Is a Reverse Mortgage right For You?

If you are a homeowner over the age of 62, financial planners are urging you to investigate a Reverse Mortgage.

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We will talk you though the ins and outs of a Reverse Mortgage with no pressure.  After talking with us, you’ll understand why we’re the Experts.

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Ryan Kelley Reverse Mortgage

A Reverse Mortgage Broken Down


Who can use it?

The program enables borrowers to withdraw part of the home’s equity, the amount of which depends on three factors which are: the age of the youngest borrower involved, the current interest rate, and whether the appraised value of the home, the HECM FHA mortgage limit, or the sales price of the home is least.


What are the requirements?

There are some important requirements to qualify for this terrific program to keep in mind. All borrowers must be 62 years or older, own the property outright (or paid down a considerable amount), no delinquencies, use the home as their primary residence, have the financial wherewithal for upkeep, taxes, etc. – and have participated in a consumer info session that is approved by HUD.   .


Why a Reverse Mortgage now?

Reverse Mortgages have never been a better program. There have been big changes in the administration of Reverse Mortgages and it is one of the best loan programs available today. Financial Planners are urging homeowners who qualify (homeowners 62 or older) to look at these new Reverse Mortgage opportunities. To start the process you can apply online or speak to one of our Experts!

Further Reading

Keep in mind that there are requirements on the property type to adhere to. While the property must to meet FHA property and flood standards, they also require that the home is single family or a 2 to 4 unite home that has at least one unit occupied by the owner. If it is a condominium, it must be a HUD approved project, or have individual units that meet the FHA Single Unite Requirements. Manufactured homes will qualify if they meet FHA requirements.

Borrowers must meet the typical financial requirements, with income, assets, monthly living expenses and credit history to be verified, and whether all payments of real estate taxes, as well as hazard/flood insurance premiums are up to date.

How you get your money in a Reverse Mortgage

Borrowers can choose from a variety of different disbursement methods for their money. Borrowers can choose from:

Tenure – For as long as the borrower lives and continues to use this property as a primary residence, they will receive equal monthly payments.

Term – Borrower and lender agree on a fixed period of months where equal payments are dibursed

Line of Credit – Borrower uses the amount borrowed as a line of credit, taking the unscheduled payments or installments at times of their choosing.

Modified Tenure – Scheduled payments during the length of time in the home with an open line of credit during the tenure

Modified Term – Monthly scheduled payments for a fixed amount of months along with a line of credit

Fixed Rate – For all fixed rate mortgages, there will be a single disbursement lump sum

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