Reverse Mortgage
Nosari Home Mortage, Inc
EVERYTHING YOU NEED TO KNOW IN ONE PLACE
Reverse Mortgages by Nosari Home Mortgage
A Reverse Mortgage is a loan that allows you to access some of the equity in your home to obtain cash now.
The amount you receive is primarily based on three things:
- the current interest rate
- age of the youngest borrower
- the appraised value of the home (up to certain limits)
In general, the older you are, the more valuable your home, and the lower your loan balance, the more money you can expect to receive from a Reverse Mortgage.
How Do I Get My Money from a Reverse Mortgage?
You can get your money in a lump sum, fixed monthly payments, a line of credit that you can draw upon as needed or a combination of these options.
You can get your money in a lump sum, fixed monthly payments, a line of credit that you can draw upon as needed or a combination of these options.
How Can I Use Those Funds?
You can use the funds any way you want – to pay bills, meet future financial obligations, or simply enhance your lifestyle.
You can use the funds any way you want – to pay bills, meet future financial obligations, or simply enhance your lifestyle.
Do I have to Repay the Funds?
Repayment is not due as long as you live in the home as your primary residence, continue to pay required property taxes and homeowner's insurance and maintain the home according to FHA requirements.
Repayment is not due as long as you live in the home as your primary residence, continue to pay required property taxes and homeowner's insurance and maintain the home according to FHA requirements.
SEVEN STEPS TO A REVERSE MORTGAGE
The Process
1. Examine Your Financial Situation
2. Complete a Reverse Mortgage Application
3. Speak with a HUD Counselor
4. Home Appraisal
5. Loan Processing and Underwriting
6. Loan Closing
7. Receive Your Money
LIVE LIKE YOU WANT TO...
Make the Most of Retirement
Even if you've planned, saved, and invested carefully, circumstances beyond your control or a change in your priorities can result in a gap between your current retirement income and the funds you need to meet your goals. Now is the time to consider all of your options and make the right decisions to ensure your dreams are within your grasp. There is a solution that provides you with tax-free cash by tapping into the equity in your home: a Reverse Mortgage.
A Reverse Mortgage is an innovative government-insured loan that enables you to tap some of your home's existing equity to obtain cash to help fund your retirement needs. Reverse Mortgages have helped thousands of homeowners just like you remain in their homes (mortgage payment free) throughout their retirement years.
