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Article Archive >> Business

Reverse Mortgages - Imagine the Possibilities

Reverse Mortgages - Imagine the Possibilities

Taking the vacation of a lifetime...putting an addition on your home...making some upgrades to your kitchen or bathroom...helping your children help their children go to college...meeting your living expenses...upgrading your existing home-heating system...eliminating your existing mortgage payment...buying a new car. These are just a few of the possibilities that can become a reality with funds from a Reverse Mortgage.
A Reverse Mortgage is a government-insured loan designed for senior homeowners affording them an opportunity to convert a portion of their home's equity into tax-free cash - without having to sell their home and without having to make monthly payments. And this loan doesn't have to be repaid until the last borrower no longer occupies the home.
After all the years of working so hard for your home, a Reverse Mortgage lets your home work for you, and counter to some common misconceptions you;
NEVER gives up title to the home,
NEVER have to make a payment,
NEVER have to move, and will
NEVER owe back more than the value of your home.
Requirements for a Reverse Mortgage are simple. Borrowers must be 62 years of age, or older and occupy the home as their primary residence. It isn't necessary that the home be free of an existing mortgage, but that it have a balance that can be paid off with funds from the loan. Borrowers are required to obtain an eligibility certificate by attending an 'educational session' with a HUD-approved agency - this can be done over the phone, in the convenience of the borrower's home.
There is no income, employment or credit requirement in order to qualify; the amount that can be borrowed is based on a HUD formula that factors in the age of the youngest borrower, the interest rate, the appraised value of the home and the county in which the property is located.
Imagining the possibilities is the first step. For more information, or to find out if a Reverse Mortgage is right for you, please contact Jami Geary, Wells Fargo Reverse Mortgage Consultant at 240-420-4425.

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