There have been so inquiries about Reverse Mortgages that we are now providing this Loan Program to customers who wish to obtain a Reverse Mortgage.
This is a great program designated for the Senior Citizens that need this type of Program. Because this is such a specialized Program, it is essential that enough information is provided not only to the clients, but I also encourage the family to be present in the information process.
The Most utilized program for the Reverse Mortgage is the HECM. Some of the Benefits are :
- No Income Qualifications
- 3 payment Options - The one widely used is the NO Payment Option
- Available Line of Credit for the Customers to utilize at any time
- Frees the Customer with No Mortgage Payment and gives them added income.
This program allows the customer to be Free of Mortgage Payment and gives them A line of Credit to use at any time for any purpose.
The applicant must be 62 years of age and have equity in the home.
The Reverse Mortgage pays off their current mortgage and they have the option of No Mortgage Payment !
This is an FHA Loan so an FHA Appraisal as well as a Termite Inspection will be required. This Program is for only Owner Occupied Properties.
This program offers some great Benefits, but it is important to make sure what the Customer's Needs are top Priority and met with this Program.
If I can be of assistance with further information, please do let me know and I would be more than welcome to be of Assistance. Have a great week !
Eric Meruelo
Oak Star Bank.
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