02/23/2023
START ENJOYING YOUR RETIREMENT! ARE YOU OVER THE AGE OF 62? ASK ABOUT REVERSE MORTGAGES!
Q: What is an FHA Reverse Mortgage Loan?
A: A Reverse Mortgage loan is for seniors
over the age of 62 that have enough equity
in their home and want to use it. The Home
Equity Conversion Mortgage, or HECM, is
the only reverse mortgage that is insured
by the U.S. Federal Government and is only
available through an FHA approved Lender.
Q: I have a mortgage on my home, can
I still get a Reverse Mortgage Loan?
A: Yes, one of the purposes of the reverse
mortgages is to eliminate your current
mortgage (Owner must maintain property
taxes and insurance). If your home is free
and clear you may also qualify for a cash
lump sum the day of funding and a line of
credit available for the second year.
Q: What can I do with the money
I receive?
A: The money received can be used as you
please. From going on a long vacation to
paying off any debt you may have or can
be used to give you the financial relief you
have been pursuing.
Q: Am I required to pay income
taxes on the money I receive?
A: No, since you are converting your home
equity into cash. This can be verified with
your tax preparer.
Q: Can I continue to receive my Social
Security, Medicare or Medicaid benefits
if I get a Reverse Mortgage Loan?
A: Yes, however, there are restrictions on
how money can be received if you are on
Medicaid. For further questions, contact
Social Security at 800.772.1213
Q: Is good credit required?
A: Not necessarily. We will be checking
for credit history, not score. Any derogatory
account will need to be detailed in a letter
of explanation alongside evidence of said
financial hardship.
Q: Is there any income requirement?
A: Yes. We will calculate residual income to
assure that you can afford to pay property
taxes and insurance of the home on your own.
Q: How do I find out if I qualify for
a Reverse Mortgage Loan?
A: Send me an email to [email protected] with your contact information and I will be happy to go over everything with you to see if you qualify.
Q: When and who pays off
my Reverse Mortgage Loan?
A: You are not required to pay back the
loan as long as you reside in the property
as owner occupied and pay all property
charges when due. If you sell your home,
you will only be required to pay the
balance on the reverse mortgage loan,
keep the difference in equity.
Q: Who keeps the home when
I pass away?
A: The beneficiary of the property will be
given a certain amount of time to either
sell or refinance the property. If the heirs
do not want to acquire the property they
are not required to pay the debt and simply
advise the lender that they will not be
keeping the home.
If you are interested in finding out if you qualify for a Reverse Mortgage, or have any questions, please email me at [email protected], and I will be happy to help you!
