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Benefits of Reverse Mortgages – Mortgage Payments Optional®
Reverse mortgage programs have been rapidly growing in popularity in recent years, and today hundreds of thousands of homeowners are using reverse mortgages to improve their quality of life for their retirement years. After a rough few years in the financial markets, many seniors are now concerned about how they will be able to fulfill their financial obligations, travel, and enjoy their retirement. Reverse mortgages can help homeowners convert a portion of their equity into an income stream without having to sell their property, give up title, or make monthly mortgage payments for the rest of their lives. Plus, the income earned with a reverse home mortgage is completely tax-free*.
Potential Benefits of Reverse Mortgages**:
No monthly payments and no repayment is required until all borrowers are no longer using their property as their primary residence, all parties on the deed pass away, or they fail to pay their property taxes and homeowners insurance.
Tax free monthly income*
Payments can be used for whatever the borrower wants, including home renovations, consolidating debt, paying for medical expenses and insurance costs, and traveling and other leisure activities.
Reverse mortgages provide a tool that allows seniors to tap into the equity they have in their homes. There are no income or minimum credit score qualifications. In today’s tightening credit markets, reverse mortgage products may be one of the best solutions available to most retired homeowners.
A reverse mortgage is what we call a non-recourse loan. This means that with a reverse mortgage you are not personally liable. The liability is only to the extent of the value of your home at time of sale, death or vacating the premises as your permanent residence. You are not liable nor are your heirs personally liable; they can either sell the home at time of your death or keep the home and pay off the remaining balance of the reverse mortgage
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Copyright© 2020. All Rights Reserved. Equal Housing Lender. Alpha Mortgage Corporation. NMLS# 93265. 1320 Airlie Road, Wilmington, North Carolina 28403 910-256-8999. Alpha Mortgage is licensed in North Carolina (L-113831), Virginia (MC-4927), South Carolina (93265), and Florida (MLD1700). NMLS#93265 Alpha Mortgage is licensed by Virginia State Corporation Commission as MC-4927 http://nmlsconsumeraccess.org | Not all applicants will qualify. Please meet with a licensed loan originator for more information (or Please meet with the licensed loan originator listed for more information). Rates, fees, terms, and programs are subject to change without notice. Not all loans, loan sizes, or products may apply. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. When refinancing your home mortgage, while your interest rate, monthly payment or loan type may decrease or change, your total finance charges may be higher over the life of the loan as a result of the refinancing. Approvals are subject to underwriting and program guidelines and are subject to change without notice.
This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency. Not all products and options are available in all states. Customer is responsible for property taxes, homeowners insurance, and home maintenance. A reverse mortgage is a home-secured debt payable upon default or a maturity event. This is not a loan commitment. Terms subject to change without notice. All loans subject to approval. **Results from principal limit reverse calculator are intended for illustrative purposes only and do not constitute an offer to lend. The principal limit is the amount of total loan proceeds available from a HECM reverse mortgage before closing costs and liens on title are deducted. For more information and guidance on HUD’s policy with respect to principal limit factors, please visit https://www.hud.gov/program_
You must occupy the home as your primary residence and make timely payments on property taxes, Home Owners Association fees, ground rents, homeowner’s hazard insurance policy, and maintain the property in a condition equal to when the loan was closed.