Reverse Mortgages
Are you wondering… what is a Reverse Mortgage?
Are you wondering… what is a Reverse Mortgage?
A Reverse Mortgage is a unique loan designed for borrowers who are 62 years of age or older. It allows them to access their home equity in the form of monthly income, a line of credit, or immediate cash, tax-free, to use for any reason without ever having to make a mortgage payment on the loan, as long as they live in their home and meet some required criteria.
If you are interested in more information, please contact a loan officer from your trusted mortgage lender, Big Valley Mortgage, who can put you in touch with our Reverse Mortgage Division.
Reverse mortgages are loans offered to homeowners who are 62 or older and have equity in their homes. The loan programs allow borrowers to defer payments on the loans until they pass away, sell the home, or move out. Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and the ultimate loss of the home. FHA-insured reverse mortgages have an upfront and ongoing cost; ask your loan officer for details. These materials are neither from nor approved by HUD, FHA, or any governing agency.
What are the Benefits of H.E.C.M.?
- You keep title to your home
- You can keep your home in a living trust
- Proceeds are INCOME TAX-FREE
- You choose how to use the funds to suit your needs
- Make no mortgage payments" while living in your home
- There are NO changes to your property taxes
- Insured by FHA (Federal Housing Administration
- You can use it to purchase a new primary residence and have no monthly principal and interest payments"
Why Homeowners are Choosing a H.E.C.M.?
- To eliminate monthly mortgage payments
- To maintain their dignity and independence
- To improve their quality of life
- They are living longer and outliving their income/assets
- Medical and prescription costa continue to increase at a staggering rate
- To protect themselves from lost social security and retirement income once the first spouse has passed away
- To have the ability to afford at-home healthcare and avoid nursing homes costs
- To fix-up their homes or went cash for needed home repairs
- To buy a new car truck or motor home to travel and enjoy life
- To create a larger estate for that halts with proper estate planning
- They do not want to be a financial burden on their children
- To avoid being forced to return to work because of losses in the stock market and for lack of retirement fund performance.
