MORTGAGE ASSISTANCE PROGRAM
 


Our clients will be Educated, Encouraged, & Empowered to a more Self-Reliant Attitude toward Home Loan Financing.

"Our Clients will be Educated, Encouraged, and Empowered
to a more Self-Reliant Attitude toward Home Loan Financing."


REVERSE MORTGAGE LOAN

A Reverse Mortgage or Reverse Home Mortgage is a great financial product for seniors to use in their retirement plan.

To be eligible for most Reverse Mortgages, you must own and reside in your home and be a senior 62 years of age or older. (In most cases second homes, apartment buildings and homes less than a year old are not eligible for a reverse mortgage.)

When looking for ways to get cash from their home, most people consider selling their house or borrowing against their home equity and making monthly loan repayments on a home equity loan.

With a reverse home mortgage, you get all the benefits of selling your house and all the benefits of getting a home equity loan - but you can still live in and retain ownership of your home and you don’t have to pay back the loan. No matter how you structure a reverse mortgage, you typically don't pay anything back until you die, sell your home, or permanently move out. And, your ability to secure a reverse mortgage is not dependent on your credit history, income level, health or any other factors that might make a home equity loan expensive or problematic.

By converting your home equity into income, a reverse mortgage is a way to stay in your home and get cash to use for any purpose. There are no restrictions on how you can use money from a reverse mortgage.

So, what is the catch? To many, a reverse home mortgage sounds too good to be true.

The only big disadvantage of a reverse mortgage is the high closing cost - which is only problematic if you plan to stay in your home for a short period of time. Generally speaking, if you don’t think that you will remain in the house for longer than another five years, a reverse mortgage might not be the most financially advantageous retirement income planning strategy.


                                                        Mortgage Assistance Program
                                      Phone: 281.674.5897 Fax: 713.634.2838
                                                          rlavong@ev1.net


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