The Reverse Mortgage Program.
You've most likely heard of reverse mortgages. Poli Mortgage Group wants to ensure you have the right information to decide whether a reverse mortgage is right for you.
Over 750,000 Americans have utilized reverse mortgages to stabilize their income, eliminate monthly mortgage payments, improve their homes with necessary amenities, make their homes more comfortable, pay off debt, or just enjoy retirement!
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 (HECM). Poli Mortgage Group is pleased to be able to offer the HECM program to qualified borrowers.
A HECM mortgage loan allows an eligible home owner, age 62 or older, to convert the equity in their 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.
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.
- Complete HUD authorization counseling
The payout for a Reverse Mortgage Program depends on several factors that include your age, the home’s value, how much is still owed on the home, and the interest rates at that time.
Once eligibility is determined, you can decide which payout option works best for you:
- A lump sum payment
- 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 fixed monthly disbursement
Find out today whether you qualify for a HECM. Poli Mortgage has qualified Reverse Mortgage Specialists standing by to help you begin the process, determine how much you qualify for, and work with you through the closing. Contact us directly at 781.801.1400 for a no obligation Reverse Mortgage consultation to get started down the road to an easier and more enjoyable retirement.