CASH OUT AND MAKE NO MORTGAGE PAYMENTS FOREVER!

Requirements

  • Homeowner or Spouse must be 62 years of age or older
  • No second/vacation/investment homes
  • Present Home must be in the name of the homeowner and primary residence
  • Must have considerable home equity or must provide monetary investment at closing from allowable funding source
  • Home meets minimum FHA standards
  • Occupy property within 60 days as primary residence
  • Mandatory Counseling Session
  • Taxes and home insurance are paid by the homeowner and not escrowed
  • Eligible Properties
  • Single Family Homes and Townhomes
  • Planned Unit Development (PUD)
  • Single Family Homes and Townhomes
  • Planned Unit Development (PUD)
  • HECM only: 2-4 Unit properties, some manufactured homes, and FHA-approved condominiums
  • Newly constructed properties must have Certificate of Occupancy (C.O. must be issued prior to up front 1009 application date)

Benefits

  • FHA-Insured Loan- Your loan and home are SAFE!
  • Non-Recourse Loan- This means there is no recourse to the borrower, their estate or heirs if the HECM loan balance exceeds the home's value at maturity as long as the borrower or their estate selll the property to pay off the debt.  If the borrower or their estate want to retain the property, the balance must be paid in full.  Any equity remaining in the property after the reverse mortgage is retired belongs to the borrower or their estate.
  • No Monthly Mortgage Payments- Cash flow is preserved!
  • Homeowner has one set of closing costs
  • Potentially allows client's additional savings for retirement needs

Get A Reverse Mortgage

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