A reverse mortgage or home equity conversion mortgage (HECM) is a special type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance. If you want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
Here are the top 10 reasons for setting up a reverse mortgage
- Helps seniors who are financially sound, have paid off their mortgage and would like additional money to enhance their retirement (or quality of life).
- Refinance a traditional mortgage into a “payment optional” RM credit line.
- Standby portfolio protection by drawing from or replenishing a RM credit line in up and down markets.
- Purchase a retirement home, investment property, upsize or downsize with a “RM for purchase” to increase monthly cash flow and free up funds for investment.
- Protect home equity from nursing home expenses for the next generation.
- Grow and increase cash availability with a reverse mortgage credit line.
- Bridge the Medicare gap from age 62 to 65.
- Delay social security payments until later in retirement to increase monthly income.
- Use as a wealth multiplier when insurance products are used to pass a larger nest egg to the next generation.
- Tax Management Tool To Get Deductions When Needed Or Client Wants To Withdraw Less From IRA’s And Other Taxable Sources.
Working with Fairway Independent Mortgage Corporation
- We put YOU first.
- Fairway Independent Mortgage Corporation offers some of the most competitive rates in the Nation!
- Fast and efficient, we close most of our loans in 30 days or less.
- We offer a variety of loans. Fairway Independent Mortgage Corporation will find you the loan that is right for you!!!
Copyright©2016 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289. 4801 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353.. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. To qualify for a reverse mortgage loan, the youngest borrower must be at least 62 years old. Loan proceeds are not considered income and will not affect Social Security or Medicare benefits. Monthly reverse mortgage advances may affect eligibility for some other programs. Consumers should consult a local program office or their attorney to determine how, or if, monthly reverse mortgage payments might affect their specific situation. Owners are still responsible for property taxes, insurance, and maintenance. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.