I
know it sounds too good to be true, but it is.
Shortly
after I retired as a Special Agent from the United States Treasury
Department in Hawaii in 2001, I learned about and started marketing HUD/FHA insured reverse mortgages
called Home Equity Conversion Mortgages (HECMs). Established by
Congress, the program allows you to borrow money against your home
without having to make any repayments on it for as long as you live in
it. If you have no mortgage, it pays
you monthlyor
provides a line of credit or both.
- Borrowers
must be 62 or older.
- No
income requirements. Based solely on age and home's value
- No
out of pocket costs. All closing costs are included in
the loan
- No
Monthly payments.
No payments as long as you live in the home. It is paid off after you
sell it or both owners pass away. 100% remaining equity is paid to your
heirs.
- Low
initial interest rate for HECM with an average of 5.80% over the last 19 years.
- Money
from the loan is tax-free and can be used for any
purpose.
- Funds
can be takin in a lump sum, as a line of credit or paid
monthly.
- HECM
Insured and regulated by HUD/FHA
How
Much Can I/We Get?
The following are examples of the approximate loan amount you could
receive:
HUD’s Home Equity Conversion Mortgage (HECM)
HUD’s
Home Equity Conversion Mortgage
(HECM)
The table below reflects approximately what you will receive from an adjustable rate HECM. The table uses an estimated initial adjustable interest rate of 3.73% APR. The interest rate and the amount you will receive from an adjustable rate reverse mortgage changes each Tuesday until you sign an application. Once you do the rate and amount you will receive is locked for 120 days. For a fixed rate reverse mortgage the interest rate is set at closing. Also, unlike the adjustable rate HECM, with the fixed rate HECM you must take the full amount of your line of credit out at closing and generally you receive less than with an adjustable rate. To determine approximately how much you will receive from the adjustable rate HECM, use the table below, subtract your current mortgage balance and any liens from the amount opposite your home's value and the age of the youngest owner. Be conservative as to your home's value. You can check property values out for free on line at www.cyberhomes.com or www.zillow.com. Any amount left over after subtracting your existing mortgage or liens will be your remaining line of credit which you can use for any purpose at any time. You could even receive monthly payments for as long as one owner remained in the home.
|
Higher
of Home Value or $417,000
|
Age 62
|
Age 66
|
Age 70
|
Age 75
|
Age
80 |
Age
85 |
|
$200,000
|
$109,000 |
$115,000 |
$122,000 |
$131,000 |
$140,000 |
$149,000 |
| $250,000 |
$138,000 |
$146,000 |
$155,000 |
$165,500 |
$177,000 |
$188,600 |
| $300,000 |
$167,000 |
$177,000 |
$188,000 |
$200,000 |
$214,000 |
$227,500 |
| $350,000 |
$197,000 |
$209,000 |
$220,000 |
$236,000 |
$252,000 |
$267,500 |
| $400,000 |
$228,500 |
$241,000 |
$254,000 |
$271,000 |
$290,000 |
$307,500 |
| $417,000 |
$238,000 |
$251,500 |
$265,000 |
$284,000 |
$302,000 |
$321,000 |
Chuck Banfe, President
ReverseMortgageOne, Inc.
|
ReverseMortgageOne,
Inc.
Corporate Office:
2840 Adams Avenue #307,
San Diego, CA 92116
Branch Office:
8636 W. 17th Street Drive
Greeley, CO 80634
(970) 330-5296
Fax: (619) 330-2662
ReverseMortgageone@yahoo.com
Helpful
Senior Links:
NRMLA
The National Reverse Mortgage Lenders' Association is an organization
formed to educate, training, and promote ethical standards among
reverse mortgage lenders and provides useful information to potential
borrowers.
AARP
AARP is a nonprofit, nonpartisan membership organization for people 50
and over.
HUD
Counseling
HUD
and local laws require third party counseling before you can get a
reverse mortgage. This link will take you to a list of those
counselors approved for HUD's Home Equity Conversion
Mortgage. To
obtain counseling for the Independence Plan contact ReverseMortgageOne,
Inc. for an Authorization for Counseling.
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