| If you need cash, own a home, and you’re 62 or | | | | home permanently. |
| older, there are a few ways to get money out of your | | | | To make it simple: you get cash money against the |
| property. If can get approved, you could re-mortgage | | | | value of your home equity. What is different compared |
| the home or take a home equity loan and take on a | | | | to the usual mortgage is, that the reverse mortgage |
| new, monthly payment. You could sell your home and | | | | loans work in that way, that you do not have to pay |
| down-size or rent. But if you are a senior homeowner | | | | anything to the lender monthly. Instead, the lender pays |
| who wants financial security AND a way to remain in | | | | you monthly! |
| your house, you might consider a reverse mortgage. | | | | In the real world, the reverse mortgage loans include |
| A reverse mortgage is a loan that can give you the | | | | more features. |
| equity in your home to use without having to sell or | | | | It is wise to get information and to prepare well for |
| make a monthly payment. It is specially designed for | | | | counseling. Now let’s assess how much cash can |
| seniors, what makes this loan so attractive is that you | | | | you be paid? The amount you can borrow depends |
| never have to pay back a dime on the loan unless you | | | | on a number of factors that includes your age, the |
| move, sell your home, or die. Even if you live there for | | | | current reverse mortgage interest rates, the value of |
| another 50 years, there are no payments. | | | | your property and In the case of the FHA insured |
| You can take the money in several ways, too – in | | | | HECM program (Home Equity Conversion |
| a lump sum, in monthly payments, or in varying | | | | Mortgage),the FHA loan limit will be taken into |
| amounts when you decide you need it, much like a | | | | consideration. This will come into play on homes that |
| home equity loan. The payoff, usually from the | | | | exceed this limit. The FHA lending limit nationally as of |
| proceeds of a sale, covers all interest and other | | | | February 24, 2009 is 150% X the Freddie Mac lending |
| charges. And because the cash received from a | | | | limit which equals the FHA lending limit of $625,500. |
| reverse mortgage is not considered income, it comes | | | | This limit may only be good for a short period of time. |
| to you tax free and will not affect your Social Security | | | | For FREE reverse mortgage information, Give us a |
| or Medicare benefits. | | | | call. We will be more than happy to answer any |
| One of the more popular benefits of a reverse | | | | questions that you may have. Or if you’d like to find |
| mortgage is that it allows you to retain title to your | | | | out how money you qualify for and if you’re eligible, |
| home so you can live there as long as you want -- | | | | feel free to give us a call at (800)630-0650 |
| and make no payments for life until you leave the | | | | ting. |