Reverse Mortgage Essentials
Features and Benefits
1. Borrowers are not obligated to make monthly mortgage payments
2. Your savings are preserved and your cash flow is increased to aid for the cost of living and to enjoy life
3. You can qualify more easily compared to a traditional loan
More Features and Benefits
1. Homeowner retains title to the home, not the lender
2. Homeowner continues to benefit from home appreciation
3. Senior enjoys financial security and independence
4.Nearly no income or credit qualifications are required
Who might use a HECM (Home Equity Conversion Mortgage) Purchase?
1. Empty nesters downsizing in retirement
2. Relocation
A. Warm climate
B. Grandchildren and friends
3. Need a single story home for physical reasons
4. Want to purchase dream home
5. Unable to purchase in the past due to credit / income qualifications, condo conversion, etc.
6. Need to eliminate burdensome monthly mortgage payments
How does a HECM for purchase work?
� Purchase consists of two parts:
1. Monetary investment buyer brings to the close
2. Left over amount financed through the reverse mortgage
� Repayment due when:
1. Last borrower moves out permanently
2. Property is sold
3. All borrowers pass away
4. Non-compliance with terms of loan agreement (borrower must pay taxes, insurance, keep HOA dues current, and maintain home in reasonable condition)
For Example
� Mrs. Jones wants to downsize
� She sells her home for $200,000 and repays a Lien of $100,000 with $100,000 left over
� Mrs. Jones can use the money to buy a home worth $100,000 and use all the money and not have a mortgage or�.
� She can use some of the money as a down payment on a $100,000 home with no required monthly payment (using a reverse mortgage for the balance of the purchase price) and have money left over to enjoy life with.
Please call for particular calculations!!
Call now to 773-604-7026
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