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Reverse Mortgage

As you cross the age of 60, a drastic change takes place in your set of priorities, beliefs and attitude. Your life after retirement brings a relief from professional responsibilities but also brings additional responsibilities, which include managing the household and personal expenditures, usually on a much lower retirement income. One of the single biggest wishes we hear from Senior's who live on a fixed monthly income is that they wish for extra income to meet their monthly living expenses and to help offset the ever increasing costs of living. Reverse mortgage gives you that additional income so that you can relax, enjoy your retirement and enjoy life. You've worked your entire life for your family and you house. Along the way, you've built up some equity in your home, Connect with our specialist and we'll show you how you can put the equity you've worked so hard to attain to work for you so you can enjoy your golden years.

Reverse mortgage is for senior home owners who have reached the age of 62. You obtain a reverse mortgage by accessing the equity in your home. This is done through HUD and FHA approved reverse mortgage lenders. The reverse mortgage lenders may be a bank or a licensed mortgage lender. The interesting part of reverse mortgageis that instead of you having to pay monthly payments on your loan, the reverse mortgage lenders pay you a lump sum or provide for monthly annuity payments to you for a lifetime. You continue to live in your own house and you also receive a regular flow of income. You still own your home, you are NOT granting any ownership interest in the property to the lender. It's a loan, like any other mortgage loan, except that reverse mortgage lenders recover the loan balance with the interest added up over the years when you sell your home, die or move out on a permanent basis.

You qualify for reverse mortgage if:
  • You are at least 62 years of age
  • Your home is in your name

The amount you qualify for depends on the market value of your home, your age and the area you live in. Typically, the older you are, the larger the percentage of your home equity you can access and the larger the reverse mortgage you are eligible for. Fill out this short form to determine if you are eligible for reverse mortgage.

Reverse mortgage-Putting Your Home to Work for You

There are various reverse mortgage plans you can opt for depending upon your needs and requirements. Talk to our Specialist to explore the various options available.

  • With reverse mortgage, you are still the owner of the house and are required to pay the property taxes, home-owner insurance and properly maintain the home and property.
  • The maximum loan term is for 15 years in case of reverse mortgage. So, if you live longer than the loan term, you are still eligible to stay in your house, though you will not be eligible for any kind of annuity payment from the reverse mortgage lenders to supplement your retirement income.
  • In case of reverse mortgage, the reverse mortgage lenders- (bank or mortgage company) reserve the right to revise the monthly payment or the lump sum amount at least once in 5 years. This revision is based on revaluation of the property. This can work in your favor as most homes increase in value over time, thus the lender can increase the cash available to you.
  • The money you receive through reverse mortgage depends upon a lot of things. This may include the type of reverse mortgage you may opt for from reverse mortgage lenders. It also depends upon the sort of cash advances you go for. We're here to help you determine the amount and benefits that you'll be eligible for from a reverse mortgage. Connect with our specialist now.
  • You can cancel within 3 business days (business days include Saturdays) of closing the reverse mortgage. Ensure that you cancel in writing. You may use the cancellation form provided by the reverse mortgage lenders or may personally write a letter to the reverse mortgage lender-mail or fax it. This gives you a chance to review the documents to make sure you've made the right decision. So, don't worry, get the details to get started today.

Reverse mortgage- Don't Worry - Be Happy

As you take your morning walk, you stroll past the trees, the birds are singing, the morning scents fill you with joy... but you're not joyful. You know the morning walk is just a respite from your daily struggle with money. Prices keep going up for the things you need every day, but your retirement savings and social security income may not be enough to provide for your needs. Stop worrying and talk to one of our specialists who are there to help you choose the best reverse mortgage. Get the additional income stream you need so you can stop worrying and start enjoying the little things that life has to offer.

  • If you opt for any kind of reverse mortgage, the money received from the reverse mortgage lenders is not taken as an income but a loan. Therefore, it is tax free.
  • With reverse mortgage, there is no prepayment penalty involved. You can pay-off the loan to the reverse mortgage lenders without any additional cost attached to it.
  • You can cancel within 3 business days of closing the mortgage with the reverse mortgage lenders and there is no penalty for it.
  • You can take the benefit of reverse mortgage without any inconvenience as it is available all across the United States from approved banks and mortgage loan companies.
  • With reverse mortgage, you still retain the ownership of the house. It's your house and your money. It's a uniquely structured loan that pays you the equity you've built in your home without having to pay it back until you sell your home, die or move out on a permanent basis. What a great way to get the cash you need today without worrying about how you'll pay it back.
We all dream about a relaxing and enjoyable retirement. After working hard to provide for our families all our lives, we deserve a retirement that is hassle and worry free. That dream can be a reality and Reverse mortgage is your answer to a happy and content retirement.

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