More than one million seniors have used a Home Equity Conversion Mortgage (HECM) loan to retain ownership of their homes while helping them enjoy a more secure retirement, using the extra cash to supplement their retirement savings. I am a reverse mortgage professional and I have an opportunity for you that could literally change your life!
HECM loans, often called reverse mortgages, are insured by the Federal Housing Administration (FHA) and designed to help seniors tap a portion of the equity in their homes to increase monthly cash flow during retirement. Here’s how a reverse mortgage could benefit you:
I’ve helped many seniors in your area, just like you, pay off their existing mortgage and enjoy their retirement to the fullest. Call me today at 909-941-0122 to see if a reverse mortgage is right for you!
If you qualify and your loan is approved, a HECM must pay off your existing mortgage(s). With a HECM, 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 HECM increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan).
Loan proceeds are paid tax free; consult your tax advisor.
Social Security benefits will not be impacted; however other benefits such as Medicaid or supplemental income, like government assistance, may be impacted.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.
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