The Government Approved Reverse Mortgage www.e-Wealth.com
Senior Homeowners
Homeowners 62 or Older Don't Move. New Government Approved Program Gives You Unlimited Tax Free $.
A reverse mortgage is a loan that enables qualified U.S. homeowners 62 and older to convert their primary home equity into tax-free* income without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower(s) decide to sell or pass away. Get started by simply completing and sending a form.
There is no charge or obligation.
All owner's must be 62 or older.
U.S. resident's may have only one primary home.
Any responses are ESTIMATES ONLY.*
This is not an offer to make you a loan, nor does this qualify anyone to obtain a loan.
We may only be able to respond to those who are qualified.
It's Your Home
SHORT Q&A - THE NEW GOVERNMENT APPROVED NO MAXIMUM REVERSE MORTGAGE
1. Who Is Eligible?
A: To be eligible the borrower(s) must be the homeowner(s) of their U.S. principle residence and each (if applicable) are 62 years of age or older, to their nearest birthday.
2. What Is The Maximum Amount Of Cash Available?
A: By using special programs available from this site, there is no maximum limit on the amount of cash available. The amount that can be borrowed depends on the borrower(s) age, the current interest rate, and the current market value of the home or mortgage limits in the area. Generally, the more valuable the home is, the older the borrower(s) are, the lower the interest, the more that is available. Social Security and Medicare are not effected.
3. How Does This Differ From Other Mortgages?
A: The reverse mortgage pays the homeowner(s), and is available regardless of current credit or income standing. Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. If there is an existing mortgage balance or lean on the principle residence, it must be paid off at or before the closing.
4. What About Monthly Payments?
A: There are no monthly mortgage payments, because the loan is not due as long as the house remains as the principal residence. Homeowner's must continue to pay real estate taxes and other conventional payments like utilities. No one can be foreclosed or forced to vacate a home because someone "missed a mortgage payment."
5. What If Real Estate Values Go Down?
A: When a home is sold or no longer used as a primary residence, the borrower(s) or their estate must repay the cash received from the reverse mortgage, plus interest and other fees, to the lender. Any remaining equity belongs to the homeowner or heirs. It is important note that the borrower or their estate can never owe the lender more than a home's appraised value when it is sold.
6. What About Other Assets?
A: This is a non-recourse loan where the only asset is the primary home. No other assets are affected.
COMPLETE AND SEND A FORM FOR A FREE EVALUATION.
Lock In Your Home Value
Turn Your Home Equity Into Tax-Free* Cash. The New Unlimited Reverse Mortgage.
You retain home ownership and the ability to live in your home.
You and/or your heirs can never owe more than your homes value.
There are no restrictions on how you use the money.
There are no monthly payments.
Pay back is due only when you decide to sell, move out or pass away.
This new program offers more cash then has been previously available.
Proceeds may be received in a lump sum, a series of monthly payments or a creditline.
Unlike a home equity loan, your home cannot be taken from you.
The loan is non-recourse and there is no claim on your income or other assets.
There are no income, credit or health qualifications.
The money you receive is typically tax free*.
There is no limit to the maximum loan amounts.
Social Security and Medicare are not impacted.
For a free evaluation simply complete a form and click Send.
How The Reverse Mortgage Process Works
To see if you are eligible simply complete and send a form. You must qualify for enough cash to at least pay off any existing primary home mortgage debt at closing. Like any other financial transaction, getting a reverse mortgage involves a number of steps designed to protect both you and the lender. Here are the steps you can expect to go through when you apply for your reverse mortgage. First we must see if you qualify based on your primary residence, the value of your home, your age and the age of your spouse (if applicable) and mortgages or leans (if any). We analyze this information to see how much cash is available. You will be provided with the resources of the nation's largest and most experienced reverse mortgage lender who will assist you throughout the entire process..
Initial Discussion After determining your eligibility the first thing we like to do is talk to you, about whether a reverse mortgage is right for you. We talk about the pros and cons, how it works, how much money you might receive and anything else you'd like to know about. Then you decide whether you want to take the next step.
Mandatory Counseling For Your Protection If you decide that a reverse mortgage is the right choice, you must receive free independent counseling, and be issued a certificate from a certified, U.S. Department of Housing and Urban Development (HUD) approved counselor.to make sure that you have had all your questions answered and that there's been no confusion. It's a protection device that the government has built into the process of obtaining a reverse mortgage.
Appraisal Then we arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.
Inspection In many cases an inspection is required to make sure that the home is structurally sound and that there's no extensive damage.
Underwriting After the appraisal and inspection reports come in we go through all the normal processing procedures that you might find in any mortgage.
Closing The final step is the closing where you receive the money, or proceeds, from your reverse mortgage. You can choose to receive the payment in one of three ways: as a lump sum, as a monthly payment or as a line of credit.
Then it's up to you: maintain or enhance your life, fix up the house, help family members, invest in something, get life insurance, get long-term care or use the money any way you choose.
* This information is for educational purposes only and does not constitute an application, advertisement or offer to sell. This information is not intended as legal, appraisal, accounting, financial, insurance or tax advice. Examples and case studies do not indicate future results. Any resonses are estimates lnly. Products and features are not available in all states and may be changed at any time. *Everyone should consult with their own professional advisors prior to entering into any transaction. Contact info@e-wealth.com
