Please provide this
Basic Information For Prequaliying for a
Reverse Mortgage
* Required Field
Your name:
*
Email:
*
Phone #:
*
You
raddress:
Purpose of
this loan
(check all
that apply):
*
What is the age of the
youngest homeowner for
this transaction?
Do you own your home
free and clear? No debt, no
mortgage?
If not, how much  do you
still owe on  your
mortgage?
How long have you own
and live in your home?:
Questions, comments, or feedback:
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909-477-1515
    A reverse mortgage is a loan available
    to seniors 62 and over. It is used to
    release the home equity in the property
    as one lump sum or periodic amounts
    according to contract.
    Unlike typical mortgages where the loan
    is amortized in monthly payments until
    the obligation with the lender is
    completely satisfied (typically in 30
    years) in the reverse mortgages, the
    borrower doesn't need to make monthly
    payments and the interest charged is
    added to the principal owed.

    When the homeowner (borrower)  sells
    the house, passes away, or moves out
    for one consecutive year, the reverse
    mortgage can be paid off by the
    proceeds of the sale, or refinancing by
    the heirs of the homeowner's state.  If
    there is a gain, the owners or heirs will
    receive the proceeds of the sale. If
    there is a loss, the insurance makes up
    the difference.

Who qualifies for a reverse mortgage?

  • A homeowner who is over 62 years of
    age or over.
  • No minimum income needed.
  • There are no credit requirements.
  • Borrower must get HUD approved
    counseling. (1 hour by phone or in
    person)
  • Only certain types of property qualify.
    (lower-value mobile homes do not
    qualify)
  • As a requirement the owner must pay
    off any existing mortgages with the
    proceeds from the reverse mortgage
    loan.
  • The funds can be used for any purpose.
  • Must own and occupy the home as
    primary residence.
  • The loan amount is based on the age of
    the youngest person in Title.

What are the advantages of getting a
reverse mortgage?

  • The borrower retains ownership to the
    home and can Will the property to their
    heirs.
  • The monthly payments made to the
    borrower are not taxable.
  • The borrower does not have to repay
    the loan.
  • Allows the homeowner to maintain their
    life style by providing a monthly income.
    See "10 good reasons why you should
    get a Reverse Mortgage".

What are the costs and Interest Rates
charged?

    They are usually very similar to those of
    a regular mortgage loan depending on
    the particular reverse mortgage case.
    There is also a special insurance
    premium that must be paid.
    Call your mortgage consultant for more
    information and find out if this program
    is good for you.

                                                                  
*This information is subject
to sudden changes.
Please consult with your Reverse
Mortgage Advisor
at FundRiteMortgage for advice on your
specific case
and according to any new
laws or rules in place.
Homeowners who are over 62 years of age.
Here's a program that allows you to get money from your home
equity, stay in your home and you don't have to make monthly payments!
Serving California
If you are in another state, please
look for your local Reverse
Mortgage Specialist