Fairway Independent Mortgage Corporation has many loan products to offer, including both traditional or “forward” mortgages and reverse mortgage loans. Most reverse mortgages today are federally insured through the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) Program. Fairway is licensed in all 50 states and is the 9th largest lender in the nation.
As a Fairway Reverse Mortgage Planner, I have received extensive training regarding HECM mortgages. I share the belief that HECM Reverse Mortgages can potentially enrich people’s lives by providing cash flow that can be accessed to help meet needs and fulfill dreams that may have been postponed due to putting others needs first.
I am looking forward to getting my own HECM Reverse Mortgage in March of 2018.
I am looking at using the HECM reverse for purchase option.* This is a great opportunity for me to purchase a home in a 55 and over community that I may not otherwise be able to afford. I have a significant amount of equity in my current home and my intent is to put a portion of this cash down** and use a reverse mortgage to fund the rest of the purchase price. I will be left with a good portion of cash to use for other expenses.
*Purchase option may not be available in all areas; contact me for more information.
**The down payment on your new home required is determined on a number of factors, including your age, current interest rates, and the lesser of the home’s appraised value or purchase price.
After this transaction is complete, I will have no mortgage payment but will still be responsible for taxes, insurance and other property related charges such as HOA fees, if applicable, and I will need to maintain the home. As long as all loan terms are met, I will always own the property, and I or my heirs will receive leftover equity, if any, upon my death or if I permanently move out. Since HECMs are insured, the loans are non-recourse which means should the loan balance exceed the home value, the difference will be paid by the Federal Housing Administration and not my or my heirs’ responsibility.
Fairway Independent Mortgage Corporation
Reverse Mortgage Planner
Copyright©2017 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289. 4801 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 customers 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.