Reverse Mortgage Basics

A reverse mortgage enables homeowners 62 and over to safely convert a portion of their home equity into cash without selling their home or taking on monthly debt payments. If you're not 62 or older, contact me for other payment-free options to access your home equity.

The most popular reverse mortgage is the HUD/FHA Home Equity Conversion Mortgage (HECM). HUD is the U.S. Department of Housing and Urban Development and FHA is the Federal Housing Authority. These government entities regulate, promote and insure most reverse mortgages.

The reverse mortgage is a government program like Social Security or Medicare. The difference is that it is based upon your home equity which can be used only by you.

Benefits

·        Receive payments instead of making them

·        Tax-free income

·        Lifetime income with Tenure option

·        Money can be used for any purpose

·        Never repay the money for as long as you live in the home

·        Retain home ownership - you control the title

·        Leave your home and unused equity to your heirs

·        Eliminates existing mortgage payment

·        Money can be received monthly, as a lump sum or as a line of credit

·         Available line of credit grows like a saving account, currently at over 6% per year

·        Your money is guaranteed by Federal Housing Authority (FHA)

·        You can never owe more than the home is worth

·        Regulated by the US Dept. of Housing and Urban Development (HUD)

·        Requires meeting with an independent HUD counselor to confirm that the program is right for you

·        Conservative limits use only a fraction of home equity

Requirements

·        Minimum qualifying age is 62

·        Qualifying depends on age, equity in the home and location

·        No income qualifications, no health requirements, no credit requirements (except current bankruptcies)

·        Home can be single family, condo, town-home, 2-4 unit buildings, some mobile homes or stock cooperatives

·        Primary residence homes only

·        Through Luke, typically takes 30 days to obtain (90+ with others)

·        Depending on qualification, a variety of programs are available: FHA/HUD Home Equity Conversion Mortgage (HECM), Fannie Mae Home Keeper, Financial Freedom Cash Account

Steps to Obtain a Reverse Mortgage

1. Educate yourself about the basics
2. Read: "Reverse Mortgages: Top 10 Concerns" and find out if you qualify
3. Contact Luke Helm, your reverse mortgage specialist
4. Complete HUD counseling (1 hour appointment, book in advance)
5. Apply for the reverse mortgage with Luke Helm
6. Wait for the reverse mortgage to close and your money to arrive

Make sure you read my free special report:" Reverse Mortgages: Top 10 Concerns"

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