The great benefit of a reverse mortgage is that you use your home equity to pay for the things you want right now and live in your home the rest of your life without making mortgage payments!
As a Senior loan officer, Bill has assisted home buyers for over 30 years to achieve the American dream.
Bill does business the way it used to be done. He will come to your home, sit down with you at your kitchen table, and answer all of your questions.
He will help you decide if a reverse mortgage is a good strategy for you and your family. If you would like to have your children or your trusted advisor with you for your appointment, they are very welcome.
Reverse mortgages may also be used to downsize, upsize, or right size your perfect home.
Bill will be with you every step of the way to advise you as you make these decisions.
There is some fine print, but it’s pretty simple. You must keep current with property taxes, HOA fees, homeowners insurance, and basic maintenance”.
Contact Bill today and he'll be delighted to meet with you to discuss this unique mortgage loan.
This useful loan option is designed to help homeowners and home buyers age 62 and older convert some of their home equity into cash.
Unlike a traditional mortgage, a Reverse Mortgage doesn't have to be repaid until the last surviving borrower no longer lives in the home, or the home sold.
The Reverse Mortgage is insured by the Federal Housing Administration ( FHA ) to protect Borrowers and Lenders alike. This insurance guarantees you will receive your loan proceeds as agreed upon.
This is determined by the age of the youngest borrower, your home equity, FHA lending limits, the current interest rate, and the reverse mortgage product and payment option plan you choose. This loan will be tailored to your specific situation with no cost or obligation.
The basic requirements are: Youngest borrower must be 62 or older (Younger spouses/partners are protected) co-borrowers with partners, family members, Income ratios based on your debts, example your debt payments projected property taxes, Homeowners Insurance, Home Owners Association fee, and project home maintenance annual costs. Must be your primary residence and occupies by you.
The equity will be determined by the current value, and mortgage balance if there is one - plus what your age is. A quick check of values and combined with your age will provide an estimate of your potential lending limit and estimate of your net proceeds. The older you are the greater amount you can receive, plus we review debts and provide you a list of Approved Independent HUD Counselors to review our projected costs and information. They then issue you a HUD counseling Certificate. We don't go forward with our loan process until the Counseling is completed and we have a copy of this is in our hands - Counseling can cost between $125.00 and $ 150.00.
As long as the term of the loan are met, a Reverse Mortgage does not have to be repaid until the home is sold by you or your estate, or no longer the primary residence of at least one borrower (or non-borrowing spouse who meets certain requirements) Usually, the last surviving borrower or their estate sells the home to repay the loan. It can also be repaid in cash from any source, such as other assets, proceeds from a life insurance policy or a loan refinance or the estate, and can be transferred to heirs. The heirs or estate may repay the debt by selling the home within a given amount of time.