Do you adhere to the adage if it sounds too good to be true it is? Have you ever considered that you may be limiting your possibilities by closing your mind to a particular opportunity? I find this is often the case when I first speak to people about reverse mortgage loans, the most common being Home Equity Conversion Mortgages (HECM), which are federally insured by the Federal Housing Administration.
Some refuse to consider the potential benefits of a HECM. This is a flexible loan with different payout options which may meet the needs of a borrower. The loan can provide monthly payments for a set number of years, it can provide monthly payments for as long as the borrower remains in the home and meets all other requirements of the loan*, it can be paid in a lump sum and fund a line of credit, or a combination of any of these.
Are you using your equity as a safety net while depleting your other monetary assets? Is it too good to be true to put a portion of your equity to work for you tax-free while allowing your other assets to continue to grow in the vehicles in which they are invested?** It’s not, especially if you consider that you retain title to your home during the life of the loan, and you or your heirs will not owe more than your home is worth. ***
If you are 62 or over, own your home and have at least 50% equity in your home I can easily and with no obligation show you how a HECM might benefit you. Give me a call today.
*The home must be properly maintained. Taxes and insurance remain the borrower’s responsibility. The borrower must live in the home as primary residence.
**This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your situation.
***There are some circumstances that will cause the loan to mature and the balance to become due and payable. Credit is subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Paula J. Hillman
Reverse Mortgage Planner
Copyright©2018 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.