Reverse Mortgage


A reverse mortgage (or lifetime mortgage) is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves (e.g., into aged care).


Using a reverse mortgage to pay for medical treatment, finance a home improvement, buy long-term care insurance, or supplement cash flow, may be beneficial.  More older Americans are turning to "Reverse Mortgages." Reverse Mortgages allow older consumers to convert the equity in their home to cash while retaining home ownership.

Reverse Mortgage Basics


To qualify for a Reverse Mortgage, you must be at least 62 years old and have paid off all or most of your home mortgage. Income is not a factor, and no medical tests or medical histories are required. If you seek a Reverse Mortgage, you also must undergo Free mortgage counseling from an independent government-approved "housing agency." Financial institutions offering proprietary Reverse Mortgages also require counseling. With a Reverse Mortgage, you remain the owner of your home just like when you had a forward mortgage. You are still responsible for paying your property taxes and home-owner insurance and for making property repairs.
Reverse Mortgage Loan Amounts

The amount of money you can borrow depends on the specific Reverse Mortgage plan or program you select. It also depends on the kind of cash advances you choose. Some Reverse Mortgages cost a lot more than others, and this reduces the amount of cash you can receive with each Reverse Mortgage loan program.

The amount you can borrow depends on your age, the equity in your home, the value of your home, and the interest rate. With a Home Equity Conversion Mortgage (HECM), federal law limits the maximum amount that can be paid out. You can be paid in a lump sum, in monthly advances, through a line of credit, or a combination of all three.
Reverse Mortgage Proceeds

The proceeds from a Reverse Mortgage can be used for anything: daily living expenses; home repairs and improvements; prescription drugs; long-term health care; retirement and estate tax planning; and other needs you may have.

Remember, there are no monthly payments made to the lender during the life of the loan. After the mortgage is repaid, the remaining equity in the home goes back to the borrowers or the heirs, not the lender.
Reverse Mortgage Lender

Next Generation Financial Services is a Division of 1st Mariner Bank. We are a HUD approved Reverse Mortgage lender. We also are associated with the NRMLA (National Reverse Mortgage Lenders Association). We can provide you with a comparison of the current available Reverse Mortgages, and assist you with any questions regarding the Reverse Mortgage process.
Free Reverse Mortgage Quote and Analysis

Next Generation Financial Services will provide you with a no-cost, no-obligation, Free Reverse Mortgage quote. We will only need basic information about you and your property and will be able to offer an instant estimate and analysis regarding a Reverse Mortgage. Complete this Reverse Mortgage Contact Form and I place you in touch with a Next Generation Financial Service Loan Officer to get you started.
 

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