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All applicants must be 62 or
older.
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Credit History is not a
factor in loan approval.
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Your benefit is determined
by the value of your home and your actuarial life expectancy. Once
the loan is funded your benefit is guaranteed for life, no matter
how long you live.
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You do not have to own your
home "free and clear" to receive a Reverse Mortgage
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Your income is not a factor
in your approval.
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Property must be in lendable
condition.
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Existing Mortgages - Back
Taxes - Other Liens and Consumer debt can be paid from the Reverse
Mortgage loan proceeds.
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Benefit options for a
Reverse Mortgage include Monthly Income, A Lump Sum of Cash at
closing, A Line of Credit or a combination of the above.
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A Pest Control Inspection
and Clearance is required before being approved for a Reverse
mortgage.
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With a Reverse Mortgage you
retain control of your property. You can sell your home or pay off
your reverse mortgage at any time. You or your heirs will retain any
equity remaining in the property.
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You can not outlive a
Reverse Mortgage. Your benefit is guaranteed for as long as you
live.
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You must obtain a Counseling
Certificate from an independent 3rd party before applying. H.U.D. &
F.H.A. want you to understand the process before you apply. This is
also a fraud prevention measure. HUD/FHA does not want Senior
Citizens to be taken advantage of by Con Men.
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There are 3 types of Reverse
Mortgage. FHA insured, Fannie Mae Conforming and "Jumbo" We provide
all three.
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There are no "Application
Fees" on a Reverse Mortgage. If you are asked for money up front by
any lender be very wary.
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Most owner occupied
properties qualify including: Single Family Detached, Condo's, Town
Homes, Manufactured on permanent foundations sited on land you own,
Duplex, triplex and 4-plex as long as you occupy 1 unit.
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As with any large finance
decision, you should always compare Reverse Mortgage offers from
more than one source before completing the transaction.
