Reverse Mortgages For Seniors

Quick Facts About Reverse Mortgages:

You Retain Full Ownership Of Your Home.
You Have No Monthly Payments of Principal or Interest.
There Are No Income or Credit Qualifications.
You Can Live There As Long As You Wish.
You Can Use The Money For Any Reason.
Depending On The Type Of Reverse Mortgage, You Can Take The Money as a;
   Line Of Credit, and/or
   Monthly Income, and/or
   Lump Sum Of Cash, and/or
   a combination of any of the 3.

A reverse mortgage is a loan against the equity in the home that provides tax-free cash advances, but requires no payments during the term of the loan. Since there are no monthly payments during the life of the loan, the balance grows larger and the equity gets smaller.

The loan is not due and payable until the borrower no longer occupies the home as a principal residence, e.g. the last surviving borrower sells, moves out permanently or passes away.

You must be at least 62 and own your own home or condominium in order to qualify for a reverse mortgage. There are no income or credit requirements to qualify. Based on the amount of benefit, which you qualify for, you may be eligible for a reverse mortgage even if you still owe money on your first mortgage.

There are three reverse mortgage loan products available, the FHA, HECM (Home Equity Conversion Mortgage), Fannie Mae HomeKeeper, and the Financial Freedom Cash Account Advantage. Another benefit of these loans is that they are "non recourse" which means that no matter how high the loan balance grows, the borrower or their heirs never owe more than the home's market value.

The proceeds from a reverse mortgage can be used for anything: daily living expenses; home repairs and home improvements; medical bills and prescription drugs; pay-off of existing debts; education; travel; long-term health care; retirement and estate tax planning; and other needs you may have.

The proceeds from a reverse mortgage are available as a lump sum, fixed monthly payments for as long as you live in the property, a line of credit; or a combination of these options.

The amount of benefit that you will qualify for, will depend on your age at the time you apply for the loan, the type of reverse mortgage you choose, the value of your home, current interest rates, and for some products, where you live. As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be.

The costs associated with getting a reverse mortgage are similar to those with a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs can be financed as part of the mortgage.

You must first meet with an independent reverse mortgage counselor before applying for a reverse mortgage. The counselor's job is to educate you about reverse mortgages, to inform you about other alternative options available to you given your situation, and to assist you in determining which particular reverse mortgage product would best fit your needs if you elect to get a reverse mortgage. This counseling session is at no cost to the borrower and can be done in person or over the telephone.

For additional information or to discuss your personal situation, please contact Judy Lochmiller, located in Roseville, California at (877) 723-4567 or direct (916) 771-6706 for assistance.



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Reverse Mortgages For Seniors - California, Roseville, Sacramento, Placer, Sun City, El Dorado, Nevada County, Sacramento County.

Reverse Mortgages For Seniors - Reverse mortgage specialist offering a variety of products to suit seniors needs. Site covers reverse mortgage history, descriptions and where to get them. Tells what they are and how they work. California, Roseville, Sacramento, Placer, Sun City, El Dorado, Nevada County, Sacramento County

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