Let's Get the Facts Straight
If you have any addional questions, send us a message!
There are many ways a reverse mortgage can benefit you
Take a look at some of the primary options
Homeowners aged 62 and older may take advantage of the equity in their home by taking out a Home Equity Conversion (HECM), a Reverse Mortgage. A Reverse Mortgage loan is a means of accessing the equity in your home while continuing to live in it. It can provide homeowners with cash they may use to pay off the balance of their mortgage (if any), thereby eliminating monthly mortgage payments. In addition, seniors may use the proceeds from a Reverse Mortgage to finance home improvement projects or pay medical expenses, among other things.
A Reverse Mortgage loan will not be due as long as you live in your home as primary residence and continue to meet all loan requirements, pay required property taxes, homeowners insurance, and maintain the home according to FHA requirements.
Retirement in Reverse also offers private Proprietary Jumbo Reverse Mortgages, for homeowners 55 and older, where you can borrow as much as $5,000,000. with no Mortgage Insurance Premium (MIP) or Origination Fee.
Who qualifies for a reverse mortgage?
Per FHA and HUD guidelines, most owner-occupied residences, including condominiums, townhomes and single-family homes that meet FHA property standards, are eligible for a Reverse Mortgage loan. Additionally, the youngest borrower must be at least 62 years old. Proprietary Jumbo Reverse Mortgages have similar guidelines, except the minimum age to apply is 55 for all borrowers. All borrowers are subject to a specific financial assessment.
Repaying the loan
A Reverse Mortgage is a non-recourse loan, which ensures that when your home is sold, neither you nor your heirs owe more than the lesser of the property loan value or the loan balance, regardless of the sale price. In other words, your mortgaged home is the only asset required to repay the loan. When the loan is due, your heirs have the option of selling the home to repay the Reverse Mortgage loan or repaying the loan and retaining the property. If your home sells for a price greater than the value of the loan, your heirs are entitled to the difference.
Have any Questions? Or Ready to Get Started?
Ted made my process easy and smooth by explaining very clearly what to expect and how to proceed. He is very knowledgeable and personable. I highly recommend working with Ted to get the job done right.
- Eileen M. | Vista
NMLS #455531 | DRE #02193796 | CFP ID 35581 | CA INS Lic. #0C73125