Reverse Mortgage Information
A reverse mortgage is a way for homeowners to convert the equity they have accumulated, in their home, pay them! No regular monthly mortgage payments required,* as long as the homeowners continues to live in their primary residence and upholds their homeowner responsibilities. Only one homeowner must be at least 62 years old, live in the home, and have equity in the home to apply for a reverse mortgage. The primary residence does not have to be paid in full.
Homeowners have two options to pay off their mortgage:
Forward Mortgage- Pay regular monthly mortgage payments to the lender every month till it is paid off.
Reverse Mortgage- Lender will pay off the mortgage (if any) and you will not have to pay a mortgage payment until the loan becomes due and payable.
Want to know more about the benefits:
You can Purchase or Refinance a home with a Reverse Mortgage.
Homeowners retains ownership of the home, not the lender
Pay off your existing mortgage and eliminate monthly mortgage payments
Receive tax free money
Freedom and flexibility to use the money as you wish. (I.e. vacation, medical bills, daily expenses etc.)
Supplement your income, improve your financial situation
Can live in the property even if the money runs out
Non-recourse loan insured by FHA
Available options to receive tax free money:
Tenure: Every month for life
Term: X amount for Y years
All at once in one lump sum
Line of Credit to use as needed (The unused money can grow over time)
The mortgage specialists at CMF will guide you through the reverse mortgage process, including access to HUD-approved counselors.
Call us today to see if a reverse mortgage is right for you 877.915.3030
* If you qualify and your loan is approved, a Reverse Mortgage must pay off your existing mortgage(s). With a Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner's insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan must be paid off when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or does not comply with the loan terms. A Reverse Mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency. Counseling by HUD-approved counselor is mandatory.
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