Reverse mortgages are increasingly being recognized by both homeowners and financial advisors as an effective way to leverage an important retirement asset: home equity. Among the benefits of a reverse mortgage are:
- The ability to tap into your home equity to help you maintain a comfortable lifestyle, while remaining in your home.
- Great flexibility. You can choose to take your tax-free* loan proceeds as a line of credit; monthly advances for a set period of time; a monthly stream of funds for as long as you live in the home; a lump sum, or a combination of these options.
- No monthly mortgage payments. If you qualify and have an existing mortgage, home equity loan or any other type of debt, you can pay it off and reduce your overall monthly expenses. + As a homeowner, you are still responsible for paying property taxes, home owner insurance and homeowner’s association dues, if applicable. * Not tax advice. Consult a tax professional. + Your reverse mortgage proceeds will first be used to pay off any existing mortgage balance(s) and/or federal debt.
Am I Eligible? To be eligible for a reverse mortgage:
- All titleholders must be age 62 or older.
- The home must be the borrowers’ primary residence, and must meet Federal Housing Authority (FHA) minimum property standards.
- You must have sufficient home equity.
How Much Money Can I Get?
- This is determined by the age of the youngest borrower, your home value, the amount of equity, FHA lending limits, current interest rates, and the reverse mortgage product and payment option you choose. I can provide you with a quote that’s tailored to your specific situation, with no cost or obligation.
To learn more, contact me at: Marcia Honz, Reverse Mortgage Specialist Finance of America Reverse LLC NMLS #923102, (317) 696-9787 www.fareverse.com/mhonz
This material is not from HUD or FHA and has not been approved by HUD or any government agency. Finance of America Reverse LLC NMLS #2285 (www.nmlsconsumeraccess.org); Corporate Office: 8909 South Yale Avenue, Tulsa, OK 74137; Not all products and options are available in all states. Terms subject to change without notice. ©2016 Finance of America Reverse LLC. All Rights Reserved. EQUAL HOUSING LENDER.