Are you at least 62 yrs old?
Do you need to augment your retirement cash flow?
Would you like to stay in your current home, but need to make some changes?
Are you interested in learning about how you can stay in your home
(or purchase a new one) with no costs and no monthly payment?
Have you heard about the Home Equity Conversion Mortgage?
( aka Reverse Mortgage) Read on..............
What is a
Home Equity Conversion Mortgages (HECMs), also known as reverse mortgage loans, were created over 25 years ago by President Ronald Reagan to help Americans age 62 and older convert a portion of their home equity into tax-free money.† HECM reverse mortgages are insured by the Federal Housing Administration (FHA) and allow seniors to age in place and achieve retirement security.
How does it work?
A HECM for Purchase loan combines a reverse mortgage with the equity from
the sale of your previous home - or from other savings and assets - to buy your
next primary home in a single transaction. Regardless of how long you live in
the home or what happens to your home’s value, you only make one down
payment toward the purchase.
How much could I qualify for?
The loan amount is based on the age of the youngest borrower, prevailing
interest rates, and the value of the home you wish to purchase.
1. Title and Ownership remain with Homeowner and home can be sold.
2. Home must be occupied, maintained, and taxes and Insurance kept current.
3. Equity proceeds are tax-free and unrestricted as to how used.
4. Homeowner can pay off debt, and make repairs and improvements to home,
allowing to "age in place".
5. Flexible plans include NO COSTS AND NO MONTHLY PAYMENTS!!
6. Some equity required, but home does not need to be paid off!
7. Any remaining equity at time of payoff goes to Heirs.
8. You can receive monthly payments, remodel your home, or give $ to your kids.
9. Reverse Mortgage can be used for an SFR, 2-4 units, or an FHA approved Condo.
10. EASY TO QUALIFY! Be 62+, occupy the home, take a class,
and maintain home!