REFINANCING WITH A REVERSE MORTGAGE
What does a person usually say is the #1 Reason to refinance their current loan with a Reverse Mortgage?
“To Keep More Cash in My Pocket!”
By getting rid of monthly mortgage payments
you too might have more cash to spend on what’s important to you!
What other benefits could a Reverse Mortgage Provide?
How do you qualify for a reverse mortgage?
- Youngest borrower is at least 62*
- Owner Occupied and Primary Residence Only
- Property can be a single family, 2-4 units, an FHA approved Condo or manufactured home
- Have sufficient equity above your current mortgages (including HELOC)
If a borrower is married to a person under 62 who meets the eligibility requirements at the time of the loan; that person is called a “non-borrowing spouse” and would be allowed to remain in the property after the older spouse has passed or permanently moved out.
How much money can you get?
The amount is determined by:
- The age of the youngest borrower, or the age of an eligible non-borrowing spouse.
- The appraised value of the property up to the FHA maximum of $625,500.
- The interest rate and program chosen
How much does it cost to refinance my current
mortgage loan with a reverse mortgage?
***The Costs/Fees are probably not as much as you have heard or you might think!***
***LOAN FEES & COSTS ARE NEGOTIABLE***
We are a DIRECT LENDER which usually means that we can give you much lower closing costs/fees than you will get elsewhere.
The typical loan fees and costs include: loan origination fee, appraisal fee, title and escrow fees, recording and government fees, upfront mortgage insurance premium, misc. document fees, tax search fee, flood cert, trust review (if any), notary and delivery charges.
BUT….**We will do our best to give you:
1. ZERO Loan Origination Fee
2. ZERO Out of Pocket* Costs
*except for the required FHA Counseling Fee which cannot be paid by lender
3. A LENDER CREDIT to cover all closing costs
**must meet eligibility requirements per lender guidelines