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Reverse Mortgage Loan

Advantages

reverse mortgage

The total amount of money you can receive from your house is limited. The amount is determined by the age of the youngest borrower or eligible non-borrowing spouse, the value of the house, and the interest rate at the time of closing.


  • Improved cash flow - improved quality of life.

  • Pay off your current mortgage

  • Receive lump sum cash at closing

  • Receive cash as needed.

  • Receive a monthly check



Money Received is Not Taxable

Because the money received by the borrower is not income, there are no income taxes to pay and the money received can be used for any purpose:



  • Pay for basic living expenses

  • Purchase long-term care insurance

  • Pay for medical expenses not covered by insurance

  • Help finance your grandchildren's education

  • Fulfill lifelong dreams that were previously unreachable



Homeowner maintains ownership of the home.

Since the owner retains all ownership rights, any appreciation in the value of the home belongs to the homeowner.
Because the borrower retains ownership, they must comply with the loan terms which include occupying the home as their primary residence, paying taxes and insurance, and maintaining the property.

In many cases, despite the interest being charged on the outstanding balance of a reverse mortgage, the homeowner's equity in the property actually grows over time. This is possible because interest is only charged on the outstanding balance of the loan, whereas the rate of appreciation of property values operates on the full value of the home.

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"These materials are not from HUD or FHA and were not approved by HUD or a government agency."



Who can get an FHA Loan?

Almost anybody can get an FHA loan. There are no income limits. However, there are limits on how much you can borrow. In general, you're limited to median home prices in your area. To find the limits in your region, visit HUD's Website. To qualify for an FHA loan, you'll need to have reasonable debt to income ratios. You don't need perfect credit but you will need to have a credit score of at least 620.


Benefits of FHA loans:

  • 3.5% down payment required on purchase

  • Easier to use gifts for down payment and closing costs

  • No prepayment penalty

  • Financing for home improvement using FHA 203k programs