RELAX
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Purchase or Refinance to Prevent Foreclosure or to Increase Cash Flow
A Reverse Mortgage is a special home equity loan available only to people 62 and older. It enables homeowners to tap their home equity for tax-free cash payable as monthly income, a line of credit or a lump sum loan to eliminate mortgage payments.
The loan does not have to be paid off until a borrower dies or decides to sell the house. The Loan is Non-Recourse and you will never owe more than the house is worth. Reverse Mortgages offered are FHA-insured and guaranteed.
Important Things to Know.....
- There are no monthly payments
- Reverse Mortgage is due when the borrowers no longer use the property as they primary residence.
- The borrower must keep their real estate taxes & insurance current and maintain the home
- Proceeds are not income and will not affect Social Security. Medicare or most other public benefits (Consult your tax advisor and/or your benefit provider).
- The borrower retains ownership of their home and all equity above the Reverse Mortgages payoff.
- The borrower is not responsible for any balance that exceeds the value of the home.
- You remain the homeowner and you live in your home for as long as you desire.
NOW YOU CAN USE A REVERSE MORTGAGE TO PURCHASE YOUR NEW HOME.
50% down, will eliminate your mortgage payment, and allow you to hang on to your nest egg, while increasing your cash flow for, medication , vacation, and preserving your "quality of life". Ask me for more details.
How the Money Can Be Used.....
- Paying off debts
- Primarily Mortgage and Credit Cards
- Home Repairs and Remodeling
- Home Repairs and Remodeling
- Living Expenses
- Travel
- Health Care or Long-Term Care
- Easing the Financial Burden on Children
- Education
- Hobbies
What You Need to Qualify.....
All Borrowers must be at least 62 years of age
- Owner Occupied Residence Only
- A small remaining balance on your outstanding equity line or mortgage OR no mortgage.
- Borrowers must complete free counseling from an independent government approved agency.
- Borrower's credit, income, employment and assets are not considered