THE HOME EQUITY CONVERSION MORTGAGE

Reverse Mortgages vary for different situations. Most common is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. Following recent legislation, there are new increased borrowing limits are available along with the ability to purchase a new home with this program. 

  • Eliminate your existing mortgage payments
  • Available for individuals 62 years old and older
  • No monthly payments are required (Borrowers must continue to pay taxes, insurance and maintain the home in good condition)
  • Delivers tax free monthly income (consult your Tax Advisor)
  • Allows homeowner to live in their home
  • Title to the home remains in the homeowners name
  • The customer can now also use a Reverse Mortgage to purchase their new home.

Reverse Mortgage loans made throughout the United States are increasing at a dramatic rate. The reason? More and more seniors and their families are educating themselves about the benefits of Reverse Mortgages and realizing that it can be the best solution.  You may be asking yourself “Is a Reverse Mortgage right for me?” or “Is a Reverse Mortgage right for my parents or older relatives?” In the Tri-state area, Contour Mortgage is the best source for information on Reverse Mortgages. Read on to help decide.

 

How Can You Benefit From A Reverse Mortgage

Reverse mortgages are special home loans designed with seniors in mind. If you have considerable equity in your home, you may be able to convert that asset into income. Payments are made to you, and as long as you live in the home, the loan never has to be repaid.

Reverse mortgage can provide you with cash today — with no requirement to ever pay it back for as long as you live in your home.

The disbursement options on a reverse mortgage loan are flexible. You can access money by:

  • Taking a lump sum
  • Establishing a line of credit to use as needed
  • Arranging a combination of the above options

Payment options can adjust to fit you flexible needs.

When and if the home is left permanently, the balance on your reverse mortgage becomes due. Selling the home itself can pay for this—any remaining equity belongs to you or your heirs.

Take The First Step and Get Pre-Qualified Today!

Pre-Qualifications are an important step in today's real estate market. They show sellers that you are qualified to buy their home and that your offer should be considered above other, less serious offers.

Did you know you can secure a mortgage by filling out one of our fast and easy online applications?

Once your application is filled out we assign a Loan Processor to verify the financial information on the application and to make sure you have everything you need to proceed.

To learn more about the mortgage process and the other steps to buying a home fill out this form below to download the FREE Guide!
home-buyers-guide

Recent Articles

The Pros & Cons of Getting a Rehab Mortgage
July 10, 2018
The Pros & Cons of Getting a Rehab Mortgage

Those looking to purchase or refinance a home and renovate it have additional mortgage options compared to those who just want to do the former. For example, the 203(k) loan...

Read More
What Does the FHA Do?
July 02, 2018
What Does the FHA Do?

The Federal Housing Administration (FHA) is a part of the U.S. Department of Housing and Urban Development (HUD). While you have likely heard of this government agency...

Read More
Fast Fact Friday: 30% of first-time home buyers are now Millennials
June 29, 2018
Fast Fact Friday: 30% of first-time home buyers are now Millennials
#FastFactFriday - 30% of first-time home buyers are now Millennials - It's a digital world

 

Read More
Fast Fact Friday: Is there such a thing as getting Pre-Approved too early?
June 22, 2018
Fast Fact Friday: Is there such a thing as getting Pre-Approved too early?
#FastFactFriday - Is there such a thing as getting pre-approved too early in the home buying process? Is it better to wait until you are beginning the home shopping process...
Read More