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Reverse Mortgages 

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Our reverse mortgage program can provide older residents with much-needed financial security. Your regular mortgage payments can be eliminated, while you receive payments from the lender on the equity of your home. You can continue living in your home while collecting payments and are not required to repay the mortgage until you leave the home.

This guide well help you learn the requirements for a reverse mortgage, how they can benefit you, and whether a reverse mortgage is the right solution for you.

 

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What is a Reverse Mortgage?

Structured for seniors age 62 and up, a reverse mortgage on your property allows you to Stop making principle and interest payments on the mortgage for your home. If you have a subtantial amount of equity you can also get cash in a lump sum or choose to take it as monthly payments to you not from you! That is not a typo, you could stop making payments and start to receive payments based on your age and on the equity of your home. Those seeking funds for the expenses that can incur with age can take advantage of reverse mortgage rates and use the value of your property now, only to be paid back after you sell or leave the home, or the homeowner passes away.

Reverse mortgages are an incredible tool for supplementing income. There are very specific qualifications for people who qualify for the reverse mortgages solutions offered by US Mortgages. Learn more about the eligibility requirements for reverse mortgages and the kinds of reverse mortgages we have available.

FHA Reverse Mortgages are Federally backed and among the most popular but there are also proprietary options and hybrid options you could choose from too. The HECM (Home Equity Conversion Mortgage) Program, is the most popular reverse loan program in the U.S.. With a HECM reverse mortgage, you have several options to choose from including fixed rates, adjustable rates and purchase reverse mortgages.

Our Reverse Mortgage Services

With a reverse mortgage, you do not risk losing your home. So long as property taxes and homeowner's insurance continues to be paid, your home cannot be taken from you. No recourse and no fear of the "what if the balance of my loan exceeds the homes value". As long as you occupy the residence as your primary (meaning at least 6 months and 1 day per year and make your insurance and tax payments) then you can never be displaced from your home. Also because this does not carry recourse it means your heirs would NOT be responsible in the event you pass away and your balance was greater than the value of the home! 

Reverse mortgages allow homeowners to convert the equity they've put into their primary residence into supplemental income. In the U.S. reverse mortgage lenders pay homeowners one of two ways during the term of a reverse mortgage rate: a lump sum or a monthly mortgage payment. Frequently reverse mortgages are used to supplement the income of aging adults who have a fixed income for a variety of reasons. Our personal mortgages advisors are trained and can provide a comprehensive reverse mortgage information dissection to insure you have a full understanding of the program as well as direct you to HUD reverse certified counselors to make sure you have full knowledge about the product and get every question answered.

Jumbo reverse mortgage loans are targeted at new homeowners with homes valued upwards of $1,000,000. These loans come with some essential key features that make them stand out, providing more alternatives and borrowing power for homeowners with high-valued properties.

How to Get Started

Are you interested in taking the next step towards a reverse mortgage and want to learn more? Feel free to give us your contact information on our website and we'll get back to you typically within 1-2 hours, even on weekends. We also welcome you to give us a call at our office to learn more about reverse mortgages, their rates, and if they're right for you and your family.

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