Reverse Mortgages or Equity Conversion Mortgages (HECM) are not for everyone, however, they can certainly help out those 62+ years young. With a reverse mortgage you can turn the value of your home into cash without having to sell the property, move out or repay a loan every month. As in any financial transaction that involves your home, obtaining a reverse mortgage involves a number of steps that are designed to protect both you and the lender.
In most cases, the lender makes monthly cash payments to the homeowner, and repayment is deferred until the homeowner dies, moves out or the house is sold. Reverse mortgages are quite different from any other loans, and the risks to borrowers are unique.
Getting educated about how a reverse mortgage works is the most important step you can take. Make sure you understand all of your options and drawbacks for your specific financial situation.
Some of the best reasons for getting a reverse mortgage:
Pay off debt -- the cost of living is increasing. Get the money you need to cover your expenses and live happily in the home you love.
Subsidize health care costs by paying for in-home care, medical bills or prescriptions.
Home improvements and repairs are expensive, and a reverse mortgage can give you the same advantages as a home equity loan without an additional mortgage payment.
Lifestyle enhancement -- whether you want to travel, visit family or just live comfortably.
Supplement your income -- if you are not yet retired, a reverse mortgage can help you cover the cost of living.
Help family members by sending them to college, or allow yourself the ability to travel and fulfill your bucket list items.
- At least one homeowner must be 62 years old or older.
- You must live in and own the property at least six months and one day per year.
- You must continue to pay property taxes, home insurance and always maintain the property.
- You must qualify under a financial assessment.
The amount you qualify for is based on your home's value, government lending limits for your county, the age of the youngest borrower and current interest rates. Unless you have immediate mandatory mortgage payoffs or debts, what you qualify for today doesn't really matter. Your HECM line of credit grows monthly, which means if you don't use it much, your available line grows tax-free at a rate better than most investments.
- Make no monthly mortgage payments for as long as you live in your home.
- Continue to live in the comfort and security of your own home.
- Receive tax-free funds for as long as you live in your home (consult your financial advisor).
- Choose how you want to receive the money—lump sum, monthly payment or a line of credit. You can also mix and match as needed with all adjustable rate products.
- Repay the loan at any time with no penalty.
- It is a non-recourse loan, which means you will never owe more on the loan than the house is worth.
- Your line of credit grows monthly.
- The older you are the more money you qualify for.
We are happy to answer any questions you might have and are eager to review the product details with you. Please contact Top Vine Mortgage Services today at 844-545-9251 and speak with our Reverse Mortgage Specialist to help you achieve the lifestyle you deserve.
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As a first-time homebuyer, I didn't know where to turn. I first contacted a mortgage broker that my real estate agent had given me. He was hard to get in touch with, offered me ridiculously high rates and told me that I had to have 3 people on my mortgage. I was referred to Top Vine by a friend after telling her what I was going through. I called Top Vine right away and they made the entire process so easy. Not only did they get me approved on my own, but I also got a great rate! Even the attorneys at the closing complimented the work Tom and his team did. I definitely recommend Top Vine to anyone who needs a mortgage or is looking to refinance.
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"As first-time homebuyers, we were very anxious and nervous about the whole process but going with Top Vine was one of the best decisions we made! Vincent and his team not only walked us through all the requirements, but they worked with us day and night to make the process easy, comfortable, and offered great advice along the way! I recommend Top Vine to anyone looking to buy a house!"
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