.
.
Reverse Mortgage Programs Updated for 2015 Dear Friend, With rising cost of living in the United States, many homeowners of retirement age are having
difficulty covering expenses on a fixed income. New changes to FHA insured‡ HECM loans or Reverse Mortgages may open the door for more Americans
to solve this problem. This program was originally created to provide a loan for seniors so they
can receive consistent reliable funds in retirement. NEW: REVERSE MORTGAGES NOW AVAILABLE TO MORE HOMEOWNERS. Requirements on the age of both borrowers have recently changed. Click Here to Find Out If You Qualify for an FHA insured‡ Reverse Mortgages HECM loans or FHA insured‡ Reverse Mortgages offer many significant benefits to those who qualify: • Tax Free* monthly allotments or one lump sum • Options available even if credit challenged** • The borrower stays in the home and retains title to the home until it is sold or vacated† “A reverse mortgage allows you to draw equity out of your house while continuing to live there†. Its big
advantage over other home equity borrowing is that you don’t have to pay back a dime while you live in the
house, but once you sell or are no longer able to occupy the home as your primary residence, the total loan
balance, plus interest and fees, must be paid in full. You can receive the loan in a lump sum, a monthly
amount, or a line of credit (essentially, a checkbook you use to spend the funds as a needed), or some
combination of these. If you still owe you money on your mortgage, the new loan can be used to pay of the
remaining balance.” Time.com/money 12/3/2014 Visit Here to See How Much You Can Receive From a Reverse Mortgage Thank you, -Your Experienced Reverse Mortgage Team Find Out How Much You Can Potentially Receive ‡This material is not from HUD or FHA and has not been approved by any government agency *Consult your Tax Advisor †Borrower must continue to pay property taxes, homeowner’s hazard insurance policy, HOA fees if applicable,
and maintain the property equal to when the loan was closed. Borrower must occupy the home as a principal
residence. **Lenders must conduct a financial assessment when deciding whether to approve and close each loan. It is an
evaluation of the borrowers’ willingness and ability to meet their obligations and the mortgage requirements.
Based on results, the lender may require borrower to set-aside loan proceeds to cover property taxes, homeowner’s
and hazard insurance, HOA fees, if applicable *See site for details.To stop receiving messages, please visit here
CB Blogger
0 comments:
Posting Komentar