A Reverse Mortgage is a unique loan that enables senior homeowners to convert part of the equity in their homes into income without having to sell the home, give up title, or take on new monthly payments. Reverse mortgages are available to individuals age 62 or older who own their home.
How Does this Differ from a Conventional Loan?
· Does not require repayment until Borrower (s) move out, sell the property or pass away
· No income and minimal credit qualifications
· No monthly mortgage Payments
· Mortgages in Mexico
Reverse Mortgage Qualifications
Benefits are calculated by appraised value of home or maximum lending limit (whichever is less) The age of the youngest borrower Current interest rate No restrictions on how you use the funds in most States Proceeds from a reverse mortgage are non-taxable (please consult financial advisor)
How safe is FHA Reverse Mortgage? FHA administers the HECM (Home Equity Conversion Mortgage) and guarantees that borrowers receive their requested loan advances if the lender defaults You and your heirs will never owe more than your house is worth
Flexible Payment Options
Four payment options are available to you:
· Tenure Option (you pick the monthly payout amount for x years)
· Term Option (specific payment for x years)
· Line of Credit
· Combination of above
· You can change the plan at any time during the life of the loan (not all options available in all states)
Upfront and Financed Coasts
You will be provided an itemized estimate of closing costs, but typical costs include appraisal, title insurance, origination fee, counseling fee, FHA mortgage insurance, recording fees and other typical and customary closing costs. All closing costs are funded through the loan.
Appraisal Process and Borrower's Responsibility
· Home must meet FHA guidelines
· Termite report may be required
· Most repairs can be funded through the loan
· Property taxes MUST be kept current
· Maintain homeowners insurance
· Utilize home as primary residence
Repaying the loan
· No repayment necessary until borrower's move, sell or pass away
· No penalty for early repayment
· Non-recourse loan
SUMMARY OF REVERSE MORTGAGE BENEFIT . You maintain the benefits of home ownership . Satisfy your desires, needs, wants .
Stop Foreclosure
· You maintain the benefits as long as you remain in your home
· Allows you to maintain financial independence
The process is easy, please give Ascot Mortgage Services, LLC a call at 214-360-9505 or for more information about reverse mortgages and other loan programs visit us at ascotmortgage.com
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