A Reverse Mortgage Turns
What Is A Reverse Mortgage?
A Reverse Mortgage Turns
Home Equity Into Financial Flexibility
A reverse mortgage turns a part of a home’s equity into tax-free cash or a line of credit. The Home Equity Conversion Mortgage, or HECM, is the most popular type and is usually what people mean when they say “reverse mortgage.” HECMs are insured by the Federal Housing Administration (FHA), which offers many layers of legal protections to homeowners.
What Is a Reverse Mortgage?
Choose How You Receive Payments
Major Benefits Include:
Eliminating Monthly Mortgage Payments
Reverse mortgages pay off existing forward mortgages.* For people who own their homes outright, the potential loan proceeds are simply that much greater.
The Loan Is Settled by the Home’s Sale
You or your heirs can pay off the loan simply by selling the home. If your heirs would like to keep the home, they may refinance the outstanding balance to a loan that is in their names.
Non-Recourse HECM Advantage
Even if the housing market and home values fall after taking out a reverse mortgage loan, you or your heirs will never owe more than the home is worth.
Do Virtually Anything You Want with the Proceeds:
It’s Easy to Learn More, Simply Click Below:
Link to: Myths & Facts
Myths and Facts
There are many myths out there. Learn the facts before making a decision.
Link to: The Process
The Process
Here are the major steps you’ll need to follow when applying for a reverse mortgage.
*This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation. The homeowner is still responsible for paying property taxes, homeowner’s insurance, applicable association dues, and for maintaining the property.