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Discover The Benefits Of A Reverse Mortgage A Smart Financial Solution To Many Needs

In today’s economic times, many people are discovering that a reverse mortgage can be the key to financial security!
Today’s FHA, government-insured reverse mortgage can give you the opportunity to enjoy life without financial stress!


Answers to Common Questions About Reverse Mortgages

If I obtain a reverse mortgage, will the bank own my home?
No. A reverse mortgage is similar to any other mortgage product in that the bank simply places a lien on your property and has no ownership interest. You always retain title to your home.
Do I have to make monthly mortgage payments?
No. No monthly mortgage payments are required as long as the home remains your primary residence.
Do I have to pay taxes on the money I receive from my reverse mortgage?
My credit is poor and income is limited. Can I still get a reverse mortgage?
Yes. For a reverse mortgage, your personal credit rating is irrelevant. As long as you have sufficient equity in the home and are able to pay property taxes, HOA dues, and homeowners insurance you qualify!*
What closing costs are included in a reverse mortgage?
The majority of the costs in a reverse mortgage are governed by Federal, state, and local regulations. Closing costs include, but are not limited to: FHA insur-ance premiums, state/local taxes, title insurance, origination fees, and costs of other third-party services.
How do I access my reverse mortgage proceeds?
You have the ability to access your reverse mortgage funds via a lump-sum at closing, line of credit, monthly payments, or a combination of the above.


How Much Money Can I Receive From A Reverse Mortgage?
It depends on:
· Your age (or age of youngest borrower)
· The appraised value of the home
· Current interest rates
As a general rule, the older you are means the more money you can receive!

What Properties Can Qualify?
· Single-family homes
· 1-4 unit properties
· Manufactured homes
· Mobile homes
· Modular homes
· Townhomes
· FHA approved condominiums

What Are The Potential Uses Of A Reverse Mortgage?

The potential uses for a reverse mortgage are endless. With a reverse mortgage, you’re in charge! Past clients have used reverse mortgages to fund a variety of items:
· Supplement your retirement income
· Pay property taxes or insurance
· Fund healthcare or long-term-care costs
· Purchase a primary residence
· Pay off a mortgage and/or other debts
· Prevent foreclosure

NO Payments as long as you live in your home!
Owner is responsible for taxes, insurance, and all relevant property charges.
HECM (Home Equity Conversion Mortgage) Reverse Mortgage
FHA Government Insured

Reverse Mortgages
Get The Facts, Then Decide!

You’ve heard a lot about reverse mortgages—in order to keep it simple here are some key facts to remember when considering a reverse mortgage:


Key Points To Remember Regarding Reverse Mortgages


- Reverse Mortgages can be made on primary residences only.

- Each person on the deed to the property must be at least age 62 at closing.

- Title to the property remains in your name(s).

- No monthly re-payments are required for the reverse mortgage.*

- The client(s) responsibilities are to pay property taxes, homeowner’s insurance, other relevant property charges, and to keep the home in good repair.*

- The reverse mortgage does not have to be repaid until the home is no longer your primary residence.*

- The amount you can receive from a reverse mortgage (principal limit) is determined by the age of the youngest bor-rower, property value, and interest rates.

- The flexible ways you can receive your reverse mortgage proceeds include lump-sum at closing, line of credit, monthly payments, term payments for a set time period, and/or a combination of the above .

- All potential reverse mortgage clients are required to participate in an educational counseling session conducted by an FHA-approved, independent consumer education firm.


For a Confidential Consultation,
individuals should contact
Pam Martin

NMLS ID# 446785
Bank Contact
David Edreich
NMLS ID# 448538


*Terms and conditions are subject to agency and investor guidelines in effect at the time of application. Loan programs may change or be eliminated without notice or obligation. Not all borrowers qualify for all programs. All property taxes, homeowners’ insurance, and HOA dues are the responsibility of the borrower. Failure to remain current on all relevant property charges can cause the reverse mortgage to go into default.

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