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Reverse Mortgage Basics
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- • More Cash in Your Pocket
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How do I Get Started?
We will be happy to meet with you at your convenience to discuss your needs. We find the first meeting with prospective clients takes about an hour to gather the facts. It will be an hour well spent.
* Please have the information listed below available at the time the application for a Reverse
Mortgage is completed:
* [...]
Do I Still Own My Home?
ABSOLUTELY!! You retain full ownership of your home when you obtain a Reverse Mortgage. The lender has a lien against your property. Since you make no monthly payments the loan balance increases over time.
When the loan is repaid, the borrower or their heirs pay off the loan balance which consists of; the financed closing cost [...]
What Can I Do with the Money from a Reverse Mortgage?
You can use the Money that you receive from a Reverse Mortgage any way You choose:
* Use It as a Financial Planning Tool
* Supplement your Income
* Long-Term Care Insurance
* Pay off a Current Mortgage
* Travel More Frequently
* Pay off Debt, Buy a New Car
* College Tuition or Gifts to Family
What is a Counciling Certificate?
Before applying for a Reverse Mortgage you are required to meet with an independent Reverse Mortgage counselor. This counseling session will help you determine whether a Reverse Mortgage is right for you.
The counseling session can be done either on the telephone or in person. The family or trusted friends are encouraged to participate. At the [...]
How do I Qualify for a Reverse Mortgage?
A Reverse Mortgage is easy to obtain, provided that:
1. You are at Least 62 years of age or older.
2. You occupy your home as your primary residence.
3. You have substantial Equity in your home (proceeds of the Reverse Mortgage must be used to pay off existing liens or mortgages).
What are the Costs Involved in a Reverse Mortgage?
As with a regular mortgage loan, there are closing costs involved with a Reverse Mortgage as well. These fees can be financed into the loan and typically include the cost of the appraisal, title insurance, loan origination, and recording fees. Our Texas Reverse Mortgage Specialists will be happy to provide you with a Good Faith [...]
Read MoreWhat do I Need to Do to Apply for a Reverse Mortgage?
To apply for a reverse mortgage, you will need the following:
* Original counseling certificate provided by third-party Reverse Mortgage counselor.
* Photocopies of driver’s licence and social security card
* Copy of recent property tax statement and homeowners insurance bill.
* Original death certificate of spouse if widow(er). This is needed only if deceased spouse has not been [...]
How Much Money Can I Receive?
The amount of Money you receive is dependent upon several factors: your age, the value of your home, current interest rates and the specific pay out you choose.
Your Loan Originator can help you determine which plan best meets your needs.
While each individual’s situation is different, as a rule of thumb the older you are and [...]
Is Reverse Mortgage Right for You?
Most of us love our home. We have put a lot of ourselves into it. Perhaps we’ve raised our families there, worked hard to keep it in good repair, lived, loved, laughed and cried there.
Your home is one of the biggest assets you have. It represents one of your largest and most often overlooked sources [...]
What Is a Reverse Mortgage?
A Reverse Mortgage is a special type of loan that enables you to tap into the Equity in your home and receive Cash.
• This is Tax Free Money
• There are no income qualifications.
• No Credit Approvals.
• There are no monthly payments to make.
• The loan is not repaid until you decide to sell or permanently [...]
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