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Understanding Reverse Mortgages

Reverse Mortgages - Too good to be true? Think again.

That phrase, while it may apply to some situations, does not apply here. The HECM (Home Equity Conversion Mortgage) loan is GOOD and for all the right reasons. For the right person, a reverse mortgage can be a life changing experience. It can provide peace of mind and freedom from worry, and it can change your financial picture. Here are some advantages of the reverse mortgage:


* zero mortgage payments (with an option to make payments if desired)
*a line of credit that grows at the SAME rate as the interest rate
* you can have money deposited into your bank account every month for life
* get cash or a line of credit -- all tax free & not considered income


Americans are living longer, but many seniors are still short on cash. Retirement? Who knows what that is anymore. Very often, "there is more month left at the end of the money".  A Reverse Mortgage may be the answer to the many challenges facing senior homeowners in their retirement years. 

Learn More

Everyone has questions.  And I don't know anyone who has all the answers. There are qualifying factors with any mortgage, and Reverse Mortgages are no different.  But once you realize it's pretty basic, you'll feel a lot more secure about the program. You may find answers to most of the questions  people ask about Reverse Mortgages at the link below. And if you have further questions, give me a call. 631-804-9044 - KATHIIE ADLER

To watch a short movie, https://www.youtube.com/watch?v=au7sPG4CU0M&feature=youtu.be

WHAT IS REQUIRED? - CLICK HERE

It's All About Lifestyle

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Everybody is different and so the needs are different.

LIFESTYLE and WORKING PAST RETIREMENT

When I speak with senior homeowners about their current financial situation, I like to talk with them about lifestyle.   Merriam-Webster defines lifestyle as: “The typical way of life of an individual, group, or culture.”

Now, lifestyle, way of life, and what that means from person to person can vary greatly. What 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 grandkids halfway across the country whenever you want.

Working past retirement is not an unusual occurrence these days. And working past retirement isn't all bad! It does have its advantages.   https://www.moneycrashers.com/reasons-working-after-retirement/ 

But if you've been depending on social security or a pension and still find you are short at the end of the month or just want to enjoy retirement more fully, this website will provide some 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.  

The phrase, "too good to be true", while it may apply to some situations, does not apply here. The HECM Reverse Mortgage is a great tool for seniors and for all the right reasons. A reverse mortgage can pay off a current mortgage, provide a steady income each month, and provide more enjoyment in your retirement years.

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

What Would More Money Do For You?

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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 redo their kitchen. Some have used the funds for in-home care or to even buy another house.

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

Reverse Mortgage Parameters, Options, and Benefits

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Here are some of the specifics and parameters of the Reverse Mortgage:

• 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
* 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 all Reverse Mortgages by HUD is $726,525. 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. 

Frequently Asked Questions

Would you like to know the basic questions borrowers are asking? Click below, and get your questions answered.

FAQ-Questions People Ask

Questions That Need Answers

What if I have a mortgage balance?

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As long as there is enough equity in your home, you should be able to qualify for a Reverse Mortgage. Get a free quote from a Reverse Mortgage Specialist!

How much cash out can I get from a Reverse Mortgage?

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As long as there is enough equity in your home, you should be able to qualify for a Reverse Mortgage. Get a free quote from a Reverse Mortgage Specialist!

Can my spouse remain in our home after my passing?

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As long as there is enough equity in your home, you should be able to qualify for a Reverse Mortgage. Get a free quote from a Reverse Mortgage Specialist!

How do I receive a free consultation?

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You are entitled to a free reverse mortgage quote and a free consultation either in person or by phone in order to determine how much money you qualify for and which program fits your needs. Contact Kathie Adler to receive a no-obligation reverse mortgage comparison. 

Why do I have to complete HECM counseling?

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HECM Counseling is an important safeguard to the Reverse Mortgage program. HUD required counseling by a HUD approval HECM Counselor provides you with a HECM Certificate so your loan can go forward. Call Kathie Adler to receive a list of HECM counselors in your area. 

Why is it called a Reverse Mortgage?

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A Reverse Mortgage is the reverse of a traditional mortgage and is a rising debt loan because no payments are made throughout the life of the loan. Traditional mortgages are paid monthly thereby reducing your debt to the lender. The actual name HECM means Home Equity Conversion Mortgage.

It's as easy as breaking the piggy bank.

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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/underage spouses, 3 Day Right of Rescission just in case you change your mind after closing.

A Program That Changes Lives

Borrowers have been able to pay off current mortgage, 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 desire.  Many homeowners have been helped out of bankruptcy and even foreclosure. Others have postponed collecting social security till a later date thereby getting the most out of their monthly check.  

Non Recourse Loan

You can never owe more than your home is worth and probably will not pay the loan off in your lifetime. This is due to a feature written into the reverse mortgage called "non-recourse."  Your heirs are also not responsible for the debt.  Assets or bank accounts can never be attached to pay off the loan no matter how much money you have. The house alone stands for the debt.  A reverse mortgage is a loan in which a 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 to repay the loan or if all 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.

"A nonrecourse 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." (Investopedia)


Pay What You Want or Pay Nothing!

On a monthly basis, you can opt to pay interest only; principal and interest; or make no monthly loan payment at all —you choose.  And there is no pre-payment penalty. You can pay off the loan any time you please.


What is Required to Obtain a Reverse Mortgage?

There are certain parameters and requirements for obtaining a HECM / Reverse Mortgage. Click the link below to learn more and obtain information.

HOW DO I OBTAIN A REVERSE MORTGAGE? WHAT IS REQUIRED?
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CARING, PROFESSIONAL, PRIVATE. SERVICE AFTER YOU CLOSE.

GOT QUESTIONS?

REVERSE MORTGAGE HELPLINE - Answering Your Questions about Reverse Mortgages
KATHIE ADLER, SENIOR REVERSE MORTGAGE SPECIALIST - RESIDENT OF LONG ISLAND FOR OVER 50 YEARS - Member of Sun Suffolk www.SunSuffolk.org) - and NRMLA

KATHIE ADLER'S NMLS ID: 65780  - For the NMLS Consumer Access Site, go to: www.http://nmlsconsumeraccess.org
 
Advisors Mortgage Lindenhurst branch: 1045 Route 109, Lindenhurst, NY 11757 -   NMLS 301453
 

CALL KATHIE ADLER: 888--843-9797 (CELL: 631-804-9044)

Contact Kathie Adler 631-804-9044

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