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The New Reverse Mortgage...In Plain English
In the years that I have been educating and working with individuals in the Reverse Mortgage business I have found that the biggest issue is the skepticism and misunderstandings about this product. The Home Equity Conversion Mortgage (Reverse Mortgage) is a controversial product and it shouldn’t be!
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• WHAT IS IT? It is a financial tool that allows homeowners, age 62 and older, to purchase a home or convert part of the equity in their current home to cash without ever having to make a mortgage payment. * Spouses under 62 may qualify, as long as they follow program guidelines. It does not affect Social Security or Medicare.
• HOW DO I QUALIFY? • Be 62 years or older • Must be living in home as primary residence; vacation homes and investment properties do not qualify • Complete a HUD-approved counseling session • Must continue to pay homeowner’s property taxes, insurance and any applicable HOA fees.
• HOW IS IT USED? Since there are no restrictions on how the proceeds can be used, many reverse mortgage borrowers use the HECM to: Purchase a new home • Pay medical bills • Move closer to family members • Travel • Supplement retirement income, Establish a Line of Credit for future needs, Pay off existing debt/credit cards, Home modifications, Establish an Emergency fund, and many more.
Home Equity Conversion Mortgage products offer many advantages for seniors today. Those who choose this option enjoy the continued ownership of their home and it allows them to maintain, or in many cases increase their quality of life.
If you meet the criteria call me for a discussion and free consultation:
*Must maintain property as primary residence and keep property taxes, insurance and HOA fees current
Don Davis Sr. Reverse Mortgage Professional
NMLS # 900952 NMLS # 2975 MLO-900952 . Georgia Residential Mortgage Licensee #40151 Corporate Licence #29264 . 7 Palmetto Way . Bluffton, SC 29910 . 843-368-5535 Office/Cell DonDavis@openmortgage.com . http://dondavis.openmortgage.com . nmlsconsumeraccess.org
