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Reverse
Mortgages
HUD Approved Program
that enables Seniors to convert the equity in their homes
to CA$H,
while retaining ownership.
What is a Reverse Mortgage?
- A loan that enables senior homeowners to convert a percentage
of the home’s equity into cash.
Who is eligible?
- Homeowners who are at least 62 years of age.
- Properties include, single family homes, condos, town
homes, 1 to 4 unit dwellings and manufactured homes with
a FHA approved foundation.
- Home must be owned or have at least enough of the mortgage
paid off so that the proceeds from the reverse mortgage
pays off the balance.
- No income or credit check to qualify.
What are some of the Benefits?
- The Title remains in the home- owner’s name, never
changing ownership.
- They may use the funds in any manner they wish: to
pay rising health care cost, supplement retirement income,
home improvements, pay-off existing mortgage, new car,
travel etc.
- Income received is tax-free, doesn’t affect Social
Security, Medicare, or Medicaid Benefits.
- No monthly payments
- Loan fees are financed into the loan.
How much cash can you receive?
- The amount is based on a HUD formula that factors the
age of the youngest borrower, interest rate, appraised
value, and the county lending limits.
- Contact me for a free quote.
What are the cash options?
- Cash lump sum.
- Monthly installment.
- Line of credit allows you to access cash when you need
it. Combination of the above.
- All options are tax-free.
What are the interest rate
options?
- It is a monthly adjustable rate loan tied to the one
year U. S. Treasury Bill.
How is the loan repaid?
- The loan is due only when home- owners chooses to vacate
the property.
- The loan must be repaid from the sale of the home or
through other resources.
- These loans are non-recourse loans.
- The remaining equity of the property goes to the homeowner
or to the heirs.
- The heirs can keep the home once the loan is paid.
CONTACT ME TO LEARN MORE
Randy Stevens
Reverse Mortgage Consultant
Office # 602-751-4193
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