We Help BORROWers Understand Mortgages.
Help For Mortgages provides helpful information for all types of mortgages: FHA, VA, Conventional, Construction Loans, 203k, Commercial Loans, and Reverse Mortgages. Click "More" above for all pages. We begin first with a focus on Reverse Mortgages.
It's All About Lifestyle
Everyone is different so the needs are different.
LIFESTYLE and WORKING PAST RETIREMENT - Many people today are continuing to work past retirement. As I interact with senior homeowners, we discuss lifestyle. Lifestyle is defined as your typical way of life, but lifestyle and what that means from one person to another can vary greatly. If you would like a more comfortable retirement, a reverse mortgage may provide some options. If you would like to leverage the equity in your home or protect your portfolio, a reverse mortgage is worth your consideration.
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 usable proceeds and is the reverse of a traditional mortgage. There are no monthly mortgage payments required with a reverse mortgage, and the proceeds are not taxed as they are not considered income but are your home's equity.
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. Everything depends on how much you owe to your mortgage company if you have a current mortgage. Any liens and judgments must be paid off with the reverse mortgage. Qualifying takes into consideration how much equity remains. A free proposal from a reverse mortgage specialist will provide 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 non-borrowing spouse remain in our home after my passing?
Reverse mortgage counseling is a HUD requirement for all reverse mortgages whether FHA HECM or jumbo proprietary reverses. 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. If there is a life estate or guardianship, participants will also attend counseling, typically phone counseling.
Can my non-borrowing spouse remain in our home after my passing?
Can my non-borrowing 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?
How do I receive a free proposal from a loan officer?
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 a loan officer?
How do I receive a free proposal from a loan officer?
You are entitled to a free reverse mortgage proposal from a 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?
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. With a condo, only a single unit, not the entire condo, needs to be approved. This is called single-unit approval.
In New York state, you can now do a reverse mortgage on a co-op. The proprietary reverse mortgage applies to condos; there is no FHA product available. NOTE: On co-ops in New York, there is no maximum appraised value!
Jumbo Reverse Mortgages
Questions? Call 888-843-9797 or 631-804-9044
Contact KATHIE ADLER 888-843-9797 or 631-804-9044
