Free Reverse Mortgage Quote for Seniors


YOU'VE PAID IN, NOW CASH OUT
A reverse mortgage puts you in control of your retirement

A Reverse Mortgage as a key part of your retirement plan offers you the flexibility to make cash available in a prudent manner so the equity you’ve built up over the years can serve you today and your children tomorrow!

Reverse Mortgage for Seniors

How Reverse Mortgages Work

Let’s assume you're age 62 or higher and you’ve already decided to get a reverse mortgage. Then, there will be three things for you to decide:
  1. How much to borrow
  2. How to receive your funds (in a lump sum, over time, or a combination of both)
  3. How you’ll pay it off when you no longer occupy the home
Going forward, you can pay it down, borrow more, or pay it off early.

HOW MUCH YOU CAN BORROW WITH YOUR REVERSE MORTGAGE

Here are the major factors that determine the amount you can borrow:
  1. Age of the younger spouse
  2. You must own and occupy a home.
  3. The amount you can receive is reduced by the amount you still owe on a mortgage, if any.
  4. Current interest rates
To find out how much you are qualified to borrow, Contact mortgage banker John Hanson for a free quote.

HOW TO RECEIVE YOUR REVERSE MORTGAGE FUNDS

Understand you do not have to make any payments on a reverse mortgage. It’s only when you stop occupying your home that the mortgage has to be paid. Once the reverse mortgage is paid off, any untapped equity and subsequent appreciation in your home’s value belongs to you or your heirs. You have several options to receive your reverse mortgage money so you can tailor the arrangement to suit your needs:
  1. Lump sum payment
  2. Line of credit (you draw down on it as needed)
  3. Tenure (fixed monthly payments for as long as you live in your home)
  4. Combinations of these

HOW TO PAY OFF A REVERSE MORTGAGE AFTER YOU NO LONGER NEED IT

When you stop occupying the home the mortgage comes due. You or your heirs have two choices:
  1. Pay off the reverse mortgage and keep the home
  2. Sell the home and distribute any money left over after sale
Reverse Mortgage for Seniors

6 Simple Steps To Empower Your Retirement

The whole process often takes less than 30 days
STEP 1
Obtain more information from an approved lender such as John Hanson at Community West Mortgage. You'll receive an estimate of funds available.

STEP 2
HUD-approved counseling provides you with information on reverse mortgages, including eligibility and available options.

STEP 3
You complete an application and select a payment option. You will then be provided with an estimated cost of the loan.

STEP 4
An appraiser will be selected to determine the value and condition of your home to confirm that is qualifies.

STEP 5
When approved, the closing is scheduled. It can take place in your own your home.

STEP 6
Within a few days, funds will be made available based upon your payment options.
 
 

Reverse Mortgage for Seniors