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About Reverse Mortgages is a free consumer resource for seniors who are interested in learning about the Home Equity Conversion Mortgage ( aka reverse mortgage ) this is a government insured loan has helped over 600,000 seniors qualify to eliminate their mortgage payments (and to release equity) all without the need for a monthly mortgage payment in retirement.
What is a reverse mortgage loan and how does it work in your retirement
The reverse mortgage program allows seniors to borrow a portion of the homes equity without having to sell the property – move – have a mortgage payment – for those who are interested in improving their retirement’s cash flow the HECM loan can allow you to borrow a percentage of the home’s value without a mortgage payment.
1.) There are no credit checks required to qualify – also no income is required (this is really important for seniors who cannot qualify for a traditional mortgage but want to release equity without selling their home)
2.) NO monthly payments are due – this is a strange concept to understand at first but its quite simple actually – If your retirement cash flow is limited by a fixed income or investment income, a reverse mortgage can increase that monthly income.
You must be 62 years of age (or at least 60 days from it)
You own the home (if mortgage is existing sufficient equity must be available)
You have sufficient equity in the home ( take the value of the home minus any mortgage balance – this is the available equity – more equity is better)
Must be your primary residence (live in the home for 183 days out of the year)
Must never have defaulted on government backed debt
The amount you may borrower will depend on:
Age of the youngest borrower
Current interest rate in the market
Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price; and
Depending on the program you choose Standard or HECM Saver (with a saver you cannot borrow as much compared to the Standard)
WHAT ARE THE PROS AND CONS TO THE REVERSE MORTGAGE PROGRAM?
Lets start with the pros about the reverse mortgage loan
now what are the cons / disadvantages / negatives to the reverse mortgage program
Reverse Mortgage FAQ | Reverse Mortgage Frequently Asked Questions
the reverse mortgage is a loan – this is not free government money – there are fees involved with this retirement option so please review all of your options.
there are never obligatory monthly payments due – but you are able to pay down the interest which builds on the back-end of the loan if you so desire (there are never prepayment penalties fees involved).
interest rates matter – right now rates are low so this is an advantage to you – savings on interest is extremely smart – if your current mortgage rate is higher than the HECM reverse that alone can be substantial.
closing costs and fees vary drastically this is why we shop around to find you the best reverse mortgage loan for your specific scenario.
you can qualify if you are over the age of 62 – own your home outright (or even if there is a mortgage on the home) – those who are not 62 need a co-borrower who is 62 to be on the loan – be careful and review the in’s and out’s of what happens when one borrower is not 62 (we can assist you in weighting the pros and cons of this decision).
Top Tips for Seniors Who Want the Best HECM Reverse Loans
learn as much as you can – we are here if you want to have any questions answered – it is really important that you are comfortable understanding the entire program and most specifically how it fits into your retirement plans.
receive a comparison for all 4 HECM options – while you may only be interested in a fixed rate option we recommend you consider all options to really get how the program works (both short term and for long term)
lets About Reverse Mortgage compare up to 4 nationwide lenders on your behalf – in order to save the most money in closing costs and in fees (not to mention in interest rates charges) we do not charge the seniors for this service and we believe that the best way to shop for a HECM mortgage is to receive multiple reverse mortgage quotes.