When obtaining a Reverse Mortgage you are diluting the equity in your home. This means you are spending your children’s inheritance. A Reverse Mortgage is often referred to as “The Mortgage that pays you”. A Reverse mortgage is like any other mortgage. It earns interest every month. The difference is that the interest accrues and increases the balance you owe on your property. Upon the death of the borrower(s) the balance due plus accrued interest must be paid. Your heirs will have the choice of refinancing the property to payoff theReverse Mortgage balance, paying it off from any other assets you may have in your estate, paying it off with their own assets, or selling the property to pay off the Reverse Mortgage. In any case, if there is equity remaining in the property it is your heirs to keep.
If you don’t feel like reading call 800-686-0238 and ask for Ken Terrill. He’ll be happy to answer any questions – no cost or obligation. News Flash: HUD/FHA has increased the maximum Reverse Mortgage Limit to $625,500.00 through 12/31/2010 . Purchase Money Reverse Mortgages are now available. Manufactured Homes in Condominium developments are now allowed with the caveat that the Parkm ust now apply for FHA/HUD approval. We don’t know if the limit increase will be extended beyond that date. If you have been told you owe to much to qualify for a reverse in the past you should request a new benefit analysis immediately. The Reverse Mortgage Program is available to any Senior Citizen Homeowner 62 and older. There are no “Means Tests”. Credit history, income, assets etc are not factors in qualifying. As long as a Senior is 62 and owns qualifying property their application will be approved. Single Family Homes, Condo’s, P.U.D.’s, Townhouses and some Manufactured Homes qualify. If you are in doubt about your property call me (800-686-0238) and we can discuss it. If repairs are needed to make the property qualify they may be paid for out of the proceeds of the Reverse Mortgage. Manufactured Homes in Condo Manufactured Home Communities are now eligible. The Park must apply to HUD for approval. The manufactured home must be on a permanent foundation that meets HUD/FHA specifications. The foundation work may be done at the time you apply and the cost cover from the Reverse Mortgage proceeds. There are no restrictions on the use of funds obtained with a Reverse Mortgage. Disbursement options include but are not limited too: 1. Monthly income for life. 2. A 100% liquid Line of Credit which works like a savings account. 3. All or part cash at closing. 4. A monthly income in an amount of your choosing. Tell us what you want and we ... Read More