Frequently Asked Questions & Answers about Reverse Mortgage.
- What is a Reverse Mortgage?
A reverse mortgage is a special type
of loan that allows a homeowner to convert a portion of the equity in their home to eliminate mortgage payments and even gain
free income without losing the title to their home. Unlike a traditional home equity loan or second mortgage, credit history
is not a factor in reverse mortgage underwriting.
Bankruptcies, foreclosures, poor credit history or no credit do not impact your eligibility
for a reverse mortgage. No repayment is required until borrower(s) no longer uses the home as their principal residence. With
the baby boomers reaching retirement age, this untapped potential remains enormous, as a program seniors might need from 2007
till 2027. Reverse mortgages are FHA –insured and guaranteed for homeowner 62 or older.
This is HUD/FHA-
HECM equity loan program for Seniors who have attained age 62 or older whether as a millionaire or a pauper to live
in your home for the rest of your life with no payments ever due on a your mortgage, but instead you get paid with large sum
disbursement at closing, a guaranteed monthly payment for life, a line of credit or combination of the above, and you can
use the cash anyway you choose.
After all it’s your money, vacations, buy a new car, help kids or grandkids with college
or their first home, in home health care or other health care costs, etc.
- What type of homes is eligible?
A home must be a single – family
dwelling or a two-to-four unit property that is owned and occupied. Townhouses, detached homes, units in condominiums and
some manufactured homes are eligible. CONVERT YOUR EQUITY
INTO MONTHLY INCOME
3.What`s
the out –of –pocket cost?
No out-of pocket cash cost to you. Some companies charge an application fee but with me Emmanuel
Adetula I do it for you free, all other cost can be financed with the loan. This means that you can use reverse mortgage funds
advanced to you at closing to pay the costs due at that time. No income qualifications, no out of pocket cost, all I need
from you in other to give you a customized benefit analysis is: -
- Your age, month year of birth (b) Approximate value of your home
- Your zip code (d) Existing mortgage amount (if any)
You can not outlive a reverse mortgage,
you never loose control of your property, you hold title to your property, your benefits is guaranteed for life and your heirs
get the title and remaining equity in the property, if extra income and elimination of an existing mortgage payments would
be of benefit to you now, then complete the form at the other side, or refer it to someone a reverse
mortgage could be an ideal answer. Mail to me and I will guide you through each important step you will take as you travel
down the path to financial independence for the rest of your life, the older you are the more you get.
What about public benefits?
Social security and Medicare benefits are not affected by reverse mortgages,
and IRS does not consider loan advances to be income, again you can not lose your home by missing a payment because now there
are none to make, with reverse mortgage you are free from mortgage payment for the rest of your life. LET YOUR HOME PAY YOU. (Emmanuel Adetula DRE Lic. # 01784665)
