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mortgage Q&A > reverse mortgage

What exactly is a Reverse Mortgage and is it right for me?

What exactly is a Reverse Mortgage and is it right for me?

I have heard of Reverse Mortgages, but what exactly are they?

With a Reverse Mortgage, you do not have to repay the loan for as long as you live in the home; you will never owe more than your home is worth; and most importantly, payments from a Reverse Mortgage are guaranteed.

How can I receive my money?

There are several options available for receiving your equity:

  • Lump Sum
  • Monthly payments for as long as you live in your home
  • Monthly payments for a fixed number of years
  • A line of credit you can draw upon as you need
  • Or a combination of these options that best meet your needs

How do I qualify?

To qualify, you and any co-borrower must be at least 62 years-of-age and own a home. This home must be your primary residence. The best part of the program is there are no income requirements and only minimal credit requirements to satisfy.

What types of Reverse Mortgage programs are available?

There are several Reverse Mortgage programs available, including the FHA-Insured Home Equity Conversion Mortgage (HECM), the Fannie Mae Home Keeper and Cash Account.

How much money can I qualify for?

How much money you can receive is based upon the age and number of borrowers, the value of the house, current interest rates, you select. To receive your free, no obligation Reverse Mortgage analysis, please contact your local Mid-Island Reverse Mortgage advisor at 516-348-0600.

Are there any costs associated with a Reverse Mortgage?

Closing costs and fees will be incurred when you obtain a Reverse Mortgage. Closing costs include the appraisal, title insurance, origination fee and recording fees. Your Mid-Island Reverse Mortgage advisor will be happy to provide you with a Good Faith Estimate of Closing Costs when you meet.

When will my Reverse Mortgage become due and payable?

Your Reverse Mortgage must be repaid when you either sell your home or permanently leave the residence. In the event of death, your heirs will have the choice of keeping the house and repaying the loan with liquid assets or a conventional mortgage, or selling the house and using the proceeds to repay the loan.

How will this affect my taxes and Social Security?

Payments received from a Reverse Mortgage are considered to be a loan, not income. Therefore, the funds received are NOT subject to income tax and do not affect Social Security Benefits. Borrowers receiving Medicaid or SSI may not be affected if the funds from the Reverse Mortgage are spent in the month they are received. As always, we recommend you consult your own tax advisor for further details. To ensure that the Reverse Mortgage is appropriate for your situation, during the application process Reverse Mortgage borrowers are required to receive FREE counseling from a third-party counseling agency. Your local Reverse Mortgage advisor has a list of counselors and can refer you to their nearest location.

How do I find out more?

Just contact your Mid-Island representative at 516-348-0600 or click the button below.


 

 

 

 
     
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