We Help Borrowers Understand Mortgages.
Help For Mortgages provides helpful information for all types of mortgages. Advisors Mortgage, a 23- year old mortgage banker, offers Reverse Mortgages, VA Loans, FHA Loans, Construction Loans, Conventional, and other types of mortgages. We begin with a focus on Reverse Mortgages.
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 age 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. 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 rather that exhausting your investment portfolio, a reverse mortgage is worth your consideration.
More Choices for a Comfortable Lifestyle
What Would More Money Do For You? How would your life change?
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 modifications
- Set up a trust for family
- Buy a new car
- Buy a second home with the proceeds
Reverse Mortgage Benefits & Options: Flexibility of the Program
Reverse Mortgage Options :
* Monthly Proceeds for life (tenure)
* 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 at the current rate PLUS 1/2%
(Only offered on the adjustable rate)
* Combination of all three plans
NOTE: Fixed Rate HECM's do not offer a line of credit.
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Non-Recourse Feature of Reverse Mortgages
What is a non-recourse loan? The house stands for the debt.
Because the HECM loan does not require any monthly mortgage payments, it is called a rising debt loan or a rising balance loan, the opposite of a typical mortgage where you make monthly mortgage payments and the balance does down. For this reason, the reverse mortgage balance can potentially end up higher than the value of your home. However, written into the HECM transaction and jumbo reverse is an important safeguard called "non-recourse." Simply put, the house stands for the debt. You can never owe more than the home is worth no matter the balance.
You are NOT personally responsible for the reverse mortgage debt nor are your heirs.
Non-recourse debt is a type of loan secured by collateral which is usually real property. In the case of mortgages, the collateral is your home. A reverse mortgage is a loan in which the lender may look only to the property for repayment of the debt even IF what is owed the lender is more than what the home is worth. None of your assets can be used to satisfy the reverse mortgage debt. The reverse mortgage closing documents state clearly that the borrower has no personal liability for the reverse mortgage debt: THE HOME STANDS FOR THE DEBT. THE HOME IS THE ONLY COLLATERAL.
HOME EQUITY CONVERSION MORTGAGE DEED OF TRUST - Section 11:
"No Deficiency Judgment. Borrower shall have no personal liability for payment of the debt secured by this Security Instrument. Lender may enforce the debt only through sale of the Property. Lender shall not be permitted to obtain a deficiency judgment against Borrower if the Security Instrument is foreclosed. If this Security Instrument is assigned to the Commissioner upon demand by the Commissioner, Borrower shall not be liable for any difference between the mortgage insurance benefits paid to Lender and the outstanding indebtedness, including accrued interest, owed by Borrower at the time of the assignment."
RECAP: Reverse Mortgages Question 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 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)
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 provides helpful information so you can make an informed decision.
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?
Reverse mortgage counseling is a requirement of the reverse mortgage program. Whether HECM or Jumbo Reverse, counseling by an independent HUD-approved counselor will provide you with information and a counseling certificate so your loan can move forward. Call Advisors Mortgage to receive a list of counselors along with their fees.
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?
If your spouse is underage (62 years of age), they are considered a non-borrowing spouse and will be able to remain in the home as their primary 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).
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 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.
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 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 numbers, how can you tell if a reverse mortgage is right for you?
It's as easy as breaking the piggy bank.
Use Your Home's Equity and Enjoy Your Life
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 to you as your retirement plan". Why not use your home as your personal retirement plan and let your home work for you? Whatever your reason for examining reverse mortgages, your retirement plan might be wrapped up in your home. You decide.
Important Info About Reverse Mortgages
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 minimum home value of $500,000 and 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 along with qualified condominiums. For jumbo reverse info, click here: JUMBO REVERSE MORTGAGES . (All Jumbo Reverse Mortgages are arranged through third party providers.)
Jumbo Reverse Mortgages
With the proprietary reverse mortgage, you can refinance your current home, purchase a new home or downsize to a lower-cost home.
