• REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!
  • More
    • REVERSE MORTGAGE INFO
    • HOW DO I QUALIFY?
    • REVERSE MORTGAGE MYTHS
    • REVERSE PROS AND CONS
    • WHAT ARE THE SAFEGUARDS?
    • FAQ -QUESTIONS PEOPLE ASK
    • IS IT RIGHT FOR ME?
    • WHEN IS IT DUE?
    • HECM COUNSELING
    • HECM FOR PURCHASE PROGRAM
    • JUMBO REVERSE MORTGAGES
    • REVERSE MORTGAGE STEPS
    • ADVISORS MORTGAGE INFO
    • DOCUMENTS-UNDERWRITING
    • MORTGAGE LOAN ORIGINATOR
    • FIRST-TIME HOMEBUYERS
    • FINDING THE RIGHT LOAN
    • VA HOME LOANS
    • MANUFACTURED HOMES
    • BLEMISHED CREDIT
    • FREE QUOTE!
  • REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!

WELCOME TO

ADVISORS MORTGAGE-HELP FOR MORTGAGES

ADVISORS MORTGAGE-HELP FOR MORTGAGES ADVISORS MORTGAGE-HELP FOR MORTGAGES ADVISORS MORTGAGE-HELP FOR MORTGAGES
ADVISORS MORTGAGE 888-843-9797 or 631-804-9044


We Help Borrowers Understand Mortgages.

Help For Mortgages provides helpful information for all types of mortgages. Advisors Mortgage, a 21 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.


HOW DO I QUALIFY? CLICK HERE

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. When we speak with senior homeowners about the reverse mortgage program, we often 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 won't have enough money for a comfortable retirement, a reverse mortgage offers some options. If you are financially comfortable but want to utilize the equity in your home, a reverse mortgage might be worth considering. (For more information, choose any of the links at the top of the page.)

What is a Reverse Mortgage?

Converting Your Home Equity = Financial Freedom

A Reverse Mortgage is a special type of loan for homeowners age 62 years and above who want to convert part of the equity in their home into tax-free cash without having to sell the home, give up title or take on a new monthly mortgage payment. The correct name of the program is HECM, Home Equity Conversion Mortgage.  You can do a HECM as a refinance on your current home or as a purchase on another home.


MAKE NO Monthly Mortgage Payments or Pay WHAT You'd like WHEN you want! There are no monthly mortgage payments required with a reverse mortgage. 

You have the option of making mortgage payments any time you like or NOT making any mortgage payments at all! You can pay all or part of your HECM loan at any time throughout the year and protect some of the equity in your home. Pre-payment penalties are not a feature of reverse mortgages!   


Tax-free cash! There are no income taxes on a reverse mortgage. A reverse mortgage is not considered income.  


You retain ownership of your home; you remain on title. If you have a life estate, trust, or guardianship, you can still do a reverse mortgage.


A Reverse Mortgage will not affect Social Security or Medicare. Reverse mortgage proceeds are not considered income, but there are certain parameters of which you must be aware regarding financial assistance programs. 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). 



What about non-borrowing spouses?

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 line in the home as their primary residence. (See below) 


A Reverse Mortgage frees up the equity in your home that has been sitting there virtually untapped and converts it into tax-free cash.  This can mean financial freedom and financial stability.  If you don’t have a savings cushion, if you don’t have a diverse portfolio of assets, if you are relying on social security checks or accessing your taxable funds, consider the reverse mortgage. 


FOR HOW TO QUALIFY FOR A REVERSE MORTGAGE, CLICK BELOW.

HOW DO I QUALIFY? CLICK HERE

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?


You live in a home that you love; you've enjoyed barbeques, parties, and visits from loved ones.  It's where you raised a family.  You'd like to stay in the same home that provides you with a comfortable space. Isn't it time your biggest investment, your home, finally paid you back? It just makes sense. You can use the proceeds however you want.

  • Supplement your income
  • Get rid of an existing mortgage payment
  • Pay off high interest credit cards
  • Be financially prepared for future emergencies
  • Pay for the cost of in-home care
  • Work on home modifications
  • Do some traveling or buy a new car
  • Buy a second home near children and grandchildren
  • Set up a college fund for your grandkids

    We have helped qualified senior homeowners pay off their current mortgages, get out of bankruptcy and debt, or renovate their homes.  Some borrowers have used the funds for in-home care or to purchase a second home closer to their children and grandchildren. Every person's need is different, and the choices made are specific to each borrower. 

Reverse Mortgage Benefits & Plans: Flexibility of the Program

Facts about the reverse mortgage program:

• The option of making or NOT making mortgage payments 

• You retain ownership of your home & remain on title

• No health requirements - no credit score requirement

• No impact on Medicare or Social Security  

• Tax-free proceeds - A reverse mortgage does not affect your income taxes as it is equity-based and not considered income 

• Insured by the FHA, Federal Housing Administration
• You continue to pay taxes, homeowners insurance, HOA fees, and other housing expenses as well as maintain your home.


Reverse Mortgage Plans: 

* Monthly Proceeds (tenure)
* Cash Out disbursed over 2 years (first draw at closing and the remainder 365 days after the funding of your loan)
* Line of Credit with a growth rate on the unused portion of monies over time
* Combination of all three


The maximum lending limit on the FHA HECM reverse mortgage will be $970,800 beginning January 1, 2022 for all new applications who choose the FHA HECM. Now, that doesn't mean you receive that ENTIRE amount. It all depends on the age of the youngest borrower, interest rates, and the appraised value of your home. And with the HECM, the older you are, the more funds you receive. 

Rising Debt and 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, 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 is an important safeguard called "non-recourse." Simply put, the house stands for the debt.  


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 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 mortgage debt even IF what is owed the lender is more than what the home is worth. With a reverse mortgage, none of your assets can be used to satisfy the reverse mortgage debt whether you have investments, bank accounts, other properties, etc. The reverse mortgage closing documents state clearly that the borrower has no personal liability for the reverse mortgage debt:


HOME EQUITY CONVERSION MORTGAGE DEED OF TRUST states in 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?

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

What if I have a mortgage balance? Can I still 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 PEOPLEL ASK)

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

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

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

That all depends on how much you might owe in mortgages and liens on your home and if there is enough equity left for a reverse mortgage. As long as there is enough remaining equity, you should be able to qualify. A free proposal from a Reverse Mortgage Specialist with Advisors Mortgage will provide you with helpful information so you can make an informed decision.

Why do I have to complete HECM counseling?

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

Can my spouse remain in our home after my passing?

HECM counseling is a HUD requirement of the reverse mortgage program. HECM counseling by an independent HUD-approved counselor will provide you with information and a HECM counseling certificate so your loan can move forward. Call Advisors Mortgage to receive a list of HECM counselors in your area along with their fees.

Can my spouse remain in our home after my passing?

How do I receive a free proposal from Advisors Mortgage?

Can my spouse remain in our home after my passing?

Whether your spouse is underage and considered a non-borrowing spouse, they will be able to remain in the home 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?

How do I receive a free proposal from Advisors Mortgage?

How do I receive a free proposal from Advisors Mortgage?

It's your equity from your home that you are borrowing, and 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?

How do I receive a free proposal from Advisors Mortgage?

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 and figures, how can you tell if a reverse mortgage is right for you?

Are Reverse Mortgages Too Good to Be True?

Reverse Mortgages, too good to be true? Think again.

We hear the phrase, "It's too good to be true" all the time.  Although the reverse mortgage is not the perfect vehicle for every senior homeowner, it is a wonderful product for the right borrower. The reverse mortgage is good and for all the right reasons.  It's a program designed for senior homeowners whose goal is to remain in their homes and also improve their quality of life. The only federally insured reverse mortgage is the FHA HECM, Home Equity Conversion Mortgage, insured by the FHA (Federal Housing Administration) and regulated by HUD (Housing and Urban Development). 

 

When did the FHA-INSURED HECM Start? 

The reverse mortgage is not new, but the FHA HECM had its inception in 1987 when the 100th Congress passed the Housing and Community Development Act. The act was signed into law by President Ronald Reagan in February 1988. The law gave the Department of Housing and Urban Development the authority to extend FHA insurance coverage to also include reverse mortgages.  FHA mortgage insurance has given the HECM program credibility. The federally insured reverse mortgage should inspire confidence from all those considering a reverse mortgage for their home.


Reverse mortgages have helped over 1 million seniors to have confidence in their future. The reverse mortgage can be a channel to financial independence and provide peace of mind in your retirement years. If you are at least 62 years of ago, own your own home, and have equity in your home, we'd like to send you a free quote!


CLICK HERE FOR A FREE QUOTE - DISCOVER WHAT A REVERSE MORTGAGE CAN DO FOR YOU WITH OUR FREE REVERSE MORTGAGE COMPARISON! WE WILL PROVIDE THE HECM CALCULATIONS BASED ON THE INFORMATION YOU PROVIDE.

Learn More About Reverse Mortgages

Naturally, not everyone can benefit from reverse mortgages in the same way, and there is a cost to getting a reverse mortgage. There are qualifying factors with all mortgages, and reverse mortgages are no different. But they are viable, and they do work in many situations. Reverse mortgages have saved the lives of countless seniors facing foreclosure and put a spring in the steps of many seniors who didn't know where to turn for some needed cash.  For the right person, a reverse mortgage can be life-changing.


Questions? Call Advisors Mortgage! Advisors Mortgage: 888-843-9797 or 631-804-9044  


HOW DO I QUALIFY? CLICK HERE

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". Your home is waiting to give up its wealth of equity for your benefit. Why not use your home as your personal retirement plan and let your home work for you? Using a reverse mortgage as a retirement planning tool can change the way you look at retiring. Whatever your reason for examining reverse mortgages, your retirement plan might be wrapped up in your home. You just need to use it!

Important Info About Reverse Mortgages

HOW DO I QUALIFY?-CLICK HERE

Jumbo Reverse Mortgages - Purchase or Refinance

What if I have a higher value home?

Proprietary or jumbo reverse mortgages may be the answer. Jumbo reverse mortgages for either purchasing or refinancing have a minimum home value of $500,000 with a maximum home value of $10,000,000.  Maximum loan amounts go up to $4,000,000.  One to four family homes are eligible for this program along with qualified condominiums. Click JUMBO REVERSE MORTGAGES to learn more.  

(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. 

JUMBO REVERSE MORTGAGES-CLICK HERE

Free Reverse Mortgage Quote!

  • There's a lot to see on HelpForMortgages.com-- and maybe you don't need to know everything, but if you'd like a free reverse mortgage quote, we'd love to provide one! Just click the link provided and complete a few pieces of information so we can customize a reverse mortgage quote just for you. 

REVERSE MORTGAGE QUOTE-CLICK HERE

CARING, PROFESSIONAL, PRIVATE. SERVICE AFTER YOU CLOSE.

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

For more information or to receive a free reverse mortgage quote, complete the form below by clicking in each box or on the text. *Asterisk means a required field.

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ADVISORS MORTGAGE GROUP - NMLS 1833015

3330 Park Avenue, Suite 1, Wantagh, NY 11793

We can help answer ALL your mortgage questions!


  • REVERSE MORTGAGE INFO
  • HOW DO I QUALIFY?
  • REVERSE MORTGAGE MYTHS
  • REVERSE PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • FAQ -QUESTIONS PEOPLE ASK
  • IS IT RIGHT FOR ME?
  • WHEN IS IT DUE?
  • HECM COUNSELING
  • HECM FOR PURCHASE PROGRAM
  • REVERSE MORTGAGE STEPS
  • ADVISORS MORTGAGE INFO
  • DOCUMENTS-UNDERWRITING
  • MORTGAGE LOAN ORIGINATOR
  • FIRST-TIME HOMEBUYERS
  • FINDING THE RIGHT LOAN
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • BLEMISHED CREDIT
  • FREE QUOTE!

  •  ADVISORS MORTGAGE GROUP, LLC.,  WE TAILOR LOANS TO MEET YOUR NEEDS -- Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  -  Licensed by the New York State Department of Financial Services, Licensed Mortgage Banker. Licensed by the New Jersey Dept of Banking and Insurance, Licensed by the Florida Office of Financial Regulation, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. , Licensed by Texas Dept. of Savings and Mortgage Lending,   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.”


  • NOTE: Website authorization by New York State Dept. of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. This website is not sponsored by FHA or HUD or any government agency.