How The "Reverse" Mortgage Program
Can Help Senior Homeowners
Providing Help When It Is Needed Most!
A Reverse Mortgage is an FHA insured loan for senior homeowners who are 62 or older,
and live in their home. As the name implies, it is the "reverse" of a typical mortgage.
The Lender allows you to utilize some of the equity in your home, but you are not
required to make payments on the loan! There are currently no specific income or
credit requirements, and once funded, there is no repayment required as long as you
live in your home, pay your property taxes, and maintain hazard insurance! Money
from a Reverse Mortgage can be used any way that the homeowners choose and is non-
Who Qualifies?
Any homeowner 62 or older and living in their home are automatically qualified!
Use The Money For Anything, And Now Reverse Mortgages Can Be Used For Purchases In Texas!
Seniors who do a Reverse Mortgage may use the money they receive for any purpose. Use the money to pay off debts, pay taxes, make home repairs, pay for your children's education, pay off an existing mortgage, pay for medical expenses, or just spend the money for your retirement. It's easy to see how a Reverse Mortgage has made dreams come true for hundreds of thousands of American Seniors! And now, seniors can utilize a reverse mortgage to make a home purchase in Texas!
It's Always Your Home.
Doing a Reverse Mortgage does not change the title to your home. You still own your home and still make all the decisions concerning the disposition of your home. You have the same rights as a homeowner as you always have.
Make the Equity in Your Home Work For You!
Homeowners who have equity in their home gain nothing from it. It just sits there. It does not earn income for you like other investments. In fact, paying taxes on your home means that the unused equity in your home is actually costing you money! A Reverse Mortgage allows a senior homeowner to access some of their equity and put it to use. The proceeds from a Reverse Mortgage could be put into income producing investments that could actually let you earn income from some of the equity in your home!
Interest Rates on Mortgages Are Attractive Now!
There could possibly never be a better time to consider a reverse mortgage! Interest rates are near historic lows on all mortgages!! To find out how a reverse mortgage can help improve your life or the life of a loved one, contact a featured Loan Officer today, or email us for more information!
Some of the Key facts and Features of a Reverse Mortgage You Need to Know.
HECM Loans (Reverse Mortgages) have numerous key facts and features to consider:
• FHA insures fixed interest rate reverse mortgages, as well as annual and monthly adjustable interest rate reverse mortgages
• Borrrowers have the ability to change the way they receive payments from their HECM at any time provided funds are available
• Fixed interest rate reverse mortgages are limited to a Single Disbursement Lump Sum payment option where there is a single,
full draw at loan closing and the mortgage does not provide for future draws by the borrower under any circumstances
• Adjustable interest rate reverse mortgages provide for five, flexible payment options, all allow for future draws of available funds
• The amount of funds available to the borrower is currently determined by the age of the youngest borrower.
The disbursement of mortgage proceeds during the first twelve-
limit as determined by requirements set by the Secretary of HUD.
This website was not created by HUD or FHA and has not been approved by HUD or any government agency
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