Financial Freedom and
Quality of Life
The dining room window that catches the late afternoon sun, the cozy kitchen filled with the aroma of fresh baked cookies and even that special doorway where you lovingly marked the growth of your children and grandchildren; this is the home that you have taken care of over the years and it is full of so many good memories.
Isn’t it time to let your home take care of you in return? Your home can be your most valuable asset—not just for the memories that you have made but also for the equity and value that you have built up over the years. Whether it is repainting that cozy kitchen, paying off debt, or financing healthcare needs, we can show you how the equity in your home can be a resource to meet those needs.
Everyday more seniors are discovering that a reverse mortgage is a smart financial move.
The program pays off your mortgage, allowing your monthly mortgage payment to stay in your pocket instead of going to your current mortgage lender.
You Keep The Title!
When you obtain a reverse mortgage, the title to your home stays in your name—and you can leave your home to whomever you wish.
Government Insured
Your HECM reverse mortgage is guaranteed and insured by the Federal Housing Administration (FHA), and directed by the Department of Housing and Urban Development (HUD).
Commonly asked questions
How much money can I receive? The amount of money you receive is dependent upon several factors: your age, the value of your home, current interest rates and the specific plan you choose. Your Loan Advisor will help clarify the available programs so you can determine which plan best meets your needs. While each individual's situation is different, as a rule of thumb the older you are and the higher your home's appraised value, the more money you receive.
What are the costs? Costs vary from one program to another. That's why we offer a variety of programs to meet a variety of needs. At our first meeting we will give you a complete breakdown all costs involved, and answer any questions you may have.
Who really owns my home? You do. A reverse mortgage is a lien just like a traditional mortgage. Repayment is required when the last surviving borrower sells the house, moves out or passes away.
Can we make the process easy? We have worked hard over the past several years to simplify the process. We believe the first step is the most important. When you have determined your goals and objectives, your Loan Advisor will help you fully understand the program options available. Then you can decide which plan best meets your needs. Once you are comfortable that you are making a good decision the process moves forward.
Who should I look to for advice? Decide who you trust, then discuss your intentions with them. It may be your attorney, a financial advisor, AARP, a family member or close friend. We want you to feel confident in your decision.
Does low income prevent me from getting a Reverse Mortgage? Your income is not a factor when qualifying for a Reverse Mortgage. In addition, your credit score and credit history doesn't matter, your consumer debt such as credit card balances are not factored into the qualifying process. The value of your home, any current liens against the home, loan limits for your area, as well as your age, are all the determining factors inqualifying for a Reverse Mortgage.
Your Mortage Is Paid In Full
We pay off your mortgage; there are no more monthly payments! And if you further qualify or if you don’t have a mortgage you can choose from one of the following options:
A Lifetime Monthly Income: You get paid to live in your home for the rest of your life.
A Cash Reserve: Cash for any reason….when you need it! Your unused portion grows annually and you never make a payment.
A Lump Sum Payout: You may have a one time payout for any reason; no questions asked.
An Accelerated Term Income: You may have a faster payout of your monthly income.
A Combination Plan: You may custom blend the options above and develop your own plan.
Reverse Mortgage Fast Facts
- All borrowers must be 62 years and older
- No repayment is made 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
- Interest is paid at the time the loan is repaid
- When the loan is due, your heirs have choices—they can repay the loan and keep the house, or sell the home and repay the loan
- Social Security benefits and Medicare are generally not affected by a reverse mortgage - consult appropriate government agencies
- You own your home—the lender does not take control of the title
- Interest rates are adjustable and can change periodically; however, this DOES NOT affect the amount you will receive
- Closing costs and fees incurred are financed as part of the loan
Making a Reverse Mortgage Work For You
We make it as easy as possible for you to obtain the reverse mortgage that’s right for you. We’re with you every step of the way, helping to customize a loan that meets your unique needs, and we’ll still be there after the loan closes. We know these decisions can sometimes be daunting, so we encourage you to seek the advice and counsel of those you trust most—your family, attorney, accountant, etc.
Getting Started—If you want to learn how a reverse mortgage will work for you, a loan advisor will visit with you and explain the benefits, features, income options, and costs.
Equity Release—Benefits are generated based on the appraised value of home or maximum lending limit, borrower’s age, and current interest rate.
How Can I Get A Reverse Mortgage—Simply contact Tony Zehring, Mortgage Consultants Group, at 775-884-3863. We will meet with you and when you're ready, we'll help you fill out the application package and set up a Reverse Mortgage counseling. (this counseling regulation is for your protection). The independent counselor will explain the different options available to you and further answer any questions you may have.
No monthly payments, you keep the home title, FHA-insured!
To get additional information, call me at 775-884-3863
I look forward to speaking with you soon!
Tony Zehring, Branch Manager
Mortgage Consultants Group
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