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.
  • Under new rules homeowners have to show they have sufficient
    income to cover expenses such as property taxes and
    homeowners insurance.
  • 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".

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                                                                 (909)477-1515
*This information is subject
to sudden changes.
Please consult with your
Reverse Mortgage Advisor
at
FundRite Mortgage for
advice on your
specific case
and according to any new
laws or rules in place.
CGHouses.com
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!
Please read on..