The new reverse mortgage. So much has changed in the last few years with reverse mortgages. Reverse mortgages are far safer when utilizing the FHA Government Insured HECM program.
As a licensed loan officer and certified reverse lending specialist, I can assure you that if you ever thought about a reverse mortgage, now is the time to get one.
A reverse mortgages (also called home equity conversion loans or HECM) enable homeowners age 62 and older to tap into their equity without selling their home (or purchase without making mortgage payments) The lender pays you money based on the equity you’ve accrued in your home; you receive a lump sum, or a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into another residence, or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the loan you received from the reverse mortgage plus interest and other finance charges to the lender. Mortgage payment options are very flexible. If you want to reduce your balance then you may make monthly payments. If you don’t want to make payments, you do not have to make payments. However, you MUST pay your property taxes and homeowners insurance in order to prevent foreclosure just like a regular mortgage. Call The Richard Woodward Mortgage Team today to receive your free consultation (214) 945-1066. Now offering Reverse Mortgages for purchase or refinance in Texas, Florida, Ohio, Oklahoma, Kentucky, and Arizona.
Get comfortable with a reverse mortgage
Get comfortable with a reverse mortgage
FHA insured reverse mortgages are non-recourse loans. You or your heir will never owe more than your home is worth so when the home is sold, you keep any equity. The bank NEVER owns your home- you do – just like a regular forward mortgage. Interest rates are comparable to forward mortgages. Closing cost, when you use The Richard Woodward Mortgage Team, are comparable to forward mortgages as we will waive our origination fees for all loans over $50,000 unless you wish to buy down your interest rate.
A reverse mortgage is available to seniors 62 or older and can enable owners to convert their home equity into cash to meet the financial needs that appear during retirement age. This type of loan can be used to supplement income or to pay for the additional cost to become harder to cover after retirement.
• Reverse mortgages are a way for homeowners, 62 and over, to access equity they have in their homes
• A reverse mortgage is a loan against your home that you do not have to make payments on for as long as you live in the home. You can make payments if you wish but you are in control.
• You still own your home throughout the entire term of the loan. It is never owned by the bank and never will be unless you don’t pay your taxes, keep your insurance paid, don’t pay your HOA fees, or don’t keep your home in good condition just like a normal mortgage.
• A reverse mortgage can help you access cash based on the value of your home without you having to make monthly mortgage payments and can help you better manage your financial future.
• There are minimal income and minimal credit verification requirements.
Reverse mortgages are ideal for homeowners who are retired or no longer working and want to supplement their income. Interest rates can be fixed or adjustable and the money is non-taxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take your home away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value. A Dallas Texas reverse mortgage can help you live a life more comfortably.
Customer benefits include:
• Eliminates monthly mortgage payments
• Increases your purchase power
• Preserves your cash
Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender, Specialty Lending Manager
Office: (214) 945-1066
Service First Mortgage NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070
Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Service First Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice. The views expressed on this site are those of the individual author and do not necessarily reflect the positions, strategies or opinions of Service First Mortgage or its affiliates.