That phrase, while it may apply to some situations, does not apply here. The HECM (Home Equity Conversion Mortgage) 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 alter your financial picture.
Americans are living longer, but many seniors are still short on cash. Retirement? Who knows what that is anymore. For many seniors, there is more month left at the end of the money. A Reverse Mortgage may be the answer to some of the challenges facing senior homeowners in their retirement years. Here are some of the advantages of the reverse mortgage:
* TAX FREE PROCEEDS
* NO MONTHLY MORTGAGE PAYMENTS
* RETAIN OWNERSHIP OF YOUR HOME
* PAY OFF YOUR CURRENT MORTGAGE OR GET DEBT FREE
* TAX FREE LINE OF CREDIT THAT GROWS OVER TIME
* CHOOSE FROM MONTHLY PROCEEDS DEPOSITED INTO YOUR BANK ACCOUNT, CASH OUT, LINE OF CREDIT OR A COMBINATION OF ALL THREE
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.
KATHIE ADLER, Senior Reverse Mortgage Specialist- 631-804-9044
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. And working past retirement isn't all 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, this website will provide some options.
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!
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:
"We love our Reverse Mortgage. For the first time in years we feel free and unburdened. And that means everything to us."
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
* 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.
The best way to determine which way to proceed is to receive a no-obligation proposal showing the numbers and figures and all of your choices.
The actual name HECM means Home Equity Conversion Mortgage. A Reverse Mortgage is equity conversion and the reverse of a traditional mortgage as no monthly payments are required. Traditional mortgages are paid monthly thereby reducing your debt to the lender.
As long as there is enough equity in your home, you should be able to qualify for a Reverse Mortgage even if you currently have a mortgage balance. A free quote from a Reverse Mortgage Specialist will provide helpful information and actual numbers and cash out figures.
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.
If your spouse is part of the Reverse Mortgage, you will be able to remain in your home, so whether your spouse passes away or permanently moves to an assisted living facility, you will still be able to remain in your home. The HECM, Reverse Mortgage only ends once the last borrower no longer lives in the residence or refinances.
It's your money, your equity, to use however you see fit. You might want to buy a new car, take the kids and grandkids on vacation, or just enjoy life and your retirement. A Reverse Mortgage is designed to make life better while freeing you to do the things you've been wanting to do.
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.
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.
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.
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.
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.
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 here if you would like more information on the JUMBO Reverse Mortgage purchase program. NOTE: On Jumbo Loans, all loans arranged through third party providers.
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JUMBO: HOME SAFE BROCHURE (pdf)Download
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Advisors Pledge to Reverse Mortgage Borrowers (pdf)Download
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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
Advisors Mortgage Group, LLC is a Multi-State Mortgage Company with Headquarters located in Central New Jersey with offices throughout the US. Headquarters: 1411 Highway 35, Ocean, NJ 07712. New York Mortgage Broker License: 206697. Licensed by the N.J. Department of Banking and Insurance. Licensed Lender and Secondary Mortgage Lender no. 631155. (FHA License #1548300002). NMLS 33041. Licensed Mortgage Banker-NYS Dept of Financial Services, Registered Mortgage Broker, NYS Dept of Financial Services - Kathleen Adler, Mortgage Loan Originator, NMLS Identifier 65780.Licensed by the NYS Department of Financial Services, Licensed by the New Jersey Department of Banking and Insurance, Advisors Mortgage Lindenhurst Branch, 1045 Route 109, Suite 104, Lindenhurst, NY 11757, Branch NMLS 301453, This Website designed and maintained by Adler Web Design Copyright 2014 - All Rights reserved. NOTE: Website authorization by New York State Dept of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site.
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