What is a Reverse Mortgage Loan?
What is a Reverse Mortgage?For qualified seniors 62 and older, a reverse mortgage, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way to turn a portion of the equity in your home into cash without having to make monthly mortgage payments. As part of the loan, the borrower is required to continue paying property taxes and insurance and maintain the home. As part of the loan, the borrower is required to continue paying property taxes and insurance and maintain the home. According to the US Department of Housing and Urban Development, more than a million households across the nation are using a HECM reverse mortgage insured through the Federal Housing Administration (FHA) that enables seniors to help manage their ever-increasing living expenses. Click here to receive a no obligation Reverse Mortgage material.
Reverse Mortgage Testimonial
Will the Heirs Lose the Opportunity of Owning my Home?
Contrary to popular belief, heirs can inherit a home that has a Reverse Mortgage on it, just like they would with a traditional mortgage. They can be given up to six months with two 90-day extensions options to decide, if needed, if they will sell it, sign it over as a deed-in-lieu of foreclosure, or satisfy the outstanding reverse mortgage loan balance. An appraisal is ordered to help in making that decision to see if there is equity left. Heirs can purchase the home for 95% of the appraised value or the reverse mortgage loan outstanding balance, whichever is lower.
Work with a Qualified Reverse Mortgage Specialist
Mariem Bennett demonstrates: knowledge and competency in the area of reverse mortgage lending, and a dedication to uphold high standards of ethical and professional behavior. “Mariem’s goal is to help educate borrowers on another option they may not know much about, the reverse mortgage option. Through increased cash flow from the equity in their homes, a reverse mortgage may help to relieve the burden of a monthly mortgage payment, however, the borrower must still pay taxes and insurance and maintain the home.
Call me for more details and discuss your options 912-227-2447. We serve Saint Marys Georgia, Kingsland Georgia, Woodbine Georgia, Brunswick Georgia as well as the whole state.
Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.