Never Make a Monthly Mortgage Payment Again!
Do you want extra money to retire comfortably, update your home, travel, buy a new car, pay medical bills or prescription drug costs, and more? You may use funds you receive through a reverse mortgage for practically any legitimate purpose.
Reverse mortgages are unique in the sense is that they give you the ability to convert the equity you’ve built in your house into usable funds. A Home Equity Conversion Mortgage (HECM) is the only kind of reverse mortgage insured by the Federal Housing Administration (FHA). Since HECMs are government-regulated, they come with unique requirements.
Ready To Get Started?
Will You Qualify?
You may qualify for a HCEM if:
With enough equity in your home you can potentially live in your home for the rest of your life and retain ownership, with no monthly mortgage payments. You will still be responsible for paying taxes, insurance, any applicable homeowners association fees, and maintaining the home according to HUD guidelines. If you have an outstanding mortgage on your home, you will need to use funds from the reverse mortgage to pay the old loan off completely.
How Much Money Can You Borrow?
The maximum amount you may borrow depends on multiple factors such as:
How Much Money Can You Borrow? The maximum amount you may borrow depends on multiple factors such as: Age of the youngest borrower Existing interest rates Lesser of the FHA limit and your home’s appraised value HECM requirements may restrict how much money you receive in the first 12 months from the loan’s closing. Setting aside funds from the money you receive to pay for insurance and taxes might also be a requirement.
How Do Repayments Work?
A mortgage will become due and payable when the borrower passes, the property is no longer the borrower’s principal residence, the borrower does not occupy the property for 12 consecutive months for health reasons, or the borrower violates the mortgage covenants.
IF YOU’RE WONDERING WHETHER YOU MAY BENEFIT
BY GETTING A REVERSE MORTGAGE, CONSIDER SPEAKING TO OUR REVERSE EXPERTS TODAY BY CALLING 480-994-5626, OR FILLING OUT THE FORM ON THIS PAGE!
First Time Homebuyer’s Guide
Considering homeownership but not sure where to begin? The Achievers Mortgage, LLC guide to home buying will make the process easy all in one packet.
To Your Future.