Skip to content

Mortgage 101- Reverse Mortgage

March 12, 2013

mortgage banner 2

reverse mortgage is a loan for senior homeowners that uses a portion of the home’s equity as collateral.  The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage. To be eligible for a reverse mortgage, the Federal Housing Administration requires that all homeowners be at least age 62. The home must be owned free and clear or all existing liens but be able to be satisfied with the reverse mortgage. If there is a mortgage balance, it can be paid off completely with the proceeds of the reverse mortgage loan at the closing. Generally there are no income or credit score requirements for a reverse mortgage.

Some Pros of a Reverse Mortgage

  • You can receive the funds in a lump-sum, monthly, a line of credit or a combination of these options
  • Homeowner can stay in the home without making monthly mortgage payments
  • Eliminates existing mortgage payments
  • Heirs are not personally liable if payoff balance exceeds home value
  • Heirs inherit any remaining equity after paying off the reverse mortgage
  • Proceeds are tax-free; however, consult with your financial advisor

Here are some helpful sites from the FHA to check out if you are looking for further information on Reverse Mortgages:

FHA Reverse Mortgages (HECMs) for Seniors

Frequently Asked Questions about HUD’s Reverse Mortgages

                                                                                                                                

If you are currently searching for a Reverse Mortgage on your home, Platinum Mortgage has the tools and people to insure a fast and easy process. Leaving you with the financial situation you want, stress free.

Contact us today! www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application on our websitehttp://pmccanhelp.com/mortgage_application.php

Follow our Mortgage on:
http://www.facebook.com/pmccanhelp
http://twitter.com/pmccanhelp
http://www.linkedin.com/in/pmccanhelp

Follow our Realty on:
http://www.facebook.com/pmcrealty,
https://twitter.com/pmcrealty
http://www.linkedin.com/

Looking for a new career?  Apply to Platinum Today

With Platinum Mortgage you’ll enjoy competitive pay, benefits and rewards. With 23 years of experience, a solid reputation and a loyal customer base, we provide you with endless opportunity to develop your career. Our open and collaborative environment lets you grow both personally and professionally.

To be reviewed for hire by our team: Visit our website at www.pmccanhelp.com and submit your resume and application to us!

Call or email a Platinum Representative for further inquiries.

800- 385-3657 |  careers@pmccanhelp.com

Platinum Mortgage Company | NMLS 266371 | DRE 01183898 

Corporate Office: 915 Highland Pointe Dr. Ste. 250, Roseville, CA 95678

SoCal Office: 6 Hutton Center Dr. Ste. 600, Santa Ana, CA 92707

Media http://pmccanhelp.com/media.php  |  Website www.pmccanhelp.com

Conventional – Jumbo – FHA – VOE – SIVA – Hard Money – Commercial 

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: