What is a Reverse Mortgage Loan? **
A reverse mortgage loan or HECM (Home Equity Conversion Mortgage) is a loan available to seniors over the age of 62 which allows them to convert the equity in their home into cash. The HECM is backed by the Government and the most popular reverse mortgage on the market today. In addition to the HECM, some lenders today are providing private reverse mortgage options that augment the HECM for Jumbo Loan Amounts and non-government approved condominiums. A reverse mortgage loan can also be used to purchase a home.
How can I use the money I receive from a reverse mortgage loan? **
There is no restriction on how the proceeds from a reverse mortgage loan can be used.
How can I qualify for a reverse mortgage loan? **
To qualify for a reverse mortgage loan a borrower must be at least 62 years old, own a home, and have sufficient equity in that home. A lender will also complete a financial assessment of the borrower.
Will my home qualify for a reverse mortgage loan? **
Single-family homes, 2-4 unit properties (one unit occupied by owner), FHA-approved manufactured homes, HUD approved condominiums, and townhomes are eligible for a reverse mortgage loan.
How much money can I get from a reverse mortgage loan? **
The amount will vary borrower to borrower and is based on a few factors including age of the youngest borrower, current interest rates, value of your home, and how much you may owe on an existing mortgage loan.
Why millions of seniors take advantage of reverse mortgage loans? **
• Payoff existing mortgage(s)
• Remain in your home and retain title. The lender will place a lien on the property and the loan will be subject to foreclosure for failure to pay property taxes, insurance, or to maintain the property and to comply with loan terms.
• Supplement your income and pay off your debt
• Replace your lost income due to the death of a spouse
• No monthly mortgage payments required, however, consumer remains responsible for payment of the property taxes, home owners insurance and maintenance.
• A Reverse Mortgage Loan can be used to purchase a new home or to help stay in your existing home
Basic Qualifications
• A homeowner must be 62 years or older
• You must live in your home
• There are minimal income and credit requirements necessary to qualify for a reverse mortgage loan.
Professional Advisors
• Be sure to check out our HECM Strategies for Retirement and let us know if we can be of any assistance to your staff and / or clients.
• We will be happy to prepare a HECM Proposal tailor made to your clients needs. Current turnaround time is 24 hours from request. Simply email your request to Laurence J. Hope at ljhope@cardinalconnect.com or call toll free 1-888-970-2200 to order.
• Cardinal Mortgage offers HECM seminars at your office or our office to bring you and your staff and / or clients up to date on the latest HECM offerings. We are currently offering introduction as well as advanced HECM Seminars. Once again, simply email your request to Laurence J. Hope at ljhope@cardinalconnect.com or call toll free 1-888-970-2200 to schedule.
**REVERSE MORTGAGE LOANS – CONSUMERS MUST COMPLETE INDEPENDENT COUNSELING PRIOR TO TAKING A REVERSE MORTGAGE APPLICATION. NO MONTHLY MORTGAGE PAYMENTS ARE REQUIRED, HOWEVER, THE CONSUMER REMAINS RESPONSIBLE FOR THE PAYMENT OF THE PROPERTY TAXES, HOMEOWENERS INSURANCE AND MAINTENANCE FEES, IF APPLICABLE. THERE ARE MINIMAL INCOME AND CREDIT REQUIREMENTS NECESSARY TO QUALIFY FOR A REVERSE MORTGAGE LOAN. THIS AD IS NOT FROM HUD OR FHA AND WAS NOT APPROVED BY HUD OR ANY GOVERNMENT AGENCY.
