HECM
This FHA backed mortgage Product for Seniors sets up a Line of credit that is easily accessible by the senior. This innovative mortgage can pay off an existing mortgage, liquidate all credit debt and depending on the value of the home, pay a monthly amount to the borrower each month.
Loan limits are set by FHA by County - Brevard County's FHA Loan Limit is $291, 250 or the value of the home in question., which ever is lower. All Closing costs, Mortgage Insurance and payoffs are deducted from the loan amount and the balance of the loan is available to the Senior.
There are NO payments due while at least one of the owners continues to reside in the home.
Line of credit funds are available until all equity is used. The home can then be refinanced to a new HECM, based on the new value of the home, sold and the existing loan paid or refinanced to a conventional loan ..
Title does not transfer, the home remains in the borrowers name and he/she/they are free to sell at will. Once all funds have been paid out there is no money due until there are no survivors to the original mortgage note. Beneficiaries will be able to sell the property and retain any money above and beyond the mortgage owed.
A Reverse Mortgage can truly improve Quality of Life issues for seniors. Call today for a quote.
Loan limits are set by FHA by County - Brevard County's FHA Loan Limit is $291, 250 or the value of the home in question., which ever is lower. All Closing costs, Mortgage Insurance and payoffs are deducted from the loan amount and the balance of the loan is available to the Senior.
There are NO payments due while at least one of the owners continues to reside in the home.
Line of credit funds are available until all equity is used. The home can then be refinanced to a new HECM, based on the new value of the home, sold and the existing loan paid or refinanced to a conventional loan ..
Title does not transfer, the home remains in the borrowers name and he/she/they are free to sell at will. Once all funds have been paid out there is no money due until there are no survivors to the original mortgage note. Beneficiaries will be able to sell the property and retain any money above and beyond the mortgage owed.
A Reverse Mortgage can truly improve Quality of Life issues for seniors. Call today for a quote.
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