Funding America’s Retirement that is exactly what we had in mind. With a Reverse Mortgage we will assist you in unlocking your home equity so you can use it now. A Reverse Mortgage allows homeowners 62 years of age or older the ability to access the equity and use the proceeds however you choose. The mortgage is a non-recourse loan, which means the homeowner will never be liable for more than the home is worth.
A reverse mortgage converts a portion of your home equity into tax-free cash. You can establish a line of credit that grows larger over time, receive predictable monthly payments, or receive a lump sum. There are no monthly mortgage payments required, although you are allowed to make payments if you so choose. You do not give up ownership of your home and you can still pass your home on to your heirs.
A reverse mortgage is a loan that allows older homeowners to convert their home equity into supplemental income. Your home is the only asset used to secure the loan and the loan can be paid back any time.
You or your spouse must be at least 62 years old.
•You must have sufficient equity in your home
•Your home needs to be your primary residence
•You need to be able to meet the basic loan requirements.
Like most mortgage loans, you will need to meet basic obligations.
• Paying ongoing property taxes, insurance and association dues if applicable
• Maintaining home repairs
• Living in the home as your primary residence
After the home is sold and the reverse mortgage is paid off, all remaining equity will belong to your heirs. No other assets besides the home are used to secure the loan. If your heirs desire to keep the home, they will be responsible for the remaining loan balance or 95% of the appraised value of the home, whichever is less.
No. A reverse mortgage allows homeowners to retain the title and ownership of their home for as long as they live in the home and the loan remains in good standing. Like other loans, this requires the borrower to keep up with property taxes, insurance and maintenance.
Loan costs are similar to those of a traditional mortgage and are federally regulated. Most costs can be paid from the proceeds of the reverse mortgage and may include an origination fee, title insurance, FHA mortgage insurance and appraisal.
Yes. Just like any other mortgage, you will continue to own your home as long as you meet the loans basic requirements.
Yes. This is exciting news for those wanting to downsize, upsize, move to a senior community or closer to family. The FHA Home for Purchase loan
allows qualified homeowners to purchase a primary residence with no monthly mortgage payment in one transaction.