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 Loans, Commercial Loans, and Reverse Mortgages. Click "More" above for info. 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.
NOTE: Reverse mortgages on co-ops are now approved in New York state. For more info: https://helpformortgages.com/announcing-reverse-co-ops
Reverse mortgages are a financial tool for seniors wanting to supplement their income (Insured by the FHA, Federal Housing Administration, regulated by HUD, Housing and Urban Development).
The reverse mortgage is for homeowners 62 years and above who wish to convert part of the equity in their home into tax-free cash. The HECM, Home Equity Conversion Mortgage, is the correct name of the FHA reverse mortgage program. There are also proprietary or jumbo reverse mortgages for higher value homes.
* NO monthly mortgage payments -
However, you have the option of making mortgage payments any time you like in order to protect the equity in your home.
* 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.
* Reverse mortgages will not affect Social Security or Medicare -
Reverse mortgage proceeds are not considered income; therefore, they do not affect your Social Security, Medicare benefits, or retirement benefits.
* 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 remaining equity in your home.
* Available proceeds based on the following -
You receive a portion of your equity based on:
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 lending limit
3. current interest rates (fixed and adjustable available)
4. paying off balances on current mortgages, liens, and judgments
FHA Lending Limit -
The maximum FHA lending limit is $1,089,300, and proprietary reverse mortgage jumbos via the HomeSafe® reverse mortgage program have a maximum lending limit of $4,000,000 with a max home value $10,000,000. With the exception of New York, some HomeSafe® reverse mortgages are available at age 55. (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
Medicaid Legibility: Your eligibility for certain government programs such as Medicaid, Supplemental Security Income (SSI), or community assistance programs may be affected by having 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 (under age 62) can remain in the home after your passing. If your spouse is underage and you pass away, your spouse can continue to live in the home as their primary residence.
See FAQ: Questions People Ask.
There are qualifications to obtaining a reverse mortgage.
The reverse mortgage is not for everyone, and there are qualifications and parameters for obtaining a reverse mortgages.
Ever dream of having more cash on hand to enjoy the finer things in life?
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
The name HECM means Home Equity Conversion Mortgage. A reverse mortgage is the conversion of your home equity into usable 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. (SEE FAQ-QUESTIONS PEOPLE ASK)
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 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 be done.
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 you should permanently move to an assisted living or mental health facility, they will still be able to remain in the home. (See your mortgage specialist for more details and our FAQ page).
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, or just enjoy your retirement. 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 or fill out our form to request a free, no-obligation consultation so you can determine how much money you qualify to receive. Without seeing a proposal and cash out numbers, how can you tell if a reverse mortgage is right for you?
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 Jumbo (proprietary) reverse mortgages are arranged through third party providers.
Questions? Call Advisors Mortgage, we are here to help!
Kathie Adler, 888-843-9797 or 631-804-9044
Home Equity = Your Retirement Plan
Piggy banks serve one purpose, to give back what we have saved over time. Did you ever think of your home as a piggy bank? Well, it is. It is your home's equity that you have "saved" over time which is available for your retirement.
Why not use your home as your personal retirement plan and let your home pay you back?
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)