Tenured Payment Reverse Mortgage
This FHA backed mortgage Product for Seniors sets up a month income stream derived from the equity built up in the primary residence. 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. Once set up, the Tenured income established at the time of the loan is payable to the owner(s) until there are no original participants continuing to live in the home. Let me say that again. Tenured payments will continue as long as the owners live in the home, regardless of the balance owned. (It is possible to receive more money, under this agreement, than the home is worth!) The Owner will NEVER be asked to leave!
Title does not transfer, the home remains in the borrowers name and he/she/they are free to sell at will. 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. Once set up, the Tenured income established at the time of the loan is payable to the owner(s) until there are no original participants continuing to live in the home. Let me say that again. Tenured payments will continue as long as the owners live in the home, regardless of the balance owned. (It is possible to receive more money, under this agreement, than the home is worth!) The Owner will NEVER be asked to leave!
Title does not transfer, the home remains in the borrowers name and he/she/they are free to sell at will. 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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