Reverse Mortgages 101...
Is a Reverse Mortgage Right for you and your Family?
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In a reverse mortgage (sometimes called a home equity conversion loan), homeowners ages 62 or older can use home equity for anything they need without having to sell their homes. Choosing between a monthly payment, a line of credit, or a lump sum, you may get a loan amount determined by your equity. The loan does not have to be paid back until the borrower sells the home, moves away, or passes away. You or a representative of your estate has to repay the reverse mortgage amount, interest accrued, and other finance charges after your house is sold, or you are no longer living in it.
Who is Able to Participate?
The requirements of a reverse mortgage generally include being sixty-two or older, maintaining the property as your primary living place, and having a low balance on your mortgage or owning your home outright.
Reverse mortgages can be appropriate for homeowners who are retired or no longer working but have a need to supplement their limited income. Rates of interest can be fixed or adjustable and the money is nontaxable and doesn't affect Medicare or Social Security benefits. The residence is never in danger of being taken away from you by the lender or put up for sale against your will if you live past the loan term - even if the property value goes under the loan balance. Contact us at 631-273-1188 X 2 (Sales) to explore your reverse mortgage options.
When is a Reverse Mortgage Right for You and Your Family?
We have seen it time and time again where rising costs of living begin to stress out families across New York. Rising Medical Costs, Rising Property Taxes or Rising Costs of, well... just Life become the main focus of Retirement when Retiree's worked their whole life to make those years as relaxing and stress-free as possible. There is often a negative stigma attached to Reverse Mortgages but when they make sense... They make sense. Evolution Mortgage is here to advise you if this product makes sense for you and your family.
No more dividing up the costs of mom and dad's bills between the siblings at the end of every month. No more family friction associated with those costs. Allow this mortgage to put the joy back into your loved one's lives and not worry about the stress of the month to month costs of life.
Here is how the process works... Call us up at (631) 273 - 1188 X 2 (Sales) and discuss your financial situation with us. We want to reiterate that we are not just Mortgage Broker's; We are CPA's and Financial Advisers that will provide you a true understanding of this product and let you know if it makes sense for you and your loved ones. If a reverse mortgage is right for you, we move forward to the next step...
The next step is to find out which reverse mortgage product is right for you and your family. The main options include an upfront lump sum payment, a line of credit, or a combination of both. If there is a current mortgage on the property, that mortgage will be paid off, all closing costs will be included and the remaining available limit will be provided to you via either of those 3 options. The available limit will be based upon the Appraised Value of your home and your the age of the borrower.
From there, there is NO monthly mortgage obligation to be paid. (Please note that you are required to maintain the home in reasonable condition, keep current on your real estate taxes and maintain adequate homeowners insurance. Funds made available to you can be used towards the carrying charges of the home.) Live Example: Before, you had a mortgage payment that cost $3,000 a month... Now you have no mortgage payment and can have access to another $3,000 a month to pay for costs of living (if your value and mortality dictate those terms).
Call us at (631)-273-1188 X 2 (Sales) for your FREE and HONEST opinion Today!
Evolution Mortgage Inc. can answer questions about reverse mortgages and many others. Call us at 631-273-1188 x 2 (Sales).