Overview

Highlights:

Mortgage payments

No monthly mortgage payments. The loan is paid when the home is sold.

Fees and Costs 

These fees have been standardized by the federal government. No need to negotiate for low fees and rates.

Ownership

You maintain ownership, just like with a traditional mortgage.  Leave the home to your estate or family.

Mortgage Insurance

As with all FHA mortgages, Reverse Mortgages have Mortgage Insurance designed to protect you.

FHA Insurance

You can never owe more than your home is worth.

How To Qualify

Age

Must be age 62 or older

Credit and Income

We have no credit or income restrictions

Property

For principle residences only. You must own your home. If you currently have a mortgage it will be paid off.

Payout Options:

Lump Sum

You can choose to receive all your funds at          once.

Line of Credit

You can choose a line of credit which is similar to a tax-free saving account allowing you to access your money whenever you want.

Monthly Income (Life)

You may choose to receive a guaranteed monthly income, payable for as long as you live in your home.

Monthly Income (Term)

You may choose a monthly income for a fixed period.

Combination

You may choose a combination of any of the above components.

Types of Reverse Mortgages:

FHA Standard

Adjustable rate that allows you access to the greatest amount of cash as: lump-sum, line-of-credit, or monthly installments

FHA Fixed

Fixed rate that allows for lump-sum payout only

Jumbo Reverse

A favorite option for homes valued at

Tollfree:

(800) 680-1006

Office:

(410) 771-5599

Fax:

(410) 771-0480

Email:

Jason@mtglender.net