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Reverse Mortgages

Reverse Mortgages were created for homeowners aged 62 and older to access funds from their home to live on to better their Quality of Life. They were created by HUD and are insured by FHA as an “Aging in Place” loan product.

 


Seniors are living longer and living on limited income. 
The Reverse Mortgage allows access to some of the equity in a primary residence – funds are based on age and appraised value of the home. Homeowners can use these funds/ equity and they are not required to make any payments back on the loan, while alive, living in the home. 

 

  • Couples or a homeowner always own their homes – just like a regular mortgage except with no monthly payment. 
  • No payments are due while they continue living in their home as their primary residence.
  • The debt is not passed on to their heirs/children. The heirs/children can inherit the home or sell the property.
  • Taxes and insurance always have to be paid on the property and home kept in good repair to FHA standards.
  • New rule: Both borrowers do not need to be aged 62 or older – Financial Assessment Certified.
  • Please contact John with questions:
    Ph: 904-982-2210 or Email: John@CommunityMortgageSolutions.com.

 

Examples: 

1. A couple wants to get rid of their monthly mortgage payment and have more money to live on: $300,000 home:

A couple aged 68 and 67 want to pay off their current existing mortgage of $50,000, eliminating their monthly mortgage payment of $800 – freeing up that amount each month for them.  Home appraised for $300,000 – They are getting enough to pay off their $50,000 existing mortgage, getting $39,500 at closing and placing $66,720 in a Line of Credit that grows at 5.5% and is available after one year (estimated figures).

 

2. A 71 year old widowed woman, husband passed away a year ago, she wants to stay in her $200,000 home:  

Her home is paid off but her income is limited – just social security and a small retirement check. Her home appraised for $200,000 – She received $107,761 – out of that she is getting $61,000 at closing and placing $46,640 in a Line of Credit that grows at 5.5% and is available after one year (estimated figures).

3. A couple needs more money to live on: $250,000 home:

They are aged 70 and 69 years old. Their home appraised for $250,000 and they did not have a mortgage on it.  They received $132,480 – out of that they received $75,580 at closing and placing $56,900 in a Line of Credit that grows at 5.5% and is available after one year (estimated figures).

4. A couple needs more money to live on: $400,000 home:

They are aged 66 and 65 years old. Their home appraised for $400,000 and they did not have a mortgage on it.  They received $119,000 at closing and placing $86,720 in a Line of Credit that grows at 5.5% and is available after one year (estimated figures).

5. Buying a Home with a Reverse Mortgage – A couple is working with a Realtor and want to buy their Florida home or downsize:

A couple aged 67 and 69 buy a $425,000 home with a Reverse Mortgage for Home Purchase and never have a monthly payment!    Purchase price $425,000  – They are getting $220,805 in a reverse mortgage.  They come to the closing table with the difference of $203,000 – and they never have a monthly mortgage payment for as long as they live there!  (estimated figures)

 

Please contact me with any customers or clients aged 62 and older who might benefit from a Reverse Mortgage. 904-982-2210.

I am always happy to talk with anyone to answer any questions with a free consultation.

Thank you!

John Reardon – 904-982-2210
Mortgage Consultant/
Reverse Mortgage Specialist
NMLS 555210

Community Mortgage Solutions – Serving all NE Florida: Duval, St Johns, Nassau, Clay, Putnam, Flagler and all surrounding Counties.
1030 Palm Coast Parkway Suite 3
Palm Coast, Florida 32137

Direct 904-982-2210
Office 386-445-4111
EMAIL: John@communitymortgagesolutions.com

Website:
REVERSE MORTGAGES – for Homeowners or Homebuyers aged 62 or older:
www.ALLFloridaReverseMortgages.com
www.FloridaReverseMortgagesMadeEasy.com

SERVING ALL OF THE BEAUTIFUL STATE OF FLORIDA

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