ASA Mortgage Solutions
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featuring
REVERSE MORTGAGES
Reverse Mortgages and YOU… let your home PAY
YOU for the rest of your life. Discover how
you can take advantage of this new
government insured product designed
specifically for seniors. Call our toll free
number today for more information and a no
obligation consultation.
If you (or you and your spouse) are over the
age of 62, you can receive a tax-free check
each month to spend on anything you wish. A
Reverse Mortgage can literally transform
your retirement. Features include:
-
No mortgage payment for as long as you
own your home
-
No income taxes are paid on the cash
-
You retain title to your home
-
You may sell your home at any time
-
No credit, employment or income
requirements
1-888-785-5055
Top Ten Things to Know if you are interested
in a Reverse Mortgage
Reverse Mortgages are becoming popular in
America. The U.S. Department of Housing and
Urban Development (HUD) created one of the
first. There are also other reverse mortgage
programs designed by FNMA and others to
accommodate differing scenarios. HUD’s
reverse mortgage program is a federally
insured private loan, and it’s a safe plan
that can give older Americans greater
financial security. Many seniors use it to
supplement social security, meet unexpected
medical expenses, make home improvements and
more. Since your home is probably your
largest single investment, it’s smart to
know more about reverse mortgages, and
decide if one is right for you! You can
receive free information about reverse
mortgages by calling 1-888-785-5055,
toll free.
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1. What is a
Reverse Mortgage?
A reverse mortgage is a special type of home
loan that let’s a homeowner convert a
portion of the equity in his or her home
into cash. The equity built up over years of
home mortgage payments can be paid to you.
But, unlike a traditional home equity loan
or second mortgage, no payment is required
until the borrower(s) no longer use the home
as their principle residence. Reverse
mortgages provide these benefits, and is
federally-insured as well.
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2. Can I
qualify for a reverse mortgage?
To be eligible for a reverse mortgage, the
borrower(s) is required to be a homeowner,
62 years of age or older; own your home
outright, or have a mortgage balance that
can be paid off at the closing with the
proceeds from the reverse mortgage loan; and
must live in the home as a primary
residence. You are further required to
receive consumer information from a HUD
approved counseling source prior to
obtaining the loan.
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3. Can I apply
even if I did not buy my present home with
FHA mortgage insurance?
Yes. It does not matter if you did not buy
it with an FHA-insured mortgage. Your new
HUD reverse mortgage will be a new
FHA-insured mortgage loan.
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4. What types
of homes are eligible?
Your home must be a single family dwelling
or a two-to-four unit property that you own
and occupy. Townhomes, detached homes, units
in FHA approved condominiums and some
manufactured homes are eligible.
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5. What’s the
difference between a reverse mortgage and a
bank home equity loan?
With a traditional second mortgage, or a
home equity line of credit, you must have
sufficient income versus debt ratio to
qualify for a loan, and you are required to
make monthly mortgage payments. The reverse
mortgage is different in that it pays you,
and is available regardless of your current
income. The amount you can borrow depends on
your age, the current interest rate, and the
appraised value of your home or FHA’s
mortgage limits for your area, whichever is
less. Generally, the more valuable your home
is, the older you are, the lower the
interest, the more you can borrow. You do
not make payments, because the loan is not
due as long as the house is your principle
residence. Like all homeowners, you are
still required to pay your real estate taxes
and homeowner’s insurance, utilities, etc.,
but with an FHA Reverse Mortgage, you cannot
be foreclosed or forced to vacate your house
because you “missed your mortgage payment.”
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6. Can the
lender take your home away?
No! You do not need to repay the loan as
long as you or one of the borrowers
continues to live in the house and keeps the
taxes and insurance current. You can never
owe more than your home’s value.
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7. Will I still
have an estate that I can leave to my heirs?
When you sell your home or no longer use it
for your primary residence, you or your
estate will repay the cash you received from
the reverse mortgage, plus interest and
other fees to the lender. The remaining
equity in your home, if any, belongs to you
or to your heirs. None of your assets will
be affected by the HUD’s reverse mortgage
loan. This debt will never be passed along
to the estate or heirs.
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8. How much
money can I get from my home?
The amount you can borrow depends on your
age, the current interest rate, and the
appraised value of your home or FHA’s
lending limits in your area, whichever is
less. Generally, the older you are, the more
valuable your home is the lower the interest
rate, the more you can borrow.
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9. Should I use
an estate planning service to find a reverse
mortgage?
I have been contacted by a firm that will
give me the name of a lender for a “small
percentage “of the loan? HUD does not
recommend using an estate planning service,
or any service that charges a fee just for
referring a borrower to a lender!
Information, referrals and counseling are
all available to you for free.
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10. How do I
receive my payments?
You have five options:
·
Tenure- equal payments as long
as at least one borrower lives and continues
to occupy the property as a principle
residence.
·
Term-equal monthly payments
for a fixed period of months selected
·
Line of Credit-unscheduled
payments or in installments, at times and in
amounts of borrower’s choosing until the
line of credit is exhausted.
·
Modified Tenure-combination of
line of credit with monthly payments for as
long as the borrower remains in the home.
·
Modified Term-combination of
line of credit with monthly payments for a
fixed period of months selected by the
borrower.
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Call ASA Mortgage Solutions today for free
information and consultation
1-888-785-5055
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