Reverse Mortgage / FHA HECM
Sometimes the expenses that are associated with home ownership can be a bit more than what a borrower is able to endure with what can be limited retirement income. These homeowners sometimes have a bunch of equity in their home that they aren’t able to access with a standard cash out refinance because they aren’t able to qualify for the new loan because of their limited income. The reverse mortgage allows for senior home owners to access their home equity when they might not be able to otherwise.
No more mortgage payments
If you think you might fit in to this category, or even if you just simply need some more cash to help with living expenses per month then perhaps the reverse mortgage is the right way to go. It can allow you to halt payments on your mortgage, and actually use your existing home equity to pay you each month instead; all while living in the home!
• These payments may be in the form of a lump sum, a set monthly income, line of credit or even a combination of these.
How does this impact your heirs?
Your heirs may have the choice of paying the balance of the mortgage loan off or even selling the home. Once the home is sold, the proceeds of the sale are used to pay off existing debts and any excess funds will pass to your heirs. They may also have the opportunity to refinance out of the reverse mortgage and keep the home in the family. Either way, you will not need to pay more than the appraisal value of the home.
• This is a way where you may make your lifestyle more comfortable during your retirement.
This is a loan program that we are proud to offer. You can expect top notch service throughout the process. Speak with a loan professional to find out what options you have available today!