Reverse
Mortgage Fast Facts
1.- At least
one of the borrowers must be 62 years and older
2.-No repayment
is made until the home is sold or the owner
3.-permanently
moves out or passes away
4.-You will
never owe more than the value of your home (This is a non-recourse loan program)
5.-No income
qualification, no credit qualification, no employment qualification
6.-Interest
is paid at the time the loan is repaid
7.-When the
loan is due, your heirs have choices - they can repay the loan and keep the house, or sell the home and repay the loan.
8.-Social Security
benefits and Medicare are generally not affected by a reverse mortgage - consult your tax advisor.
9.-You own your
home and title stays in your name
10.-Interest
rates are adjustable and can change periodically
11.-Closing
costs and fees incurred can be financed as part of the loan; there is zero to minimal out of pocket costs to you
12.-All closing costs are regulated
by FHA-HUD
Receiving
your Reverse Mortgage Proceeds
1.- All
at once, in a single lump sum of cash.
2.- As a regular monthly cash annuity
3.-As
a “credit line” account that lets you decide when and how much of your available cash is paid to you.
4.- Or As a combination of these payment methods.
No matter how
this loan is paid out to you, you don’t have to pay anything back until you pass away, sell your home, or permanently
move out of your home.
Retirement should
be a time for Enjoyment. Reverse Mortgages are designed to
help you achieve your goals by providing you extra tax-free cash flow to live your retirement years without the stress of
worrying about money. If you own your home, a reverse mortgage may be right for you.
Our Reverse Mortgage
Consultants, are here to help answer any questions and assist you through the process. We will gladly prepare
a free analysis and loan comparison for you with no obligation or restrictions.
Reached your
CONSULTANT...
MR. HECTOR A. SAENZ SR.
via phone 1-786-273-8761.
