Ruth, 78, had been thinking for a while about getting a reverse mortgage on her home. However, she thought that since she lived in a manufactured home, she would not qualify for the federally-insured Home Equity Conversion Mortgage. After talking to her specialist from Senior Reverse Mortgage.com, she discovered that, because her manufactured home was on a permanent foundation, she did qualify! She had always wanted be free from the expense of her mortgage payment so that she would have the flexibility to travel and see her family. Her home was worth $250,000 and she had a mortgage worth $26,000 still on the property. After talking to a reverse mortgage specialist, she found out that she could receive:
|Line of Credit||$120,390|
After learning about her options, Ruth decided to take the money in a line of credit. This way, she would have money to see her family and never have to make a monthly mortgage payment again!
Cindy, 74, and Burt, 60, needed money to pay off some of Cindy's medical bills. They owned their home, worth $350,000, free and clear, yet had no idea how to take advantage of their equity without increasing their monthly expenses. After talking to a specialist from Senior Reverse Mortgage.com, they learned that a Home Equity Conversion Mortgage would allow them to liquidate their equity without taking on new monthly payments. The only problem, they were told, was that all homeowners must be at least 62 years of age to qualify for this type of financing. After discussing their options with their reverse mortgage specialist, they decided to remove Burt from the title so that Cindy could obtain the loan in her own name. To ensure that Burt could repay the mortgage and retain the home in the event that something was to happen to Cindy, they purchased additional life insurance through their own insurance agent.
After discussing the risks with their loan specialist and the HUD-approved counselor, they decided this was something that they wanted to do. Their loan specialist explained that they could receive the money in several ways:
|Line of Credit||$188,516|
Cindy and Burt decided to take the lump sum so that they could pay off the medical bills and have some money to help with retirement. When Burt turned 62 years old, they were able to refinance the mortgage so that he was on the loan and the title and eliminate the extra insurance they had purchased.
*NOTE: THIS IS A VERY SPECIAL CIRCUMSTANCE AND SHOULD BE COMPLETELY UNDERSTOOD BEFORE ENTERING INTO AN FHA REVERSE MORTGAGE. PLEASE CONTACT YOUR LOAN SPECIALIST FOR ANY QUESTIONS.
Power of Attorney
Alissa, 50, was the only heir of her father Joseph, 86, and wanted to make sure that he was well taken care of even when she could not be by his side. Because of his failing health, she had a Power of Attorney that allowed her to make decisions regarding his well-being. After talking with a specialist from Senior Reverse Mortgage.com, she decided that a reverse mortgage was something that would be good for her father. His home was worth $150,000 and there was no mortgage on the property. She found out that he could receive:
|Line of Credit||$102,238|
After learning this and talking with her father, Alissa decided that it would be best for him to receive the monthly advance. This way, he would be able to continue receiving in-home care and still have money left over for his daily expenses. She felt safer knowing that her father would have enough money to care for himself when she could not be near him.
Reverse Mortgage Not A Good Fit
Sam, 64, and June, 65, had always wanted to travel the world and finally had the time after all their kids were grown. They were planning on selling their house in two or three years and using that money to buy an RV and travel. They were also considering looking into a Home Equity Conversion Mortgage in order to have some extra money before they sold their house. Their home was worth $400,000 and was free of liens. After calling a specalist from Senior Reverse Mortgage.com, they found that if they wanted to receive $15,000 in a lump sum and the rest in a credit line, their closing costs would total approximately $16,000. Because of the upfront costs associated with this loan, it would only be beneficial for them if they planned to stay in their home for a longer period of time and take advantage of additional equity.
To resolve their problem, their loan specialist suggested using a Home Equity Line Of Credit (HELOC) if they needed money immediately. The reasoning behind this was that the closing costs were minimal, making it a better solution for the short term. Sam and June were happy that they decided to talk to a specialist from Senior Reverse Mortgage.com because they knew they had been given good advice. With their loan specialist's help, they were able to secure a HELOC and did not have to worry about losing equity to high closing costs.
FHA Reverse Mortgage For Purchase
Pamela, 65, had sold her old farm home months ago, shortly after her husband's passing and had received approximately $70,000 from the sale. She was living with her daughter while looking for a smaller house that she could maintain by herself and had found a $120,000 house in which she was interested. She wanted to purchase the home, but did not want to have a mortgage payment. One of her friends had told her about the website Senior Reverse Mortgage.com, so she decided to visit it to see if a specialist would be able to help with her unique situation.
After speaking with a loan specialist, she decided that the FHA Reverse Mortgage for Purchase program seemed like a good fit for her. She would have to make a down payment on the new home of about $53,033 in order to qualify for the program. After the down payment, she would never have to make a monthly mortgage payment again as long as she lived in the home and stayed current on taxes, insurance, and repairs. In the end, Pamela was not only able to obtain a new home without taking on new mortgage payments, but even had money left over to place in college funds for her grandchildren.
Home Repairs Needed
Leonard, 92, was in great health, but his income was limited and his home needed a lot of repairs. His home was worth $90,000 and he still had a mortgage equaling $10,000 on it. He had heard about the reverse mortgage program before, but thought that he would not qualify because of his house's value and the repairs that needed to be done. He decided to call the number he found on Senior Reverse Mortgage.com to see what he would have to do in order to qualify for a federally insured reverse mortgage. After speaking to a loan specialist, Leonard found that he did qualify for a reverse mortgage because the proceeds from the loan could be used to repair his home! Not only that, but after paying off his mortgage and performing repairs totaling $20,000 on the home, he would still have money left over. He could receive the rest of the money in one of three ways:
|Line of Credit||$36,617|
Leonard decided that he would take the line of credit. He was thrilled that he would no longer have a mortgage payment, his home would be in good repair and he would have access to some extra money in case he needed it in the future.
Richard, 76, and Maria, 73, were struggling to live on a fixed income. Their house was worth $150,000 and they had a mortgage equaling $40,000 left on their property. They had fallen behind on their mortgage payments because they only had the money to either eat or pay their mortgage, not both. After searching for "foreclosure solutions" on a search engine, they came across Senior Reverse Mortgage.com. Although they were not sure exactly what a reverse mortgage was, they decided to give them a call.
After speaking with a loan specialist, they discovered that they would be able to save their home from foreclosure by taking out a reverse mortgage. The reverse mortgage would not only eliminate their monthly mortgage payment, but also give them access to additional funds. They could receive the additional funds in one of three ways:
|Line of Credit||$38,156|
Richard and Maria decided that they would take the rest of money in a line of credit. Because they would no longer have a monthly mortgage payment, they would be able to afford their monthly expenses, but they wanted to be able to access the money in case of emergency. Not only did the reverse mortgage give them the freedom to stay in their home for the rest of their lives, it gave them the peace of mind to enjoy their retirement.