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REVERSE MORTGAGES
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Reverse Mortgages allow seniors, 62 and older, to take a portion of the equity of their home and convert it into cash. A federal program overseen by HUD makes this possible.
Reverse mortgages were seen as a last-resort loan option for cash-strapped seniors but they have recently been re-thought by financial advisors as a retirement planning tool. Reverse mortgages are quickly gaining steam and home-owners are in the prime time for a reverse mortgage for two reasons: low interest rates & high home values. These loans allow homeowners to hedge against future costs while providing income after retirement.
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(HECM) WHAT IS A REVERSE MORTGAGE?
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The Home Equity Conversion Mortgage (HECM) is a widely available reverse mortgage program.
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Borrower Requirements
- Age 62+
- The property is your principle residence
- Meet with a HUD approved HECM counselor
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Property Requirements
- 1 family per 2-4 unit residence with 1 unit occupied by the borrower.
- A HUD approved condo project
- A manufactured home that qualifies under FHA guidelines
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HOW MUCH CAN YOU BORROW?
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The amount varies by borrower and depends on:
- Current interest rate and lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price
- Age of the youngest borrower or eligible non-borrowing spouse
If there is more than one borrower and no eligible non-borrowing spouse, the age of the youngest borrower is used to determine the amount you can borrow.
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DO YOU HAVE QUESTIONS OR WOULD YOU LIKE TO GET STARTED?
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POSSIBLE REVERSE MORTGAGE AMOUNTS
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PAYMENT OPTIONS
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Tenure
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Monthly payments are equal only if borrower lives and occupies the property as a principle residence.
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Line of Credit
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Receive unscheduled pay or in installments. These can be at times and in the amount of your choosing until your credit has run dry.
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Lump Sum
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You get the entire amount up front.
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Term
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Equal monthly payments are fixed each month for a number of months. This is chosen by the borrower.
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Modified Term
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You receive both a line of credit and plus monthly payments for a period of time (in months). This is chosen by the borrower.
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Modified Tenure
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As long as you live in the home you get a combination of the line of credit and scheduled monthly payments.
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FEES
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INITIAL MORTGAGE
INSURANCE PREMIUMS
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2% of the lesser appraised value of your property, the FHA HECM mortgage limit of $625,500 or the sales price
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ANNUAL MORTGAGE
INSURANCE PREMIUMS
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Premiums determined annually at a 1.25% rate of the mortgage balance
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THIRD PARTY CHARGES
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Surveys, recording fees, government taxes, title searches, appraisals
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ORIGINATION FEES
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Some programs have little to NO origination fees
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INTEREST
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As long as you live in the home you get a combination of the line of credit and scheduled monthly payments
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SERVICING FEES
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NONE at this time
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REVERSE MORTGAGE MYTHS
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The home DOES NOT have to be free & clear of an existing mortgage to be able to qualify for a reverse mortgage.
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CONTACT PRINCETON ABOUT A REVERSE MORTGAGE
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