Reverse Mortgages

Reverse Mortgages:   They are not what you may think they are. The original version of this type of loan was not a good loan, they were called Equity Shares, and some lenders are still selling this product. In an Equity Share you sign over your interest in the property to the lender which you never want to do. With this type of mortgage when you sold or passed away your equity was gone. NOT SO with the Reverse Mortgage. The Federal Government oversees and insures this loan through FHA and HUD. In a Reverse Mortgage you never sign over your ownership interest. You own the home just like you do now if you have a loan on it. The difference is that with a Reverse Mortgage it pays off any mortgage(s) you have against the house, eliminating your mortgage payment, and you can live in the home making no principle and interest payment mortgage payment, for as long as you live in the home. When you sell or pass away remaining equity in the home will be yours to keep or leave to your heirs. In fact if your home appreciates at 4% per year (or more) the increase in value will offset the accumilitating deferred payments. If your home appreciates more than 4% a year it can possibly increase your equity over the years. If you are 62 years of age or older this might be the best thing since ice cream for you. Be sure to contact me for more information about this fantastic loan.

With Reverse Mortgages it is required that you have a third party counseling, this is in addition to the counseling I will provide to you free of cost. By calling me I can provide to you a list of approved counselors that will do this service for you, sometimes free of charge, or at a nominal fee. All you need to do is call them and set up an appointment for the HECM Reverse Mortgage Counseling  and can done over the telephone. These counselors are usually backed up about 4 weeks so make sure you schedule this counseling right away. I will need the original copy of the counseling certificate before I can go forward with your Reverse Mortgage. Please call me for a list of approved counselors.