Reverse Mortgage Basics
You've most likely heard the term Reverse Mortgage.
A reverse mortgage could be just the answer to so many potential financial concerns plaguing your retirement years. More often than not, you need answers to the many questions you have about how to make your retirement all that I can be.
At Poli Mortgage, we want to make sure that you're armed with the right information to make an informed decision about whether a reverse mortgage is right for you.
For a completely free and no obligation discussion and consultation, please call the Head of our Reverse Mortgage Team, Robert Norton. Robert will answer your questions, determine how much you are eligible to receive and go over all your options with you.
Robert Norton, Head of Reverse Mortgage Originations
685 Canton St. Norwood, MA
We know that you have questions about reverse mortgages. Everyone does! Those people who have done the research and listened to professionals on the topic, usually decide in favor of the program. It can solve many of your financial problems during your retirement.
Over 750,000 Americans have utilized reverse mortgages to stabilize their income, eliminate monthly mortgage payments, improve their homes with necessary amenities, make their home more comfortable, pay off debt and just enjoy retirement.
Most likely you’ve had a mortgage in the past and you remember those pesky monthly payments. You may be making payments now on a mortgage or a Home Equity Line of Credit and you just wish you could do something about it. Well perhaps you can!
· A reverse mortgage might eliminate those payments.
· A reverse mortgage might give you a lump sum of cash for you to use however you wish.
· A reverse mortgage might give you a life long stream of additional income regardless of whether you have a mortgage now. That's right - life long!
How does a Reverse Mortgage Work?
To answer this question, it is important to understand the program: Who developed it and why does it exist?
Retired homeowners are realizing that pensions, 401(k) accounts, CDs, Money Market Accounts and Savings Accounts simply aren’t providing the returns that they once did. On top of that, inflation has hiked the cost of, well, everything. As a result, retired Americans have been left in a difficult position and the Federal Government decided to provide assistance to seniors in their "golden years."
In the early part of the 1990’s the government through the Department of Housing and Urban Development, or HUD, developed a plan to insure a mortgage program called The Home Equity Conversion Mortgage, or HECM for short. Poli Mortgage Group is pleased to be able to offer the HECM program to qualified borrowers.
Here is the HECM Program in a nutshell:
A home equity conversion mortgage allows an eligible home owner, age 62 or older, to convert a good portion of the trapped equity in his home into TAX FREE cash. There is no need to give up ownership of the home and the mortgage can result in no additional monthly debt.
Here are the basic qualifications for a Reverse Mortgage:
· You must be 62 years or older.
· If more than one person owns the home, each must be 62 years or older.
· The home must be your primary residence. It can't be your vacation home or an investment property.
· The home itself can be a single family residence, a 2-4 family dwelling, an approved condominium, a townhome or a manufactured home.
How much money can you get?
This will depend on a few factors which include your age, the value of your home, how much you owe on the home now and the interest rates at that time.
You may or may not know it, but right now we are experiencing some of historically low mortgage interest rates making this the perfect time to consider a Reverse Mortgage.
How can I receive the money?
You can decide which circumstance works best for you.
· A lump sum payment all at once
· A line of credit you can draw on as needed
· A fixed monthly disbursement sent to you every month for life
· A combination of credit line and monthly income
It sounds simple, and it is. It may be easy for you to qualify for a HECM. If, however, you aren't dealing with a qualified HECM Professional, the information you receive about the program may be incorrect and you might miss out on the opportunity of a lifetime.
Here at Poli Mortgage we understand that you want the facts and you want to hear them from a qualified Reverse Mortgage Specialist. We have a team of professionals who handle nothing but HECM reverse mortgages.
You can begin the process of learning more about a reverse mortgage and determining if it is right for you by calling us today.
For a completely free and no obligation discussion and consultation, please call the Head of our Reverse Mortgage Team, Robert Norton. Robert will answer your questions, and get you started on the road to an easier and more enjoyable retirement.