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The savings you never knew you had.
One of the smartest decisions you will have made in your life is buying your home.
While other investments and pension plans have been failing, your home has shown that over the long-term, it will increase in value and become more than just a roof over your head.
With the government insured Reverse Mortgage plan, you are able to take advantage of the wealth that has been building up in your property. Your home is more than just bricks and mortar, it is your retirement plan. Why not find out how you can safely use a Reverse Mortgage to enhance the lifestyle of you and your loved ones.
Reverse Mortgages – The Concept Explained
Reverse Mortgages were created back in the 1980s as a way of helping Americans aged 62 and older to convert some of the equity in their home into money that can be spent as they wish.
They have come along way since their invention, with more flexibility built into the products and new moneysaving features.
As house prices have risen greatly since the 1980s, they have grown in popularity with more than half a million customers taking out a reverse mortgage already.
The modern day reverse mortgage is called an HECM – Home Equity Conversion Mortgage. It is insured by the US government and provided by a number of HUD approved lenders.
It couldn’t have come along at a better time as the traditional retirement measures of Social Security, pensions and personal savings have been significantly weakened since the financial crash.
What is the process to get a Reverse Mortgage?
1. Get the right information
The decision to tap in to your property wealth is best made with all the information. Use our calculator to work out how much is available to you. We will also send you a copy of our free 16 page, full colour, informational and educational guide.
2. Speak to our specialists
If you are interested in learning more, you can speak to one of our Reverse Mortgage Specialists. Our highly trained specialists will go through it all at your pace and leave you feeling comfortable that you understand the finer details.
3. Arrange a no-obligation appointment to discuss in further detail
When you are ready, our team can arrange a free, no-obligation consultation at your chosen location (usually your home) where our NMLS licensed Reverse Mortgage Specialists are able to bring our reverse mortgages to life.
We will learn about your financial position and explain in clear language how reverse mortgages may help you and what future impact they may have.
You can ask questions in a relaxed, informal environment and are free to have family attend the appointments, where they can ask their own questions.
We will leave you with the information and a business card. If you decide to proceed, you can give your dedicated specialist a call to arrange a follow up meeting where we complete an application.
Step 4: Counseling
As part of the customer safeguards, HUD requires all applicants to undergo reverse
mortgage counseling. This is simply to check your understanding of the products. We will be able to help you schedule this counselling. In the meantime, we will be busy processing your application in the background.
Step 5: Appraisal and Approval
As with regular mortgages, we will need to schedule an appraisal to value your property. This will be arranged at your convenience. Once we get the appraisal back we can package it and send it off to the lender for approval.
Step 6: Closing
A closing professional will be in touch to sign the final documents and transfer the funds over to you, ready to use as you wish.
You have then safely tapped into the wealth in your property, you still own your home and are still free to remain their for the rest of your life.
(a) Our calculator produces only estimates; (b) consumers shouldn’t rely on the answers as final; and (c) they are not an invitation to apply for credit or an offer to lend.
Why choose Responsible Reverse Mortgage?
We would love to discuss with you the features and savings of the different Reverse Mortgage plans that we have extensively sourced and negotiated for you.
You’ll be in the comfort of your home, explaining to a relaxed, mature, licensed specialist what you would like to achieve.
Our knowledgeable, licensed specialists offer expert advice you can trust, they answer your most probing questions about your future needs, the impact on the equity in your property over time and how a reverse mortgage may affect your social security.
You’ll then be free to make the right decision based on high quality information. If you decide to proceed, you can arrange another free visit to help you to complete the paperwork.
We only ever charge for all of this should you complete a reverse mortgage and we don’t expect payment until you receive your money. If you decide it’s not right for you, we won’t charge you a thing for our time. It’s an industry we’re proud of and we want you to know all about it.
How can a Reverse Mortgage help me?
With a Reverse Mortgage, you can spend the money as you wish. Here are some ideas from our valued customers.
- You may want to take a once-in-a-lifetime holiday or visit family that you can’t reach out to enough.
- How about using the money to plug your pension shortfall and increase your standard of living.
- You may need some cash to help make home improvements. Think kitchens, bathrooms, sunrooms, landscaping gardens or even extending your home to accommodate a growing family.
- Like more and more people you may want to release equity to help support your family, children or grandchildren as and when they need it. You can see your inheritance in action and help them out when they need it now, rather than waiting to leave an inheritance.
- Build an emergency fund for when the unexpected inevitably happens.
- Enhance the quality of life for you and your loved ones by having more time and money to spend on the things you all love.
What is the criteria to qualify for a Reverse Mortgage?
In order to qualify for a reverse mortgage, you would need to meet the following criteria:
- You must be aged 62.
- Your home must be used as your primary residence, which means you live there at least 6 months of the year.
- You must own your home.
- You must have sufficient home equity.
- Eligible property types are as follows:
- Single family homes
- 2-4 unit properties
- Manufactured homes
- Condominiums and townhouses
- If you are unsure if your home will qualify, just get in touch.
Reverse Mortgage Myths Busted
Here we debunk some commonly held myths about Reverse Mortgages
Myth 1. You are at risk of repossession or losing your home
As there are no monthly payments to make, there are no monthly payments to miss. You cannot lose your home under normal circumstances, but please understand foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms.
Myth 2. Your lender takes the title to your home
As with any other mortgage, you keep the title to your own and you own it. The title is never negotiable.
Myth 3. You will leave debt to your loved ones
As part of the government insured Reverse Mortgage program, you will never leave debt to your loved ones. A Reverse Mortgage is a non-recourse loan which means you will never owe more than the value of your property.
Myth 4. You can’t get a Reverse Mortgage if you have an existing mortgage
Yes you can. One of the biggest reasons people take out a Reverse Mortgage is to clear their existing mortgage, making them free of monthly mortgage payments. These people are then free to spend that money on the more enjoyable things in life.
Myth 5. The lender will evict me
The title to your home is still yours. You own it. You can’t be evicted as long as you stay current on your taxes and insurances. You cannot lose your home under normal circumstances, but please understand foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms.