Frequently Asked Questions about the HECM Reverse Mortgage for Seniors age 62 and Over
Kendra Pack is the Expert who can Answer all Your Questions regarding this Special FHA Mortgage Equity Program
Q: What happens to my house when I pass away?
A: If your spouse is also listed on the title to your home, he/she will be able to continue residing in the home and receiving the benefits of the reverse mortgage. If you do not have a surviving spouse, all equity remaining in the home will pass to your heirs. Your heirs can choose to sell the house or keep the home and apply for a traditional mortgage to finance the outstanding balance. In that situation, the lender will work with your heirs to help them decide how to proceed.
Q: Will I continue to own my home?
A: Yes. You still own your home since you retain the title. Financial Freedom Senior Funding Corporation can set aside proceeds from your reverse mortgage to ensure that property taxes and homeowner’s insurance a repaid, should you choose that option. We can even help you set aside cash for future home repairs. Similar to most mortgages, as long as you continue to live in your home, keep up repairs, pay property taxes and maintain homeowner’s insurance, you can stay in your home as long as you choose.
Q: Do I need to make any ongoing payments?
A: No. Unlike traditional mortgages or home equity lines of credit, you do not need to make any ongoing payments.
Q: Are there any out-of-pocket expenses associated with applying for a reverse mortgage?
A: No. All closing costs can be financed with the proceeds from the reverse mortgage.
Q: Are there any income requirements?
A: No, unlike a home equity line of credit, there are no income requirements.
Q: Do I lose any of my federal benefits by selecting a reverse mortgage?
A: Social Security and Medicare benefits are not affected. Supplemental Security Income (SSI) and Medicaid are not affected either, as long as all monthly advances are fully spent each month. Financial Freedom Senior Funding Corporation is happy to assist you in selecting the plan that will work best for you.
Q: Can I pay back the equity I’ve borrowed?
A: Yes. At any time you choose to increase the equity in your home, you can do so by paying all or a portion of your reverse mortgage.
Call Kendra Pack at 248-538-7474 to learn more reverse mortgages for seniors. This program can change your life by providing financial stability for an enjoyable retirement.
Visit our website at http://www.realproperty-investors.com
Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:
Oakland County: Farmington Hills, West Bloomfield, Ferndale, Royal Oak, Oak Park, Pontiac, Waterford, Highland, Holly, Walled Lake, Holly, Rochester and more
Wayne County: Detroit, Romulus, Garden City, Livonia, Taylor, Dearborn Heights, Inkster and more.
Macomb County: Chesterfield, Warren, Utica, Eastpointe, Fraser, Macomb Twp, Richmond and more.
Genesee County: Flint, Grand Blanc and more.
All loans subject to approval, certain restrictions may apply
Kendra Pack is the Expert who can Answer all Your Questions regarding this Special FHA Mortgage Equity Program
Q: What happens to my house when I pass away?
A: If your spouse is also listed on the title to your home, he/she will be able to continue residing in the home and receiving the benefits of the reverse mortgage. If you do not have a surviving spouse, all equity remaining in the home will pass to your heirs. Your heirs can choose to sell the house or keep the home and apply for a traditional mortgage to finance the outstanding balance. In that situation, the lender will work with your heirs to help them decide how to proceed.
Q: Will I continue to own my home?
A: Yes. You still own your home since you retain the title. Financial Freedom Senior Funding Corporation can set aside proceeds from your reverse mortgage to ensure that property taxes and homeowner’s insurance a repaid, should you choose that option. We can even help you set aside cash for future home repairs. Similar to most mortgages, as long as you continue to live in your home, keep up repairs, pay property taxes and maintain homeowner’s insurance, you can stay in your home as long as you choose.
Q: Do I need to make any ongoing payments?
A: No. Unlike traditional mortgages or home equity lines of credit, you do not need to make any ongoing payments.
Q: Are there any out-of-pocket expenses associated with applying for a reverse mortgage?
A: No. All closing costs can be financed with the proceeds from the reverse mortgage.
Q: Are there any income requirements?
A: No, unlike a home equity line of credit, there are no income requirements.
Q: Do I lose any of my federal benefits by selecting a reverse mortgage?
A: Social Security and Medicare benefits are not affected. Supplemental Security Income (SSI) and Medicaid are not affected either, as long as all monthly advances are fully spent each month. Financial Freedom Senior Funding Corporation is happy to assist you in selecting the plan that will work best for you.
Q: Can I pay back the equity I’ve borrowed?
A: Yes. At any time you choose to increase the equity in your home, you can do so by paying all or a portion of your reverse mortgage.
Call Kendra Pack at 248-538-7474 to learn more reverse mortgages for seniors. This program can change your life by providing financial stability for an enjoyable retirement.
Visit our website at http://www.realproperty-investors.com
Kendra Pack, licensed real estate broker and mortgage loan officer, with over 15 years experience, has assisted many people in the following areas:
Oakland County: Farmington Hills, West Bloomfield, Ferndale, Royal Oak, Oak Park, Pontiac, Waterford, Highland, Holly, Walled Lake, Holly, Rochester and more
Wayne County: Detroit, Romulus, Garden City, Livonia, Taylor, Dearborn Heights, Inkster and more.
Macomb County: Chesterfield, Warren, Utica, Eastpointe, Fraser, Macomb Twp, Richmond and more.
Genesee County: Flint, Grand Blanc and more.
All loans subject to approval, certain restrictions may apply
Labels: calculator mortgage reverse, lender mortgage reverse, lender reverse mortgage, mortgage reverse taxes
posted by Ralph Marcus (Mark) Maupin | 6:12 AM
0 Comments:
Post a Comment
<< Home