Is a Reverse Mortgage Right for You?
At Evergreen, we know it's important to provide the right resources and options for our clients. To get help you better understand if a reverse mortgage is an option, we've shared several useful tools and resources below.
If you have questions-- you'd prefer to have answered directly by our Reverse Mortgage experts, please call us at 800 459-5331 and ask for Team Leader Joyce Hanson ext. 149.
What is a Reverse Mortgage?
A reverse mortgage enables homeowners age 62+ to convert part of the equity in their home into tax free cash without having to sell their home, give up title or take on a new monthly mortgage payment. No monthly payments are due on a reverse mortgage while it is outstanding - home equity is released in one lump sum or in multiple payments to the homeowner. There are no income, credit or medical requirements to qualify.
You can also use a Reverse Mortgage to purchase a primary residence if you are able to use cash on hand to pay the difference between the Reverse Mortgage loan proceeds and the sales price plus closing costs for the property you are purchasing.
Reverse Mortgage Facts
-
-
All borrowers must be 62 years and older
-
You own your home - the lender does not take control of the title
-
You do not need to own your home free and clear, but need enough equity in your home to qualify
-
No repayment is due until the home is sold or the owner permanently moves out or passes away
-
You will never owe more than the value of your home
-
No income or credit qualifications
-
When the loan is due, your heirs have choices - they can repay the loan and keep the home, or sell the home and repay the loan
-
Closing costs and fees incurred can be financed as part of the loan
-
The proceeds can be used for anything, whether it is to supplement retirement income, cover daily living expenses, repair or modify your home, pay for health care, pay off existing debts, buy a new car, take a "dream" vacation, pay property taxes or prevent foreclosure
Reverse Mortgage Loan Products
-
-
HECM Fixed Rate
-
HECM Adjustable Rate
-
Jumbo Reverse Mortgage (not available in all states)
-
Refinance Product
-
HECM for Purchase Product
Reverse Mortgage Calculator
Click above to access the reverse mortgage calculator link so you may learn how a reverse mortgage can potentially change your life.
FAQ's - 8 Myths about Reverse Mortgages
Click above to learn the top eight myths that often stop people from pursuing a reverse mortgage.
Click Here - to print a copy of the Reverse Mortgage Inquiry Form which can be faxed or mailed.
We welcome you to call 800 459-5331 ext. 149 or 425 732-3349 so our Reverse Mortgage Team Leader Joyce Hanson can answer your questions and separate myths from facts in this powerful mortgage option.
You can also click here to email Evergreen's Reverse Mortgage Team Leader Joyce Hanson. An email will open in your mail program.
|
|
