senior couple with their granddaughter
senior couple holding each other smiling for the camera
senior man on his sailboat
senior couple on a hike
senior couple enjoying the view of the ocean
senior couple walking the golf course
happy senior couple enjoying the outdoors
senior couple laughing with each other on a beautiful ocean walk
As more and more mortgage companies are "jumping on the bandwagon" offering reverse mortgages, here are two facts you should know:
You should be looking for a reputable company that you can trust to give you professional advice on whether or not you are a good candidate for a reverse mortgage, not just whether or not you qualify. A reverse mortgage is an excellent program, but it's not right for everyone.
We will provide you with a free, no-obligation personalized Suitability Report that will help you determine not only if you qualify for a reverse mortgage...but if a reverse mortgage is a good option for you.
A reverse Mortgage is a FHA mortgage program known as a Home Equity Conversion Mortgage.
It is available to senior homeowners 62 years old or more and can be used to refinance or purchase a home. With a reverse mortgage, the flow of money is simply "reversed". Instead of the borrower making payments to a mortgage lender, the lender makes payments to the homeowner/borrower.
Borrower must be 62 years of age or older; the home must be primary residence; must have sufficient equity in the home; must show sufficient income to pay homeowners insurance and property taxes; existing mortgages must be paid with proceeds of loan; all borrowers must complete counseling session by a HUD-approved counselor.
The equity that a homeowner needs to have depends on various factors including the age of the youngest borrower, the value of the home, and current interest rates. The older the youngest borrower, the greater the amount that may be borrowed.
If there is a co-borrower, they may continue to stay in the home (must meet all of the loan conditions), Once the final borrower dies, the loan must be repaid within one year by selling the home (by the estate) and paying off the loan from the proceeds of the sale. The heirs may also pay off the loan by refinancing into another type of mortgage. If house value declines below the balance of the outstanding principal and interest, the lender cannot recover more than 96.5% of the market value of the home.
East Coast Capital is an organization of honest, ethical, knowledgeable professionals who will give you straight answers. Reverse Mortgages are our business.