 years, offers VA, FHA, Conventional, Construction Loans, 203k, Commercial Loans, and Reverse Mortgages. Click "More" above for all pages. We begin with a focus on Reverse Mortgages.
LIFESTYLE and WORKING PAST RETIREMENT
Many seniors are continuing to work past retirement these days. Lifestyle is defined as your typical way of life, but lifestyle and what that means from one person to the next can vary greatly. A reverse mortgage frees up the equity in your home. If you've been depending on social security or a pension and won't have enough money for a comfortable retirement, a reverse mortgage may offer some options. If you are financially comfortable but want to leverage the equity in your home and protect your investment portfolio, a reverse mortgage is worth your consideration.
You can do a reverse mortgage on a co-op in New York state.
Our web page explains how to apply for a reverse mortgage
on your co-op! Click below to learn more!
Reverse mortgages are a financial tool for seniors who want to supplement their income and enhance their lifestyle.
The FHA HECM, Home Equity Conversion Mortgage, is a federally insured loan Insured by the FHA, Federal Housing Administration, and regulated by HUD, Housing and Urban Development. The reverse mortgage is a loan for homeowners 62 years and above who wish to convert part of the equity in their home into tax-free cash. There are also proprietary jumbo reverse mortgages for higher-value homes. Much of this website outlines the FHA HECM.
* NO monthly mortgage payments -
You have the option of making mortgage payments any time you like in order to protect the equity in your home. But mortgage payments are not required.
* You continue to own your home and remain on title -
It is a myth that you lose title to your home if you obtain a reverse mortgage. You are always on title.
* Reverse mortgages will not affect Social Security, Medicare, or retirement income -
Reverse mortgage proceeds are not considered income; therefore, they do not affect your Social Security, Medicare benefits, or retirement benefits.
* Generate cash flow, pay off mortgages, pay credit card debt, your money, your choice as long as proceeds are sufficient -
* No restrictions on the use of funds - Use your proceeds however you wish: purchase a second home (perhaps for a rental), pay off credit card debt, buy a car, travel.
* Reverse mortgage options - Take cash out, set up a line of credit, receive monthly proceeds, or a combination of all three, all depending on the available equity in your home and based on the below.
* Proceeds based on the following -
1. age of the youngest borrower (the older you are, the more you receive).
2. lesser of the appraised value of your home OR the FHA max lending limit
3. current interest rates (fixed and adjustable available)
4. must pay off balances on current mortgages, liens, and judgments with reverse mortgage proceeds
Max FHA Lending Limit and Proprietary Jumbo Max Lending Limit -
The maximum FHA lending limit is $1,089,300, and proprietary reverse mortgage jumbos have a maximum lending limit of $4,000,000. The max home value for proprietary reverse mortgages is $10,000,000. With the exception of New York, some proprietary reverse mortgages are available at age 55. NOTE: All proprietary reverse mortgage loans are arranged through third party providers. Click here for the qualifications and parameters of a reverse mortgage.
FOR A FREE PROPOSAL, CALL 631-804-9044 DIRECT OR 888-843-9797
Your eligibility for certain government programs such as Medicaid, Supplemental Security Income (SSI), or community assistance programs may be affected by obtaining a reverse mortgage. If your loan proceeds are sitting in your bank account, they could be counted as assets and affect your Medicaid eligibility. (Consult with your financial advisor and Medicaid).
Non-borrowing spouses can remain in the home after your passing.
If your spouse is underage and you pass away, and if they meet the qualifications for a non-borrower, your spouse can continue to live in the property as long as it is their primary residence. But the line of credit and monthly proceeds would end.
See FAQ: Questions People Ask.
Qualifications for obtaining a reverse mortgage -
The reverse mortgage is not for everyone, and there are certain qualifications and parameters for obtaining a reverse mortgage Click the link to learn more.
Did you know, you can refinance your reverse mortgage? If there is enough equity in your home, you can refinance your reverse mortgage. Click below link to learn how!
Reverse Mortgage Options :
* Cash Out, disbursed over 2 years (first draw at closing and the remainder 365 days after funding)
* Line of Credit with a growth rate on the unused portion of monies so your line of credit GROWS year after year! (Only available on the adjustable rate HECM).
* Monthly Proceeds for life
* OR choose a combination of cash out, line of credit, and monthly proceeds
* Term loans increase your monthly proceeds on the FHA HECM ARM.
Ever dream of having more cash on hand to enjoy the finer things in life?
The name HECM means Home Equity Conversion Mortgage. A reverse mortgage is the conversion of part of the equity in your home equity into tax-free proceeds and is the reverse of a traditional mortgage. There are no monthly mortgage payments required with a reverse mortgage, and the proceeds are tax free.
Yes and no. It all depends on how much you owe in mortgages and liens and if there is enough equity left for a reverse mortgage. Qualifying takes into consideration how much equity remains. A free proposal from a reverse mortgage specialist with Advisors Mortgage will provide helpful information so you can make an informed decision.
Reverse mortgage counseling is a HUD requirement of the reverse mortgage program. Whether HECM or a jumbo reverse mortgage, counseling by an independent HUD-approved counselor will provide you with information and the required counseling certificate so your loan can move forward. Without the counseling certificate, the loan cannot go forward.
If your spouse is under 62 years of age, they are considered a non-borrowing spouse and will be able to remain in the home as their primary residence after your passing if they meet certain qualifications. If you should permanently move to an assisted living facility or pass away, your spouse will still be able to remain in the home. (Texas does not accept non-borrowing spouses for reverse mortgages). Click here.
You can use your proceeds any way you choose. It's your equity from your home that you are borrowing so you can use it however you see fit. Buy a new car, take the kids and grandkids on vacation, enjoy your retirement. Some reverse mortgage borrowers have purchased a vacation home to enjoy. A reverse mortgage is designed to make life easier while giving you the freedom to do the things you've been wanting to do.
You are entitled to a free reverse mortgage proposal from an Advisors Mortgage loan specialist. Call your loan specialist to request a free, no-obligation proposal with literature so you can determine how much money you qualify to receive. Without reviewing your available proceeds and closing costs, how can you determine if a reverse mortgage is right for you? For a free reverse mortgage proposal, call: 631-804-9044 or 888-843-9797
Proprietary or jumbo reverse mortgages may be used for purchasing or refinancing a home with a maximum home value of $10,000,000. Maximum loan amounts are $4,000,000. One to four family homes are eligible for this program (you must live in one of the units as your primary) along with qualified condominiums and co-ops now available in New York state. If you own a co-op or condo, please contact Kathie Adler, Advisors Mortgage at 631-804-9044 or 888-843-9797 to go over the special parameters of refinancing or purchasing these types of properties.
Note: All proprietary jumbo reverse mortgages are arranged through third party providers.
Questions? Call Advisors
888-843-9797 or 631-804-9044
First time homebuyers, VA, FHA, 203k, reno loans, commercial, loans for condos, co-ops, manufactured homes, horse property loans, mixed use, bank statement loans, non-QM loans -- we do it all! Click the link below to apply for non-reverse mortgages. You can even track your loan online! For further questions, call 888-843-9797 (631-804-9044 direct)