"Providing Financial Security for Seniors"

A Reverse Mortgage is very similar to any other mortgage. With a regular mortgage, you may borrow 70%, 80% or more relative to the value of your home and then you are required to immediately begin repaying the loan by making monthly payments of accrued interest and principal. With a reverse mortgage, at age 62 (the minimum age at which you qualify for a Reverse Mortgage), you may borrow about 45% of the value of your home and you make no monthly payments. As interest accrues each month, it is added to the loan balance so your balance goes up each month. With a Reverse Mortgage you never have to make a single payment and you never have to pay the loan off as long as you live in the house.

The older you are the more you may borrow. You retain ownership of your home and when your loan is paid off, any remaining equity goes to your heirs.

There are many misconceptions regarding Reverse Mortgages. To learn more, read on or contact us at 812-330-2122, toll-free at 877-330-2122 or e-mail us at jerryhays@ccs-indiana.com. You may also check out the following websites.

FEATURES AND BENEFITS OF REVERSE MORTGAGES

  • The only requirements to qualify for a reverse mortgage are:
  1. All owners of the home must be 62 years of age or older
  2. All owners of the home must occupy the home as their primary residence
  3. All owners of the home must apply for the loan and sign the loan documents
  4. There must be enough equity in the home to make the loan
  5. In order to ensure you are fully aware of the financial ramifications of reverse mortgages, all owners must attend pre-mortgage counseling with an unbiased third party counselor approved by HUD or AARP
  • Although a credit report is obtained up front to ensure there are no judgments that might be liens on the property, there is no credit underwriting. Therefore your past payment history is not a consideration in approving a reverse mortgage.
  • Since no payments are required, the level of your income is not a consideration in approving a reverse mortgage.
  • Cash received from a reverse mortgage is tax-free to the recipient.
  • Cash from a reverse mortgage may be received one of several ways:
  1. All at once in a lump-sum
  2. Monthly advances for a fixed term or for as long as you live in the house
  3. All owners of the home must apply for the loan and sign the loan documents
  4. A line of credit, or
  5. Combine monthly advances with a line of credit
  • Cash received from a reverse mortgage may be used for any purpose. Here are some ways senior homeowners are utilizing their tax-free income.
  1. Pay off existing mortgages and other debts
  2. Make home repairs
  3. Supplement retirement income to help meet monthly expenses
  4. Take vacations and travel to visit children or grandchildren
  5. Pay for in-home healthcare
  6. Pay for prescription medications
  7. Purchase an annuity
  8. Purchase long term care insurance
  9. Pay for grandchildren’s educational expenses
  • You retain ownership and control of your home and can remain in your home as long as one of the owners lives there as their primary residence. You are responsible for maintaining your home and paying the real estate taxes.
  • The loan is not due until one of the following life events occur:
  1. The owners become deceased
  2. The owners sell the house
  3. The owners leave the house for 12 months or more. If there are two or more owners, the loan does not become due as long as at least one of the owners still occupies the home as their personal residence.

A reverse mortgage can help you gain financial independence and maintain an adequate standard of living all without having to leave your home. It is important that you get your Reverse Mortgage from someone you trust. Click here to see what some of our customers say about their experience and how a Reverse Mortgage helped them gain financial peace of mind.

Applying for a Reverse Mortgage is easy. Click here for a checklist of information we’ll need to get started. You’ll be pleasantly surprised at how easy it is.

LIFE HAS A LOT OF UNCERTAINTIES. I CAN HELP YOU BE CERTAIN OF ONE THING…THAT AS LONG AS YOU ARE ABLE, YOU MAY LIVE IN YOUR HOME FOR THE REST OF YOUR LIFE.


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