image1

Are Reverse Mortgages Too Good to be True?

Reverse Mortgages, too good to be true? Think again.

That phrase, while it may apply to some situations in life, does not apply here. The HECM (Home Equity Conversion Mortgage) regulated by HUD and insured by the FHA is good and for all the right reasons. For the right person, a reverse mortgage can be a life changing experience and change your financial picture for the better.  


"FHA began insuring forward mortgage loans made by approved lenders. In 1988, the FHA extended its insurance coverage to include reverse mortgage loans, establishing its HECM program. FHA HECMs are non-recourse loans, meaning the property is the only collateral that can be taken to pay back the loan. (HUD=Housing and Urban Development --- FHA=Federal Housing Administration.) Here is some information on the FHA and how the FHA began."

https://www.hud.gov/program_offices/housing/fhahistory 


Through its varied history, FHA has sought to help new homeowners obtain a home, and now with the HECM, Home Equity Conversion Mortgage, they insure homes through their Reverse Mortgage programs. 

Learn More About Reverse Mortgages

Everyone has questions.  There are qualifying factors with any mortgage, and Reverse Mortgages are no different.  Answers to your questions about Reverse Mortgages can be found at the link below. If you have further questions, please give me a call. 


KATHLEEN ADLER, Senior Reverse Mortgage Specialist- 631-804-9044 



It's All About Lifestyle

image2

Everyone is different so the needs will be different.

LIFESTYLE and WORKING PAST RETIREMENT

When I speak with senior homeowners about their current financial situation, I like to speak with them about lifestyle.  Now, lifestyle and what that means from one person to the next can vary greatly. Lifestyle is your typical way of life. For one person it can mean traveling, for another it can mean enjoying a quiet day alone, to another it's the ability to visit the kids and grandkids halfway across the country whenever you wish.

Working past retirement is not an unusual occurrence these days. They say working past retirement isn't all that bad! It does have its advantages.  But if you've been depending on social security or a pension and find you are still short at the end of the month or really want to retire, this website provides options.

What Is a Reverse Mortgage?

Converting Equity = Financial Freedom

A Reverse Mortgage is a special type of loan for homeowners 62 years of age and above who want to convert part of the equity in their home into tax free cash without having to sell the home, give up title, or take on a new monthly mortgage payment.

A Reverse Mortgage will not affect Social Security or Medicare, and there are no health or minimum credit score requirements.  A Reverse Mortgage can provide peace of mind in your retirement years, and if you are considering moving, you can take out a Reverse Mortgage purchase on another home and there will be NO monthly mortgage payments required.

A Reverse Mortgage frees up the equity in your home that has been sitting there virtually untapped and converts it into tax free cash.  This can mean financial freedom and financial stability.  

If you don’t have a savings cushion, if you don’t have a diverse portfolio of assets, if you are relying on social security checks to support your household bills or accessing your taxable funds, consider the Reverse Mortgage. After all, your retirement fund is sitting underneath your roof, waiting to be used!

Familiarize yourself with the content of this website, and be sure to request a free quote!

Familiarize yourself with the content of this website, and be sure to request a free quote!


Changing Your Financial Picture

image3

What Would More Money Do For You?

Ever dream of having more cash on hand to enjoy the finer things in life?


 Perhaps you just want to rid yourself of that mortgage payment that seems to never go away.  Is a Reverse Mortgage right for you? Maybe it is. It's time your biggest investment, your house, began to pay you back. It just makes sense. Here are a few things you can do with a Reverse Mortgage:

  • Supplement your income
  • Refinance an existing mortgage or home equity loan
  • Pay off high interest rate credit cards
  • Be more financially prepared
  • Pay for healthcare
  • Cover the cost of in-home care
  • Make home improvements or modifications
  • Spruce up the house
  • Go on vacation or buy a new car
  • Pay off credit cards
  • Set up a college fund

    I have personally helped senior homeowners pay off their mortgages, get out of bankruptcy, or renovate their homes.  Some have used the funds for in-home care or to purchase a second home.


"We love our Reverse Mortgage. For the first time in years we feel free and unburdened. And that means everything to us."

image4

Reverse Mortgage Parameters, Options, and Benefits

Here are some of the parameters of the Reverse Mortgage program:

• No monthly mortgage payments
* You continue to pay taxes /homeowners insurance & maintain your home.

• Tax free proceeds - does not affect income tax
• Insured by the Federal Housing Administration (FHA)

• Retain ownership of your home
• No health requirements
• No impact on Medicare or Social Security

Reverse Mortgage Plans: 

* Monthly Payment (tenure)
* Cash Out disbursed over 2 years (cash at closing and the remainder 365 days after funding your loan)
* Line of Credit (grows over time)
* Combination of all three

You alone decide how you would like to receive your money.. After you close, you can change how your money is disbursed.

Currently, the lending limit or Maximum Claim amount on the HECM Reverse Mortgage by HUD is $765,600. Now, that doesn't mean you receive that ENTIRE amount. It's all dependent on age and other factors such as interest rates and home value. However, the older you are, the more you receive. The best way to determine your proceeds is to receive a no-obligation proposal.


Reverse Mortgages Questions and Answers

Why is it called a Reverse Mortgage?

Why do I have to complete HECM counseling?

Why is it called a Reverse Mortgage?

image5

The name HECM means Home Equity Conversion Mortgage.  A Reverse Mortgage is the conversion of your home's equity and is the reverse of a traditional mortgage. There are no monthly mortgage payments required. Traditional mortgages are paid monthly thereby reducing your debt to the lender. 

What if I have a mortgage balance?

Why do I have to complete HECM counseling?

Why is it called a Reverse Mortgage?

image6

As long as there is enough equity in your home, you should be able to qualify for a Reverse Mortgage even if you have a mortgage balance.  A free proposal from a Reverse Mortgage Specialist will provide you with helpful information and all the options availale to you.

Why do I have to complete HECM counseling?

Why do I have to complete HECM counseling?

Can my spouse remain in our home after my passing?

image7

HECM counseling is a required and  very important safeguard to the Reverse Mortgage program. HECM counseling by a HUD approved counselor will provide you with a certificate so your loan can go forward. Call Kathie Adler to receive a list of HECM counselors in your area.

Can my spouse remain in our home after my passing?

Can my spouse remain in our home after my passing?

Can my spouse remain in our home after my passing?

image8

Whether your spouse is on the Reverse Mortgage or not, they will be able to remain in the home after your passing. (See your specialist for more details). If you should permanently move to an assisted living facility, they will still be able to remain in the home. 

What can I do with my Reverse Mortgage proceeds?

Can my spouse remain in our home after my passing?

What can I do with my Reverse Mortgage proceeds?

image9

It's your equity from your home to use however you see fit.  Buy a new car, take the kids and grandkids on vacation, or just enjoy your retirement. A Reverse Mortgage is designed to make life better while giving you the freedom to do the things you've been wanting to do.


How do I receive a free consultation?

Can my spouse remain in our home after my passing?

What can I do with my Reverse Mortgage proceeds?

image10

You are entitled to a free reverse mortgage proposal by a Reverse Mortgage Specialist. Ask for an in-person consultation or a phone consultation to determine how much money you qualify to receive.  Call Kathie Adler now: 631-804-9044

It's as easy as breaking the piggy bank.

image11

Use Your Own Equity and Enjoy Life

Your home's equity is waiting for you to use it for your benefit.  Why not let your home pay for your retirement? I have spoken with many senior homeowners who just didn't have enough money for retirement and were thrilled to use their equity for a variety of things. Using a reverse mortgage as a retirement planning tool can change the way you look at retiring.  You don't do a reverse mortgage out of desperation, you do it because you realize there is untapped cash under your roof that you can use to enjoy life even more.

Safeguards to Protect You

No pre-payment penalty, reverse mortgage counseling, government insured and regulated by HUD, FHA mortgage insurance to protect you, 60% cap on proceeds for the first year, non-recourse loan-- you can never owe more than the home is worth, protection for non-borrowing spouses and underage spouses, 3 Day Right of Rescission (cancellation period) from day of closing in case you change your mind.

A Program That Changes Lives

Borrowers have been able to pay off current mortgages, travel, buy another home, or do a host of things with the money they receive. You can supplement your income and find the time freedom you have longed for.  Many homeowners have been helped out of bankruptcy and even foreclosure by a Reverse Mortgage. Others have postponed collecting social security until a later date thereby increasing the amount of their future social security.

Non Recourse Loan

An important feature of the HECM program is something called "non-recourse."  What is non-recourse?  Simply put, the house alone stands for the debt, and you can never owe more than the house is worth. Your heirs are also not responsible for the debt as they are not the borrower.  


A non course debt is a type of loan secured by collateral, which is usually property. If the borrower defaults, the issuer can seize the collateral but cannot seek out the borrower for any further compensation, even if the collateral does not cover the full value of the defaulted amount.


Another important point: No matter how much money you have in the bank or possess in assets. these can never be used to satisfy your Reverse Mortgage balance. A reverse mortgage is a loan in which the lender may look only to the property for repayment even IF the loan balance goes beyond the value of the home.  If you sell the home or if all the borrowers pass away, you (or your heirs)will never owe more than the balance of the reverse mortgage or the value of the property, whichever is less. 


If you should sell your home for less than what is owed to the lender, FHA mortgage insurance will cover the difference. You will not be responsible for paying that difference; nor will your heirs. But where is this found in my mortgage documents? The portion of your application as well as closing document entitled HOME EQUITY CONVERSION MORTGAGE DEED OF TRUST (near the end of your document) states:


11. "No Deficiency Judgment. Borrower shall have no personal liability for payment of the debt secured by this Security Instrument. Lender may enforce the debt only through sale of the Property. Lender shall not be permitted to obtain a deficiency judgment against Borrower if the Security Instrument is foreclosed. If this Security Instrument is assigned to the Commissioner upon demand by the Commissioner, Borrower shall not be liable for any difference between the mortgage insurance benefits paid to Lender and the outstanding indebtedness, including accrued interest, owed by Borrower at the time of the assignment."


Pay What You Want or Pay Nothing!

With a Reverse Mortgage, you are not required to make any monthly mortgage payments. However, if you so desire, you can opt to pay any amount you choose.  You can pay off your HECM loan any time you please.  There is no pre-payment penalty on this loan.


image12

Jumbo Reverse Mortgages

Additional Information

If you are looking for information on JUMBO Reverse Mortgages, they are below. New York Reverse Mortgages JUMBOS are now available!  Minimum  home value is  $500,000 with a max loan amount of $4,000,000 and max value of $10,000,000.  One to four family homes are eligible for this program.  The parameters are listed in the fliers below, closing costs are amazingly low, and you can refinance or purchase with a JUMBO Reverse Mortgage. Also available is the FHA HECM Reverse Mortgage, however, there will be FHA mortgage insurance fees. Click the JUMBO REVERSE MORTGAGE link at the top to learn more.

image13
image14

CARING, PROFESSIONAL, PRIVATE. SERVICE AFTER YOU CLOSE.

GOT QUESTIONS?

REVERSE MORTGAGE HELPLINE.COM - Answering Your Reverse Mortgages Questions


KATHLEEN ADLER, SENIOR REVERSE MORTGAGE SPECIALIST - RESIDENT OF LONG ISLAND FOR OVER 50 YEARS - Member of Sun Suffolk and NRMLA (National Mortgage Lenders Association)  (Kathie does all mortgages, VA, FHA, Conventional, Commercial, 203k, etc.)

KATHLEEN ADLER'S NMLS ID: 65780  - For the NMLS Consumer Access Site and licensing, go to: www.http://nmlsconsumeraccess.org
 

Contact Kathie Adler 631-804-9044 or 888-843-9797

Send Message

ADVISORS MORTGAGE GROUP NMLS 1833015

3330 Park Avenue, Wantagh, New York 11793, United States

KATHLEEN ADLER NMLS ID 65780