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| What Is a Reverse Mortgage and How Does It Work? |
| Benchmark Mortgage | 1750 E. Golf Rd., Suite 310 | Schaumburg. IL 60173 Illinois Residential Mortgage Licensee |
A reverse mortgage is a loan designed to help you access the equity in your home.
It's called a reverse mortgage because unlike a traditional (forward) mortgage
where you make payments, a Reverse Mortgage pays you.
You do not have to make any loan payments for as long as you live in your home.
With a reverse mortgage, you can turn the equity in your home into cash without
having to move or to repay a loan each month.
With a Reverse you never have to worry about:
While a Reverse Mortgage may not be the right program for everyone, it certainly
can be the right option for many people for many different reasons.
The most important aspect of considering this loan is that you fully understand
how it works and are completely educated in your Reverse loan choices, that is
why Reverse counseling is mandatory.
It's called a reverse mortgage because unlike a traditional (forward) mortgage
where you make payments, a Reverse Mortgage pays you.
You do not have to make any loan payments for as long as you live in your home.
With a reverse mortgage, you can turn the equity in your home into cash without
having to move or to repay a loan each month.
With a Reverse you never have to worry about:
- moving (selling your home because you need the proceeds)
- making monthly mortgage payments-ever
- credit or income qualifying
While a Reverse Mortgage may not be the right program for everyone, it certainly
can be the right option for many people for many different reasons.
The most important aspect of considering this loan is that you fully understand
how it works and are completely educated in your Reverse loan choices, that is
why Reverse counseling is mandatory.
- Borrowers retain full ownership of their home
- No monthly payments required. Repayment is not required until
the last remaining borrower no longer occupies the property as
his/her primary residence - Proceeds are tax-free income that can be payable as a monthly
payment, lump sum, line of credit, or any combination of these
options. Please consult your Financial Advisor for which payout
would be best for you. - You can never lose your home as long as you maintain the
property and pay the property taxes
• Age 62+
• Principal residence
• Own free and clear or have a low remaining mortgage balance
• Must attend a counseling session conducted by a HUD approved agency
before an application can be taken. (the session is free and family
members or trusted advisors are welcome to attend)
| Reverse for Buying a Home |
Benefits of a REVERSE MORTGAGE Purchase Transaction
You can even use a Reverse on your primary home for buying a Vacation
Residence.
You can even use a Reverse on your primary home for buying a Vacation
Residence.
Both HECM and Home Keeper offer different payout
option to you.
option to you.
• Suspend payments
• Start or stop a line of credit
• Receive the entire net principal limit
• Start or stop a line of credit
• Receive the entire net principal limit
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.
Costs can include origination fee, appraisal,inspection fees, title policy, and
underwriting. With a reverse mortgage, all of these costs can be financed as part of
the mortgage.
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.
Costs can include origination fee, appraisal,inspection fees, title policy, and
underwriting. With a reverse mortgage, all of these costs can be financed as part of
the mortgage.
| Growth of REVERSE MORTGAGE for “BABY BOOMERS” |
The need for Reverse Mortgages is likely to continue to grow
rapidly and according to census data, in 2004 more than 12% of the
population was age 65 and older.
By 2020 the 65+ population is expected to exceed 16% of the total
population and by 2030 it will approach 20%.
To get more complete information on Reverse Mortgages and an
Information Kit on the options available, please contact me to help
you decide if a Reverse Mortgage is the right option for you.
rapidly and according to census data, in 2004 more than 12% of the
population was age 65 and older.
By 2020 the 65+ population is expected to exceed 16% of the total
population and by 2030 it will approach 20%.
To get more complete information on Reverse Mortgages and an
Information Kit on the options available, please contact me to help
you decide if a Reverse Mortgage is the right option for you.
| Proceeds from a Reverse Mortgage can be used for |
| A Variety of Payout Options Available |
| Contact Deb Sineni For Any Specific Questions or Request A Private Consultation |
For a No Cost Reverse Kit
Please enter your mailing information:
Please enter your mailing information:
| A Reverse Requires No Repayment As Long As You Occupy the Home As Your Primary Residence |
For a Free List of HUD Approved Reverse Mortgage Counselors:
• Long-term health care
• Retirement
• Estate tax planning
• Any other financial need
• Retirement
• Estate tax planning
• Any other financial need
| Copyright ©2008 debrasineni.com |
| Qualifying Criteria |
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| The Mortgage Source Daily Mortgage Blogging From Deb Sineni |