There is a new government program for those who are 62 and older that will change your life forever. I am not sure if you are currently making a mortgage payment, but did you know that it is possible to be payment free while also obtaining monthly income?
This is called the reverse mortgage.FHA came up with the Home Equity Conversion Mortgage (HECM) that allows senior homeowners to transform a portion of their home equity in to cash.
The homeowner can receive up to 65% in home equity!
Instead, the homeowner can use this money towards vacationing, unexpected medical bills, supplement social security and so much more.
The only thing the homeowner needs to be concerned with are bills such as property tax, utilities and insurance premiums.
Your family can also become involved! by complying with a reverse mortgage, it is known to leave your house to your heirs and then they can decide whether or not to refinance the house, or sell it at appraised value.
You may be wondering how this differs from a second mortgage or a traditional home equity mortgage. Well, the great thing about HECM is that the money does not need to be repaid!
The only reason it would need to be repaid is if the homeowner decided to move locations, or fail to meet the obligations of the mortgage.
What many people do not know is that those interested in purchasing a primary residence can use HECM if you (as the homeowner) can provide cash for the difference between HECM proceeds and closing costs. However, once that is done, your new, primary residence will be yours with no monthly payment.
Another thing to consider when exploring HECM, is that there is no requirement regarding an FHA loan. This can work for any house regardless of the loan type, it is just provided through FHA.
So, how much does the monthly payments work? There are four different options. One option is to choose to receive your equity portion in a lump sum which means the homeowner can receive all money up front during the time of closing.
Another option would be to have monthly payments sent to you, or obtain a payment on specific and selected months. This is all up to you as far as which payment you would feel as more convenient to you.
By participating in this beneficial program, seniors can enjoy living their life without feeling burdened with a monthly mortgage payment.
So i encourage you to take interest in this great opportunity. There is a chance for seniors 62+ to enjoy life the way they should by going on trips they have always wanted, participating in events with children and grandchildren and anything else one would enjoy!
If you are interested in this amazing opportunity or have any questions, call Susan Wright at Wright Financial Inc. (636) 931-2121
Also visit our website: wrighthomeloan.com and be sure to like our Facebook page so that we can hear your feedback and reviews while also helping you remain updated with rates and other mortgage needs!
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