“If what you thought you knew about home equity and reverse mortgages was wrong, when would you want to know?”-Harlan Accola
Have you ever considered a Home Equity Conversion Mortgage? This loan program has improved in the last several years and is now a valuable component of many retirement plans. If you would like to stay in your home for the long term, you may be able to access equity without selling your home. You can use this equity to meet financial needs or desires. No mortgage payment would be required but you would still be responsible for maintenance of the home, taxes and insurance.
A HECM reverse mortgage can also be used if you are looking to downsize or move to a home more suitable for your needs. The loan could help fill any gap between the equity you have in your current home and the sales price of new home. Imagine being able to afford a more expensive property using the resources you already have available to you in the form of existing home equity and have no monthly payment beyond the taxes and insurance. You could also find that downsizing to a less expensive home could result in savings available for living expenses or that trip you always wanted to take.
I would appreciate the opportunity to dispel some of the myths surrounding HECM reverse mortgages and discuss how you might benefit from this loan program. Being a local lender with national support I can meet at your convenience to discuss any questions you may have.
If you would like to read more about HECM reverse mortgages call or email for your free copy of Home Equity and Reverse Mortgages, The Cinderella of the Baby Boomer Retirement, written by Harlan Accola.
Copyright©2018 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.