What are the advantages of a reverse mortgage?
The HECM Reverse mortgage loan may offer advantages that provide relief from financial challenges. Whether you’re looking to pay off bills, purchase a new home, or convert your equity to additional income to help enjoy your retirement, the HECM loan may be the answer for you.
- Easy To Qualify
- Generally no impact on Social Security or Medicare Benefits (Exceptions may apply)
- You Maintain Ownership as long as you abide by the HUD conditions
- Proceeds are NOT CONSIDERED INCOME
- May Eliminate Your Monthly Principal and Interest Mortgage Payment (You must stay current on paying property taxes, insurance, HOA fees, maintain home and comply with loan terms)
Give us a call to learn more:
(800) 779-1020
Important Disclosure
(1) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and
(2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees;
(3) the loan balance grows over time and interest is charged on the outstanding balance;
(4) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds;
(5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.
5 Important Things To Understand As You Consider A HECM Reverse Mortgage Loan
1
At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds.
2
Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
3
The loan balance grows over time and interest is charged on the outstanding balance.
4
The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home.
5
Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full repayment.