A reverse mortgage can be the financial freedom seniors are looking for. If you meet certain requirements, you will be able to use the equity in your home for anything from debt consolidation, daily living expenses, medical bills, prescription medication, improvements to your home, managing your wealth, travel, to even to buy a new home. Many elderly Americans can achieve financial security with a Reverse Mortgage, and it's very, very, safe. You can not lose your home. Remember, the bank pays you every month, you do not pay the bank. And we all know Social Security cannot pay all the bills, so a Reverse Mortgage can help by supplementing your monthly income. And please remember, you are under no obligation whatsoever to apply for and receive a reverse mortgage after receiving your informational package by mail. The kit and DVD are for informational purposes only so you can make a sound decision whether to follow through with a reverse mortgage based upon your current financial needs. You are not applying for anything at this time. However, after you take your time and go over the literature you will be receiving, you may follow through, apply, and get approved for the reverse mortgage of your choice. Kindly fill out the short questionnaire below to get started. You are not applying for a loan, just asking to have your questions answered. You are under no obligation whatsoever.
It's a good idea to be familiar with the Reverse Mortgage and to decide when and if you would like one. Please note that Peak Home Loans are experts at getting our clients the hassle-free, low cost, easy approval on the Reverse Mortgage Loan they desire. When contacted, kindly ask your loan professional any question you may have. They will be more than happy to assist you in finding a Reverse Mortgage. Remember, all loans don't fit all people; if you need a mortgage loan, will find the right one for you.
Well, it's a particular type of loan that you can get for a home that you lets take part of your equity in the property and turn it into cash. That allows the equity that has accumulated over the years due to your payments become liquid and accessible to you. Also referred to as a Home Equity Conversion Mortgage (HECM), you are not required to make payments on the loan until the home is not used as the primary residence anymore, or the other terms of the mortgage are not met. The Reverse Mortgage can allow seniors to improve their financial security. They can use it to make ends meet or deal with unexpected expenses, such as medical bills. There are no limits to what the funds can be spent on because they are the home owner's money.
You must own the home with a value of $100,000.00 or more. Your mortgage balance should be less than 50% of your home's value, that's a 50% Loan-To-Value (LTV) ratio. Your low mortgage balance can be resolved at the closing with the monies from your reverse loan. One of the home-owners should be 62 years of age or older, and live in the house at the time of the loan. You will also talk with a Reverse Mortgage counselor that we provide for you. The consumer information they provide is either low cost or free. You can still qualify even if you did not get your current mortgage with FHA insurance - an FHA mortgage is NOT necessary.
For a Reverse Mortgage, the domicile must be for a single family, or a two to four home unit, as long as you live in one of the units. There are also HUD approved condos and other manufactured houses that meet the requirements of the FHA. Again, the value of your home must be $100,000.00 or more, and owe less than one-half the total value.
If you have a home equity loan, you pay the bank. So you have to make enough money to make the payments. With the Reverse Mortgage, the bank pays you. So no monthly payments or interest - you just have to keep up with the real estates taxes, insurances and utilities.
Once the property is not the primary residence or used as such, then the money needs to be repaid - any cash, interest or finance charges over the length of the loan. Anything beyond the amount owed is left for the heirs. They would not inherit any of the debt.
You can get more if you pick the Reverse Mortgage Standard. It is also influenced by the value of your home, your age and how low the interest rate is. You can find a Reverse Mortgage calculator online, if you want to take a look.
You could use a real estate planner, but it's NOT recommended as it may be cost prohibitive. And there are free avenues to finding a Reverse Mortgage. One source is by using our free, no-obligation, service, and fill out our short form. Or, you can find a Reverse Mortgage counselor online by going to www.HUD.gov, or calling (800) 569-4287.
If you are not sure you want to go ahead with a Reverse Mortgage, you have until three days after closing to reverse your decision. Canceling the loan that way is called using your three day right of rescission. The lender should explain how to do this at closing. Every mortgage lender is different so be sure you get good information and points of contact. Peak Home Loans is here to help if you need us.
Additional, free information can be obtained by contacting the National Council on Aging at 1.800.510.0301, or downloading their free pamphlet.
- "We have never tried a reverse mortgage in the past. Our experience with Peak Home Loans was the most pleasant we have ever had. When talking with friends and comparing experiences, we realize just how lucky we were. We truly appreciate all that Peak Home Loans has done for us." - Janice G., Fort Worth, TX
- "We all know the reverse mortgage process can get chaotic, and I'm glad that I went through all of the 'insanity' with Peak Home Loans. They communicated very efficiently, keeping me up-to-date of the changes and updates along the way. When there were very few issues, but when there were, I felt that they really listened to my concerns and understood my perspective. That is important, because it makes the process feel human, and it boosts your trust that your mortgage team is actually working for you. You will need the support of a good team to make it through the home buying process with your sanity." - John M., Perkasie, PA
- "I was impressed from the beginning with the whole team at Peak Home Loans. They were always available to speak with, returned phone calls and emails quickly, and they even worked nights and weekends. For me, the key to a successful outcome comes down to communication. Outstanding job, very well done guys." - Amanda J., Miami, FL
- "On behalf of my entire family, I would like to express our genuine thanks and gratitude for the experience we had with Peak Home Loans. Making the shift from military to civilian life presented many obstacles; but obtaining a reverse mortgage was not one of them. From our first contact with Peak and well beyond closing, we were very impressed with the high level of customer service that their team provided." - Bill R., Saline, KS
- "Their helpful customer service and attention to detail resulted in an exceptional home mortgage experience. As a doctor and parent of three with very little time to spare, it was nice knowing that Peak Home Loans was efficient, trustworthy, and dependable, and had the experience to handle the entire process without excessive attention to minor details. They were available throughout the process, and provided continual updates on the status of our reverse mortgage. Our closing was on time, and exceeded mortgage industry standards." - Sherry S. - Sacramento, CA
Peak Home Loans
"Our well-qualified mortgage experts will do whatever it takes to get you the loan you want with the best rate available, the lowest monthly payment, and the most cash if you need cash. We will work around less than perfect credit and reward those with good credit. We will do what others cannot." - Peak Home Loans, hundreds of thousands served since 1998.