"I have good friends that are over 62 and are looking to enrich their twilight years together. We had dinner together and they calmly mentioned that they were struggling with financial concerns. I was very concern and it was obvious this stress an anxiety made their life together, miserable.

After a nice evening together, I was driving home and I was thinking how much I enjoyed the evening but then the thought of what I felt during dinner crept into my thoughts. I remembered their was a program that might be able to help my dear friends.

I know their large family home was very expensive to maintain and the age of the home made it that much worse. I thought a newer, smaller, and more efficient (maybe single level) would be a good idea. Plus they could move a little closer to their grandchildren?

I also did some research and introduced my long cherished friends to a "Reverse Mortgage Specialist". Now they both are happier than I ever seen them. They are enjoying life, and each other.

After this, I decided to create an information web page. I invite you to please take your time and give this idea a serious look. It will change your life".

Sincerely,
Riley Scrivner
Real Estate Broker

The Loan With No Monthly Payments!

Monthly income for life
Loan based on Equity Only
No income qualifying
The extra monthly income to improve your quality of life
Hud-Sponsored counseling available
Easy Online Application
Approved FHA home equity conversion (HECM) lender
Loan backed and guaranteed by the Federal Government (HUD)
Must be at least 63 years old
Benefits of Reverse Mortgage
Designed and insured by the US Government
No loan payments or credit requirements
Allows you to maintain your financial independance
Cash recieved from the reverse mortgage is TAX FREE!
Numerous Payment Options:
- Lump Sum
- Line of Credit
- Monthly Payments OR
- All Three

About Reverse Mortgages...More Information

What is a Reverse Mortgage?
A reverse mortgage provides financial security because you do not have to make payments or repay the loan as long as you occupy your home as a primary residence.Thus, the reverse mortgage program enables seniors that may be "real estate rich and cash poor" to unlock the financial potential in their homes, and let their homes work for them. Additionally, the reverse mortgage has no income or credit requirements to qualify.

In general, the reverse mortgage does not become payable until the senior homeowner no longer occupies the property as his or her primary residence.

Thus, the reverse mortgage is simply a loan against the borrower's principle residence. The borrower retains ownership of the home. If the borrower decides to sell the property, any funds in excess of the payoff amount belong the borrower, as is the case with a regular mortgage or home equity loan.

Who is Eligible For a Reverse Mortgage?
Reverse mortgages are available to homeowners that are age 62 and older. All persons listed on the deed to the property must be at least age 62. The borrower must occupy the property as his primary residence and all existing liens must be paid off at the time of settlement. Thus, the proceeds of the reverse mortgage are available to payoff any outstanding mortgages against the property. As an additional safeguard, the Department of Housing and Urban Development (HUD) requires that each potential reverse mortgage borrower be advised about the reverse mortgage program by an independent HUD-approved counseling agency. This counseling is free of charge to the borrower.

How Does a Reverse Mortgage Differ From a Home Equity Loan?
While both reverse mortgages and home equity loans enable senior homeowners to turn the equity in their home into spendable dollars, there are important differences between these two types of mortgages.

First, home equity loans require regular monthly payments in order to repay the loan. These payments begin as soon as the loan is settled. In contrast, a reverse mortgage does not have to be repaid as long as the home remains the senior's primary residence. In other words, the loan becomes due only when the senior no longer occupies the property.

Second, home equity loans are based on the borrower's income and credit history. A home equity loan borrower may be required to re-qualify for the home equity loan each year. If the borrower does not qualify, than the lender may require that the loan be paid in full immediately. However, income and credit are not obstacles for seniors who want a reverse mortgage because there are absolutely no income or credit requirements to qualify. It should also be noted that there are no re-qualification requirements.

Reverse Mortgage Plans

FHA - HECM (Home Equity Conversion Mortgage)
Guaranteed by FHA/HUD
Flexible Income Payment Option . Growing Line of Credit
Maximum Lending Limit - $ 280,749

HomeKeeper by Fannie Mae
Guaranteed by Fannie Mae
Line of Credit Options
Maximum Lending Limit - $ 322,700

Cash Account
Flexible Income Payment Options . Growing Line of Credit
Higher Equity Release Options . No Maximum Lending Limit

Here are (Q.) Questions & (A.) Answers about the Reverse Mortgage Program

Q. How does a Reverse Mortgage differ from a home equity loan?

A. While both Reverse Mortgages and home equity loans enable you to turn the equity in your home into spendable dollars, there are important differences between the two types of mortgages. With a home equity loan, you must make regular monthly payments to repay the loan. These payments begin as soon as the loan is originated. To qualify for such a loan, you must earn a monthly income great enough to make those payments. If you fail to make the monthly payments, the mortgage lender can foreclose on you, and you can be forced to sell your home. In addition, you may be required to re-qualify for a home equity loan each year. If you do not re-qualify, the lender may require you to pay the loan in full immediately. With a Reverse Mortgage, you do not repay the loan as long as your home remains the principal residence, your income is not considered when qualifying you for the loan, and there is no requirement that you re-qualify each year.

Q. Who is eligible for a Reverse Mortgage?
A. You, and any co-borrowers, must be at least 62 years old and either own your home free and clear or have a very low outstanding mortgage balance that can be paid off at loan closing. Your home most be a single-family or two- to four-unit dwelling. Units and condominiums maybe eligible if they are in FHA-approved developments you also must agree to accept mortgage counseling from a HUD-approved counseling agency. Family members also are strongly encouraged to attend these counseling sessions.

Q. What are the minimum and maximum amounts that I can borrow?
A. The maximum amount you can borrow is based on a HUD formula that factors in the age of the youngest borrower, the interest rate, and the maximum claim amount. The maximum claim amount is the lesser of the appraised value of your house or the maximum principal amount for a one family residence that can be insured by FHA in your area. The maximum mortgage amount insured by FHA varies by geographic area and changes frequently. Please check with your lender for the FHA maximum mortgage amount for your area.

Q. What types of payment plans are available with the Reverse Mortgage loan?
A. A borrower with a Reverse Mortgage may choose among five payment options: Term, tenure, modified term, modified tenure, and line of credit.

Under the Term option, you may receive equal monthly payments for a fixed period of time selected by you.

Under the Tenure option, you may receive equal monthly payments for as long as you occupy the home as a principal residence.

Under the Line Of Credit option, you may draw up to a maximum amount of cash at times and in the amounts of your choosing, as you occupy the home as a principal residence.

Under the Modified Tenure plan allows you to set aside a portion of loan proceeds as a line of credit and receive the rest in the form of equal monthly payments as long as you occupy your home as a principal residence.

The Modified Term plan allows you to set aside a portion of loan proceeds as a line of credit and receive the balance as equal monthly payments for a fixed time period as specified by you.

If you select either of the term plans, you can remain in your home after the end of the loan term without starting repayment. The same is true if you have withdrawn the maximum amount under a line of credit or tenure payment plan. Remember, repayment of a Reverse Mortgage does not begin until you no longer occupy your home as your principal residence.

Q. How will the amount of the monthly payment be calculated?
A. How much you can receive in monthly payments on the age of the youngest borrower, the interest rate, the maximum claim amount, and the length of time that you will be receiving payments--for a fixed period or for as long as you live in the house. The older you are the larger your payments are likely to be.

Q. Will Reverse Mortgage payments affect my Social Security, Medicare, Supplement Security Income (SSI), or Medical benefits?
A. Reverse Mortgage payments do not affect your Social Security or Medicare benefits because those benefits are not based on the assets of the recipient.

However, in the Federal Supplement Security Income Program beneficiaries must keep their liquid resources under certain limits. If you do not spend Reverse Mortgage advances in the month received, then such funds are considered part of your liquid resources and may adversely affect your eligibility for SSI. Therefore, a Reverse Mortgage borrower who also receives SSI should never draw more money than actually need to spend that month.

Regulations for state-administrated programs such as Medicaid, AFDC, Food Stamps, and for state-funded welfare programs (such as state supplements to SSI) all have different eligibility requirements. Therefore, we suggest that you consult a benefits specialist at your local Area Agency on Aging or the local offices for these programs to determine how Reverse Mortgage payments may affect your particular situation.

Q. Will I have to pay any fees to obtain a Reverse Mortgage?
A. Yes, you will have to pay an origination fee, other closing costs, and a mortgage insurance premium, which is divided into two parts: an upfront premium of two percent of the maximum claim amount, and annual, ongoing fee of half percent on your mortgage balance. You may be able to finance the organization fee, other closing costs, and the upfront two percent mortgage insurance premium--that is, these items may be included in your loan balance so you do not have to pay for them in cash. In addition to the yearly insurance premium, a servicing fee is charged to your loan balance each month.

Q. Can I be forced to sell or vacate my home if the money I owe on the loan exceeds the value of my home?
A. Absolutely not, as long as you continue to occupy the property as a principal residence. You can not be forced to sell or vacate the property, even if the total of the mortgage payments to you plus interest and mortgage insurance premiums exceeds the value of the property or if the fixed term over which you received your payments has expired. No deficiency judgment may result from your Reverse Mortgage loan. FHA insurance covers any further financial obligation to the lender.

Q. Will my Heirs owe anything to the mortgage lender if I die?
A. Upon your death, the loan balance, consisting of payments made to you on your behalf plus accrued interest, becomes due and payable. Your heirs may repay the loan by selling the home or by paying off the Reverse Mortgage loan so that they may keep the home. If the loan exceeds the value of your property, your heirs will owe no more then the value of the property. FHA insurance will cover any balance due to the lender. No additional financial claims may be made against your heirs or estate.

Q. If my home appreciates in value during the mortgage term, who will be entitled to that money?
A. Under a Reverse Mortgage you are legally required to pay back to the lender only the outstanding balance. Any money remaining after the mortgage is paid goes to you or, upon your death, to your heirs.

Q. What if I decide to sell my home?
A. If you choose to sell your home, the outstanding loan balance becomes due and payable to the mortgage lender. You or your estate will receive any proceeds exceeding the loan balance.

Q. Can I sell my home to my children and continue to live in it?
A. If you sell your home to your children or any other individual, the HECM will be due and payable at settlement. After the loan is repaid, any arrangements for your continued occupancy of the property must be made with the new owners.

Q. What is Fannie Mae's role in the Reverse Mortgage program?
A. Fannie Mae has agreed to purchase two types of adjustable-rate HECM loans from the lenders who originated them. One adjustable-rate mortgage (ARM) plan features annual interest rate adjustments with a two percent cap on the amount that the interest may change at each adjustment and a five percent cap on increases or decreases over the life of the loan. The other ARM plan features monthly interest rate changes and limits interest rate increase to a ten percent over the life of the loan.


Information herein is deemed reliable however can not be guaranteed. All interested parties should interview and verify information to their own satisfaction.Disclaimer