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Take Advantage of Your Home Equity with Our Reverse Mortgage Program

You worked hard for your home. Now, your home can return the favor through a reverse mortgage program. This service, typically offered by reverse mortgage brokers, enables you to get the funds you need to achieve short-term financial goals, have peace of mind during your golden years, and live a more comfortable life.

An Overview of the Reverse Mortgage

A reverse mortgage, also called a Home Equity Conversion Mortgage (HECM), allows you to use the equity of your home as cash. Reverse mortgage programs provide financial support for low-income seniors. These homeowners can use the funds from the program to pay debts and taxes, home repairs or renovations, medical bills, and everyday expenses.

Reverse Mortgage Features

The following features are present in a reverse mortgage:

  • Various Options to Receive Money – You can obtain the funds in multiple ways, namely as a lump sum, a term payment, a tenure payment, or a line of credit.
  • Tax-Free Funds – Money coming from a reverse mortgage is typically tax-free.
  • Non-Recourse Loan – A reverse mortgage is a non-recourse loan, which means your heirs will not be liable to sell the house if it goes for less than the balance of the loan.

Requirements

  • Borrower must be at least 62 year of age.
  • Have the financial ability to pay ongoing property expenses including taxes and insurance.
  • Occupy the property as your primary residence.
  • Own the property outright or have a small mortgage balance.
  • Not be delinquent on any Federal debt.

Advantages of Getting a Reverse Mortgage

Enjoy the following benefits when you get a reverse mortgage:

Retention of Homeownership - As long as you pay the homeowner’s insurance and property taxes and comply with the terms of the loan, you can maintain the ownership of your home

No Required Monthly Mortgage Payment - You won’t need to make any regular payments in a reverse mortgage. You receive funds from your reverse mortgage lender instead.

Protection from a Housing Market Decline - The Federal Housing Administration (FHA) insures the reverse mortgage loan. If the loan ends up amounting to more than the home’s value when sold, the government insurance will take care of the difference.

Important Disclaimers and Reminders

When applying for our reverse mortgage program, it’s important that you read the following disclaimers:

HECM Disclaimer

No government agencies and departments have endorsed, sponsored, reviewed, or approved the content in this marketing advertisement.

Oregon HECM Disclaimer

  • When the reverse mortgage contract term ends, some or all of the equity in the reverse mortgage property will no longer belong to the borrower. The borrower, therefore, must pay back the loan. Additionally, he/she may need to repay the loan from other proceeds or sell the home.
  • The lender will charge the following for the reverse mortgage: servicing fees, an origination fee, closing costs, and a mortgage insurance premium. The lender may include any or all of these costs to the reverse mortgage loan balance.
  • The loan balance grows over time, and the lender charges interest on the outstanding balance.
  • The borrower retains the property title, which is the subject of the reverse mortgage until he/she transfers or sells the property.
  • The borrower is responsible for home maintenance, property taxes, and hazard insurance. Failure to pay these costs may subject the property to a tax lien, possible foreclosure, or other encumbrances.
  • Until the borrower makes a full or partial repayment, the interest on the reverse mortgage is not tax-deductible.

On top of these disclaimers, we would like to remind individuals interested in getting a reverse mortgage to speak with an expert regarding possible risks and advantages. The FHA requires applicants to join an independent counseling session to make sure that they sufficiently understand the process behind the reverse mortgage program and confirm if the program is suitable for their needs.

Once you have carefully weighed your options, get in touch with Primary Residential Mortgage, Inc.

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