Reverse mortgage 2014
December 2013
Property eligibility requirements:
- 62 years of age or older
- Own a property
- Occupy the property as primary residence
Unlike a traditional mortgage that you pay back each month, a reverse mortgage makes payments to you. You can get these payments in a lump sum to cover an unexpected bill. You can get them as a regular supplement to your monthly income. Or, you can get them at intervals and amounts that are best for you.
We offer reverse mortgage loans that require no repayment as long as your home is your principal residence and you fulfill the borrower's obligations, such as continuing to maintain the property and paying your property taxes and hazard insurance. You pay the money back plus interest and other charges when you sell or permanently move out of your home.
If you pass away, the loan is due, but the amount due will always be the lesser of your loan balance or the market value of your home. Even if the amount you borrowed eventually exceeds the value of your home, you or your heirs will never owe more than the value of your home. All proceeds in excess of what you owe belong to your estate, which means the remaining equity in your home can be passed on to your heirs.
Unlike the loan balance of a conventional mortgage, which becomes smaller with each monthly payment, the loan balance of a reverse mortgage grows larger over time.
As you receive your payments, the amount of cash you have left after selling and paying off the loan -- your equity -- generally grows smaller. But with a reverse mortgage you can never owe more than your home's value at the time the loan is repaid.
If you own your home free and clear or if you have very little mortgage principal outstanding, a reverse mortgage may be a good option for you.
- A single lump sum of cash
- Regular monthly payments as long as at least one borrower lives and occupies your home
- Regular monthly payments for a fixed period of time
- A line of credit to paid at your discretion
Call us 888.958.4228
We look forward to working with you.
We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.
Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
KEYWORDS: Reverse mortgage 2014 Florida,
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Reverse mortgage
If you are a homeowner age 62 or older and are currently living in the home. You may be eligible to participate in Home Equity Conversion Mortgage (HECM) program or a reverse mortgage.
The amount you may borrower will depend on:
- Age of the youngest borrower
- Current interest rate
- Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price
- Initial Mortgage Insurance Premium
The Reverse mortgage includes:
- No income verification
- no minimum credit score
- No more monthly payments
- Pay off credit card bills, medical insurance
- Closing costs can be financed
- Social Security & Medicare unaffected
Call Now, Our Staff is Available!
888-958-4228