It's All About Lifestyle

Everyone is different so the needs will be different.

LIFESTYLE and WORKING PAST RETIREMENT

Many seniors are continuing to work past retirement these days. As we interact with each other, we speak about lifestyle. Lifestyle is defined as your typical way of life, but lifestyle and what that means from one person to the next can vary greatly. If you've been depending on social security or a pension and don'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.

What is a Reverse Mortgage?

Converting Your Home Equity into Tax-Free Cash

Reverse mortgages are a financial tool for seniors who want to supplement their income and enhance their lifestyle. And, should you choose a reverse mortgage, your reverse mortgage can be refinanced every 12 months as long as there's equity!

Isn't it about time your house paid you back? Tapping into tax-free equity from your home's retirement "bank" is easier than you think.

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

WHAT ABOUT Medicaid Eligibility and Non-Borrowing Spouses (Those Under Age 62):

Medicaid Eligibility:

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 have certain protections:

If your spouse is underage and you pass away, as long as 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 cease.

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.

HOW DO I QUALIFY? CLICK HERE

More Choices for a Comfortable Lifestyle

Reverse Mortgage Benefits & Options: Reverse mortgages have FLEXIBILITY plus a line of credit that grows year by year!

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.

What Would More Money Do for You? How would your life change if you had more options with a reverse mortgage?

Ever dream of having more cash on hand to enjoy the finer things in life?

Supplement your income
Pay off an existing mortgage
Pay off high interest credit cards
Be prepared for emergencies
Pay for the cost of in-home care
Home and/or safety modifications
Set up a trust for children or grandchildren
Buy a new automobile
Buy a second home with the proceeds
Help grandkids with college expenses

Reverse Mortgage QuestionS and Answers

Why is a reverse mortgage called a HECM?

Why do I have to complete reverse mortgage counseling?

What if I have a mortgage balance? Can I qualify?

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.

What if I have a mortgage balance? Can I qualify?

Why do I have to complete reverse mortgage counseling?

What if I have a mortgage balance? Can I qualify?

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.

Why do I have to complete reverse mortgage counseling?

Can my underage spouse remain in our home after my passing?

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.

Can my underage spouse remain in our home after my passing?

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.

What can I do with my reverse mortgage proceeds?

Can my underage spouse remain in our home after my passing?

How do I receive a free proposal from Advisors Mortgage?

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.

How do I receive a free proposal from Advisors Mortgage?

Can my underage spouse remain in our home after my passing?

How do I receive a free proposal from Advisors Mortgage?

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

Jumbo Reverse Mortgages - Purchase or Refinance

What if I have a higher value home?

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.

Jumbo Reverse Mortgages

Questions? Call Advisors

888-843-9797 or 631-804-9044

JUMBO REVERSE MORTGAGES-CLICK HERE

ADVISORS MORTGAGE GROUP, LLC., WE TAILOR LOANS TO MEET YOUR NEEDS -Branch NMLS 1833015, 3265 Merrick Road, Wantagh, NY 11793 - Phone: 888-843-9797 or direct: 631-804-9044 - Licensing: CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; FL; GA Residential Mortgage Licensee; NJ: Licensed by the New Jersey Department of Banking and Insurance; Licensed Mortgage Banker –OH; PA; TX. www.nmlsconsumeraccess.org

Kathie Adler, Residential Mortgage Loan Originator and Reverse Mortgage Specialist, NMLS# 65780 - Branch office located at 3265 Merrick Rd., Wantagh, NY 11793 – Branch NMLS# 1833015 Equal Housing Opportunity

IMPORTANT NOTE: FOR CONCERNS OR COMPLAINTS, PLEASE CONTACT: ADVISORS MORTGAGE GROUP, LLC., 800-778-9044

“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

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ADVISORS MORTGAGe - HELP FOR MORTGAGES

We Help Borrowers Understand Mortgages.

It's All About Lifestyle

Everyone is different so the needs will be different.

INFORMATION FOR FINANCIAL PLANNERS

Announcing! Reverse Mortgages Approved for Co-ops in NY!

What is a Reverse Mortgage?

Converting Your Home Equity into Tax-Free Cash

WHAT ABOUT Medicaid Eligibility and Non-Borrowing Spouses (Those Under Age 62):

REFINANCE YOUR REVERSE MORTGAGE!

More Choices for a Comfortable Lifestyle

Reverse Mortgage Benefits & Options: Reverse mortgages have FLEXIBILITY plus a line of credit that grows year by year!

What Would More Money Do for You? How would your life change if you had more options with a reverse mortgage?

Reverse Mortgage QuestionS and Answers

Why is a reverse mortgage called a HECM?

Why do I have to complete reverse mortgage counseling?

What if I have a mortgage balance? Can I qualify?

What if I have a mortgage balance? Can I qualify?

Why do I have to complete reverse mortgage counseling?

What if I have a mortgage balance? Can I qualify?

Why do I have to complete reverse mortgage counseling?

Why do I have to complete reverse mortgage counseling?

Can my underage spouse remain in our home after my passing?

Can my underage spouse remain in our home after my passing?

Can my underage spouse remain in our home after my passing?

Can my underage spouse remain in our home after my passing?

What can I do with my reverse mortgage proceeds?

Can my underage spouse remain in our home after my passing?

How do I receive a free proposal from Advisors Mortgage?

How do I receive a free proposal from Advisors Mortgage?

Can my underage spouse remain in our home after my passing?

How do I receive a free proposal from Advisors Mortgage?

Jumbo Reverse Mortgages - Purchase or Refinance

What if I have a higher value home?

Jumbo Reverse Mortgages

Not looking for a reverse mortgage?

Contact Advisors Mortgage: 888-843-9797 or 631-804-9044