WHAT IS A REVERSE MORTGAGE?

A Reverse Mortgage helps homeowners 62 years and older live in their homes comfortably and securely. The Reverse Mortgage turns equity into extra cash, a line of credit, regular monthly income or any combination of these options. There are no mortgage payments as long as the homeowner lives in the house and the proceeds are tax free.

Homeowners use the proceeds from a reverse mortgage for many reasons. Some are listed below.

The money you receive from a Reverse Mortgage can be used for anything... Pay for home repairs and renovations Long term healthcare Pay off existing debt Healthcare & prescription drugs Pay taxes Your grandchildren’s education Travel Pay off an existing mortgage Buy a boat or a summer home Make car repairs or purchase a new car Pay for a college degree Almost anything you want!

Types of Reverse Mortgages:

• Home Equity Conversation Mortgage (HECM) – Government insured FHA program. Provides cash, line of credit or monthly income subject to HUD/FHA lending limits for as long as you live in the home.
• HECM FOR HOME PURCHASE:  HECM for home purchase allows eligible borrowers, 62 years or older, the ability to purchase a new principal residence using the loan proceeds from the reverse mortgage.  This innovative loan program has several features that  should be understood by any homebuyer that is 62 years or older.  1)  The program does not require any credit or income verification, 2) as opposed to paying cash for a new residence the borrower will be able to retain a significant portion of their liquid assets as accessible reserves in case of unforseen expenses, 3) and the borrower will have no monthly mortgage payment as long as they occupy the property.
• Reverse mortgages and the reverse for puchase program are being used more and more every month as vialbe options for homeowners or purchasers that are 62 years or older.

Call us today and speak with one of our reverse mortgaqe staff for more information on these products.  You will not experience any sales pressure from any of our staff. Once you have all the facts you will be able to determine if a reverse mortgage will help you achieve your financial strategies.  When you choose to proceed you can be assured that you will be working with an honest and ethical lender that has been making home loans to Washington residents for 38 years.

REVERSE MORTGAGE