![]() ![]() ![]() Unlike traditional “forward” home loans or second mortgages, there are currently no income or credit requirements. live more comfortably with no monthly mortgage payments.allow them to afford and continue to own their own home.gain relief from the stress of monthly bills or increased medical expenses.pay off their current mortgage (if they have one) and use any remaining tax-free cash for anything.Also known as a HECM (Home Equity Conversion Mortgage) is a financial tool that was created specifically for homeowners 62 or older to allow them to: Interested in a reverse mortgage in New Jersey, New York, Pennsylvania, Virginia, Delaware, Maryland, Minnesota, Colorado, Florida, Tennessee, Oklahoma, South Carolina, Texas, Ohio, Connecticut and Georgia? Ask one of our NJ Reverse Mortgage specialists about our Reverse Mortgage program for seniors. You must receive consumer information from a HUD-approved counseling source prior to participating in this program.Although your mortgage and other debts are paid off, you still are required to pay your real estate taxes and other conventional payments like utilities for as long as you own your home.The amount of money available to you is based on the value of your home and your age.Your home must be your primary residence. This HUD program is limited to homeowners age 62 and above.These funds are limited and may not be available in the future. Program funds are authorized by Congress annually.There are no restrictions on the use of your money. This money is tax free and it does not affect your Social Security, Medicare or private retirement benefits. ![]() This federally insured program allows you to receive up to $400,000 in one lump sum payment or as monthly payments for the rest of your life.This includes credit cards, auto loans and any other debts you may hold. All of your other debts can be paid off immediately.In addition, you can still pass your home on to your children and/or beneficiaries. Your home is secured by Federal law and you and/or your spouse can stay in your home for the rest of your live(s). You will no longer have any mortgage payment. Your current mortgage will be paid off.You may be eligible for this Federally Insured HECM Program from 7th Level Mortgage, LLC. There are no minimum income or credit requirements to participate. This HUD program is designed to benefit seniors age 62 and above with their financial needs. Department of Housing and Urban Development (HUD) Home Benefit Program, reverse mortgage loan. You may be eligible to participate in the U.S. Get A Reverse Mortgage Loan NJ, NY, PA, VA, DE, MD, MN, CO, FL, TN, OK, SC, TX, OH and GA Today!įederally Insured Benefit HECM (Reverse Mortgage loan) Program Learn more about how a Home Equity Conversion Mortgage (HECM) loan might be right for you by contacting one of our top reverse mortgage lenders. When researching a reverse mortgage, it’s important to speak to your family and trusted financial advisor to weigh both the pros and cons. If the calculator or company you are using to compare programs does not give you all this information and functionality, you are not getting access to all the information available and are deciding at a distinct disadvantage!įurthermore, you are not getting enough information to be able to compare and make an educated decision regarding the best option for you, especially if you want to compare several companies. It must have the ability to retrieve and populate the local third-party costs (appraisal, title insurance, recording fees, etc.) based on the zip code you provide so that your proposal has the most accurate fees and costs possible. ![]() The calculator should be updated no less than daily and more often if needed. It should give you the information you are requesting and not withhold the loan option information, requiring you to either fill in your personal information (such as social security numbers and all your contact information including phone number) just so that you can get an idea of what is available to you.Īn effective calculator must allow you to see all options available and give you the opportunity to choose the option that best meets your needs. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |