Hello, my name is Anne Matchett with Citywide Home Loans and I specialize only in FHA Reverse Mortgages. My passion is to explain to seniors all the loan details, answers questions and deliver your loan. There have been many updates and safeguards implemented with this program, especially within the last year. Here are key points:
A reverse mortgage is a government insured home loan that enables seniors age 62+ to “age in place” in your primary residence and not pay a mortgage.
You can stay in your home and take a reverse mortgage for money from your home equity. This money is TAX FREE can be used any way you want… for living expenses; financial obligations, home improvements, medical expenses, even to travel or buy a vacation or investment property.
A reverse mortgage can also be used towards the purchase of a new home (primary residence) – one that may be better suited to senior needs. The reverse mortgage covers more than half of the purchase price and the borrower brings the rest of the money to closing.
Current home or new home, with a reverse mortgage, the borrower no longer makes a mortgage payment for as long as you live in your home. Of course, you do continue to pay property taxes, insurance, maintenance and HOA’s.
There are various payout options, and if one borrower leaves the home, the remaining co-borrow can stay for as long as they want.
Imagine enjoying retirement with more money to live and no mortgage to pay!
The loan is only repaid when both borrowers vacate the property, and that could be 30 years, or more!
In today’s housing market, your home value has likely increased a good deal and interest rates are still at record lows. So now is a good time to consider a reverse mortgage. Let’s talk and see if this make sense for you.