CALL: (866) 638-3307
DIRECT: (951) 530-1558
ASK FOR: JACQUELYN NIXON,RMS,CSA
FREE ANALYSIS; NO OBLIGATION
What Is A Reverse Mortgage?
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The reverse mortgage is a safe and easy way for seniors to turn their home’s equity into an additional source of income to meet any financial need. It is a loan that is available to senior homeowners who are "at least 62" years of age.
Unlike traditional home equity loans, this product does not require repayment of any kind until the home is sold, or the borrower permanently leaves their primary residence.
How Do You Qualify For A Reverse Mortgage?
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Qualifying for a reverse mortgage is simple. Borrowers need to be at least 62 years of age, own their home, have a minimal mortgage, if any, and live in their primary residence. In addition, there are no income or credit qualifications necessary to be eligible for this loan.
How Are The Proceeds Paid From The Reverse Mortgage?
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Proceeds are paid in any combination of the following:
• Lump Sum
• Monthly (Tenure) Payments – for Life of Loan
• Term Payments – for specific period of time
• Line of Credit – with growth
• Modified Tenure – Combination of Monthly Payment and Line of Credit
Are There Any Limitations On How The Proceeds Can Be Used?
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Reverse mortgage borrowers may use the proceeds for whatever they wish:
• Pay off debt, including taxes, mortgage and other loans
• Make needed home repairs
• Pay for Health Care, Medical Supplies, Prescriptions
• For Day-to-Day Living expenses
• Make additional Retirement Investments
• Anything you want.
Why Should You Consider The Reverse Mortgage? ____________________________________
• No repayment until borrower decides to sell the home or borrower permanently leaves residence
• Unlocks the equity built into home
• No income or credit qualifications
• Proceeds received as tax-free income
• Interest is paid at time loan is repaid – not during loan
• FHA Insured or Fannie Mae Guaranteed
• Flexible payment options
• Growth on credit line option
• No debt passes to heirs
• Credit line does not affect Social Security or Medicare benefits
How Much Money Can A Senior Homeowner Expect To Receive?
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How much a borrower acquires from the reverse mortgage depends upon their age, current interest rates and the value of their home. The older the borrower and the higher the home value, the more money they are eligible to receive.
Free, no obligation reverse mortgage illustrations are available anytime from a Reverse Mortgage Specialist.
Exactly How “Safe” Is The Reverse Mortgage?
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• Reverse mortgages are a very safe income option for Senior homeowners.
• Borrower(s) name remains on the title
• Debt owed on loan does not pass to heirs
• Borrower will never owe more than the loan balance or value of property, whichever is less
• Strictly regulated by government and industry associates like
AARP and NRMLA (National Reverse Mortgage Lenders Association)
Common Misperceptions About The Reverse Mortgage
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• “The lender takes the home” – this is incorrect because the homeowner retains full ownership and the reverse mortgage is a lien.
• “I can be thrown out of my home” – this is untrue because the homeowner can stay in their home for as long as they wish.
• “I can owe more than my home is worth” – the homeowner can “never” owe more than the value of their home.
What Type Of Reverse Mortgage Programs Are Available?
The three types of reverse mortgage programs available from The Reverse Mortgage Company are:
• FHA Home Equity Conversion Mortgage or “HECM”
• Fannie Mae “Home Keeper” Mortgage
• The Cash Account
What Are The Responsibilities Of A Reverse Mortgage Borrower?
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• Attend free, but required counseling session by FHA or Fannie Mae approved counselor
• Maintain property
• Continue to pay taxes and insurance on property
Why You should call and get a free analysis? _____________________________________
• Can provide comparisons for:
BANK OF NEW YORK
BANK OF AMERICA
FINANCIAL FREEDOM SENIOR FUNDING
SEATTLE MORTGAGE
COUNTRYWIDE
That way you can make a quality decision!
• Nation’s most reliable lenders of FHA and FannieMae Reverse Mortgages
• Helped homeowners to translate their home equity into disposable income
• Member of the National Reverse Mortgage Lenders Associate (NRMLA)
CALL: (866) 638-3307
DIRECT: (951) 530-1558
ASK FOR: JACQUELYN NIXON,RMS,CSA
FREE ANALYSIS; NO OBLIGATION
Jacquelyn has over 5 yrs of experience in the Reverse Mortgage industry and has participated in key efforts to educate and work through supportive efforts for senior citizens.
2007:
A member of the Certified Senior Advisors. Attained CSA certification in 2006.
Organized the Business Network League, a Senior Resource Alliance. President(www.businessnetworkleague.com)
Participated in: Commerce Committee, PA House or Rep.- Mortgage Foreclosures and Predatory Lending Hearing.
Worked with the PCRG Anti-Preditory Lending Initiative
Participated in: National Aging In Place Month, PA, SCSEP Program-Career Links – Senior Aide Program, PA
Participated in: American Dream, Homeownership Seminar
Speaker at Voices of Independence, Homeownership Seminar. Home transitioning for the disabled PA