Reverse Mortgage Information

Reverse Mortgages Allow You to Stay in Your Home With Peace of Mind.

What is a Reverse Mortgage?
Think of it as an 'advance' on the equity in your home.  A reverse mortgage loan puts to use the equity in your home and you can receive cash, a tax-free monthly income, and /or a line of credit. There are no income or credit qualifications and there are no monthly payments to make.
 
How much money can I receive?
The amount of money you receive is determined by your home value, the age of the youngest homeowner and the current interest rate.  Charlie Thompson will assist you in evaluating your options and calculating the maximum amount of money that will be available to you.  Call for a FREE LOAN EVALUATION. 

How do I receive the money?
You choose a payment schedule that fits your individual circumstances.

1. As a monthly supplement- you can increase your monthly income.
2. All at once- as a lump sum-this provides you cash for a large expense.
3. As a line pf credit- this lets you create a savings account to draw on as you need additional cash. (not available in all states)
4. Or a combination of above.

What costs are involved?
Just like a standard mortgage loan, reverse mortgage costs include appraisal, credit report, title insurance, legal fees, loan origination, and recording fees.  All of these normal loan costs can be included in your loan balance.  Charlie Thompson will provide a good faith estimate of the costs involved for you.

Will I retain ownership of my home?
Yes.  You retain title and the government designed Home Equity conversion Program allows the borrower to remain in the home until the last remaining borrower vacates or sells the home.  Borrower's heirs receive 100% of the remaining equity after loan payoff. 

Is the reverse mortgage process complicated?
No.  Charlie Thompson will give you a complete explanation in the comfort of your home.  You can consult with family members and take as long as you like to decide.  AND free credit counseling is part of the process.

Who should I look to for advice?
Realty Mortgage encourages all the borrower's advisors, both personal and professional to meet with our loan representative, Charlie Thompson, to review the needs and options available to the borrower. 

How do I get started?
The best way to start is to call Charlie Thompson at Realty Mortgage.  He will be happy to meet with you at your convenience to discuss your needs. 

Use the equity in your home to:

1. Supplement your income
2. Eliminate your house payment
3. Pay for home repairs and maintenance
4. Pay off credit cards, household and medical bills
5. Help with healthcare/ prescriptions
6. Set up a Line of Credit for unexpected expenses (not available in all states)
7. Buy a new car or pay for a vacation
8. Help a grandchild with college expenses
9. Whatever you wish!

Few Requirements

1. Both spouses must be 62 or older
2. Own your own home and occupy the home as your principal residence (may be eligible even if there is a first of second mortgage.)

Many Benefits

1. NO PAYMENTS for as long as you occupy the home
2. Maintain your independence by not relying on family of friends for your financial needs
3. You can remain in your home for as long as you like
4. Money may be used for any purpose
5. You retain title to the home
6. No income or credit qualifications
7. The money is tax-free
8. You may sell the home at any time
9. Does not affect Social Security or Medicare
10. FHA insured/Fannie Mae Guaranteed
11. Government designed programs