Reverse Mortgage Solutions

Reverse Mortgage Solutions

A Reverse Mortgage can provide solutions for many different types of challenges since the funds may be used for anything you wish. If you are facing any of the challenges listed below, a reverse mortgage may be the solution for you.

Reverse Mortgage Solution To Access The Equity In Your Home: Seniors who have retired normally do not have the income or employment required to refinance or purchase a home since they are not able to prove their ability to repay the loan.  This is where a Reverse Mortgage can help you access the equity in your home with many additional benefits and protections provided by the Federal Housing Administration (FHA).

Reverse Mortgage Solution For Your Mortgage Payments: A Reverse Mortgage will allow you to pay off your existing mortgage and eliminate monthly mortgage payments.

Reverse Mortgage Solution To Pay Your Bills: A Reverse Mortgage will allow you to easily access the equity in your home giving you access to cash which may be used to pay your bills.

Reverse Mortgage Solution For Your Health: Healthcare expenses such as caregiving, medical, nursing and homecare may be paid for using the cash from a Reverse Mortgage.

Reverse Mortgage Solutions For Emergency Cash: Everyone should have an emergency fund to protect themselves during financial difficulty. A Reverse Mortgage HECM may be setup as partially or fully as a line of credit which you may access and cash out when encountering an emergency and any unforeseen financial need.

Reverse Mortgage Solution To Buy A New Or 2nd Home: If you plan on downsizing or purchasing a new home, a HECM for Purchase loan may be used which combines a reverse mortgage with the equity from the sale of your previous home to buy your next primary home all in one transaction. The proceeds from a reverse mortgage may also be used to buy a second home because you will not have to come up with any money to make the payments on the second mortgage. The regular monthly payments you receive from the reverse mortgage may be used to pay the mortgage payments for your second home.

Reverse Mortgage Solutions For Your Heirs: You may use some of the reverse mortgage payments to pay for premiums on a life insurance policy for your heirs. Your heirs will always be protected and in the unlikely event of a severe real estate crash which may result in the home value being lower than the reverse mortgage loan amounts. Should this ever happen, you will be fully insured by the Federal Housing Administration Insurance Fund.

Reverse Mortgage Solutions For Your Lifestyle: The cash you receive from a reverse mortgage allows you to live that lifestyle you always wanted in retirement. You can use the funds to live your life to the fullest. You can travel and see the world, go on a cruise, purchase a timeshare to share with your heirs and grandkids, buy a new car or RV.

Reverse Mortgage Solutions For Your Heirs: You may use some of the reverse mortgage payments to pay for premiums on a life insurance policy or even pay for your child or grandkids college expenses. Your heirs will always be protected since all HECM Reverse Mortgages are covered by insurance from the Federal Housing Administration. Should the value of your home drop below the loan amount in the unlikely event of a severe real estate crash, your heirs will never owe any debt to the lender since it will be covered by insurance.

Reverse Mortgage Solution For Your Younger Spouse: When the older borrower dies, the younger spouse may continue to live in the home (with no loan payments) as long as they pay their property taxes, homeowners insurance, and maintain the home to a reasonable level. HOA dues must also be paid if applicable. This protection came into effect on April 25th, 2014 when the FHA revised the HECM age eligibility requirements to extend protections to spouses younger than 62 years old.