Home = Instant Cash
If you need cash, own a home, and youre 62 or older
, there are a few ways to get money out of your property. If can get approved, you could re-mortgage the home or take a home equity loan and take on a new, monthly payment. You could sell your home and down-size or rent. But if you are a senior homeowner who wants financial security AND a way to remain in your house, you might consider a reverse mortgage.
A reverse mortgage is a loan that can give you the equity in your home to use without having to sell or make a monthly payment. It is specially designed for seniors, what makes this loan so attractive is that you never have to pay back a dime on the loan unless you move, sell your home, or die. Even if you live there for another 50 years, there are no payments.
You can take the money in several ways, too in a lump sum, in monthly payments, or in varying amounts when you decide you need it, much like a home equity loan. The payoff, usually from the proceeds of a sale, covers all interest and other charges. And because the cash received from a reverse mortgage is not considered income, it comes to you tax free and will not affect your Social Security or Medicare benefits.
One of the more popular benefits of a reverse mortgage is that it allows you to retain title to your home so you can live there as long as you want -- and make no payments for life until you leave the home permanently.
To make it simple: you get cash money against the value of your home equity. What is different compared to the usual mortgage is, that the reverse mortgage loans work in that way, that you do not have to pay anything to the lender monthly. Instead, the lender pays you monthly!
In the real world, the reverse mortgage loans include more features. It is wise to get information and to prepare well for counseling. Now lets assess how much cash can you be paid? The amount you can borrow depends on a number of factors that includes your age, the current reverse mortgage interest rates, the value of your property and In the case of the FHA insured HECM program (Home Equity Conversion Mortgage),the FHA loan limit will be taken into consideration. This will come into play on homes that exceed this limit. The FHA lending limit nationally as of February 24, 2009 is 150% X the Freddie Mac lending limit which equals the FHA lending limit of $625,500. This limit may only be good for a short period of time.
For FREE reverse mortgage information, Give us a call. We will be more than happy to answer any questions that you may have. Or if youd like to find out how money you qualify for and if youre eligible, feel free to give us a call at (800)630-0650.
Tim Jacobs
Golden Years Mortgage Solutions
Your MoneyWhen You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com
Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. Weve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.
by: Golden Years Mortgage Solutions
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