"You took care of your home, now let your home take care of you". (sm) This has been my slogan for many years, and I truly believe in it. After investing their lives in caring for their homes, many senior homeowners are still investing in a home that has never given them a financial return. "Why not let my home pay me back?" Perhaps, it's a concept some seniors don't consider. Like many senior homeowners, especially here on Long Island, being house rich/cash poor is not unusual. But with a Reverse Mortgage, things can change for the better. If you live on Long Island or anywhere in New York or New Jersey, I can help!
Over the past fifty years, Reverse Mortgages have been enhanced to provide all the safeguards you'd want in a mortgage. And knowing the Reverse Mortgage line of credit that may be available to you will grow at the same rate as the interest, well, that's a pretty incredible thing. Whether you are looking to finance using a Reverse Mortgage or purchase another home with the HECM for Purchase program. it just might work for you. Give me a call with any questions you may have.
KATHIE ADLER - 631-804-9044 CELL / 888-843-9797 TOLL FREE VOICE MAIL
"According to the National Council on Aging, one third of senior households have no extra money and may be in debt after meeting essential monthly expenses. One of the biggest problems facing baby boomers is there just isn't enough money for retirement.
I don’t know about you, but this is hardly the retirement lifestyle that many of us dream about." (https://www.dailybulletin.com/2018/01/27/seniors-on-fixed-income-are-stretched-to-make-ends-meet/ )
Can a Reverse Mortgage help? Yes, it can!
So you're thinking about doing a Reverse Mortgage, and you need Reverse Mortgage information, but you've got more questions than answers? You have come to the right place. My name is Kathie Adler, and for over fifteen years, I have helped senior borrowers achieve many of their financial goals. Whether a Reverse Mortgage purchase or a conventional mortgage, I'll help you with the process. Whether you've been thinking of doing a new kitchen, getting rid of a current mortgage, or just wanting to have more money at the end of the month, it's a life changer.
I hear people say LOTS of things about Reverse Mortgages, and even some television programs have gotten it all wrong, so don't waste energies with erroneous information however well intentioned it may be. The BEST way to KNOW whether or not a Reverse Mortgage is for you is to get a free quote. You will see firsthand the numbers, how much you qualify for, and which option is best for you. Study this website, write down your questions, and then give me a call. I will help in any way I can. If a Reverse Mortgage is not right for you, I'll be honest enough to tell you.
So Just What IS a Reverse Mortgage?
A reverse mortgage is a special type of loan which enables homeowners age 62 and above to convert part of the equity in their home into tax-free cash without having to sell the home, give up title, or take on a new monthly mortgage payment. A reverse mortgage will not affect Social Security or Medicare, and there are no health qualifications or stipulations on the use of the proceeds. A reverse mortgage does not require any monthly mortgage payments, but the homeowner must reside in the home as the principal residence.
Currently, the reverse mortgage that is available is the Home Equity Conversion Mortgage (HECM) which was created by the federal government and is managed by the Department of Housing and Urban Development (HUD). These loans are insured by the Federal Housing Administration (FHA) and require that the borrower:
* Be at least 62 years of age
* Be a homeowner (single family 1-4 units, FHA approved condos, PUDs, manufactured homes, some mixed-use commercial properties)
* Live in the home as their primary residence
* Receive HUD-approved reverse
* Not be delinquent on any federal debt
There are no restrictions on how your Reverse Mortgage proceeds can be used, after all, it's YOUR money, sort of a retirement plan sitting under your roof just waiting to be used. Like many of those who take advantage of Reverse Mortgages, you can do any number of the things you've been dreaming of.
Is it considered taxable income? Absolutely not! It's YOUR equity so it's not considered income so, again, your money is completely tax free. Now, that doesn't mean that everyone who does a reverse mortgage has to be destitute or desperate. Many borrowers simply wish to supplement their income so they can be free to do any number of things with the extra cash.
A lot of seniors are dependent solely on Social Security and their pension but have no other resources to fall back on so a reverse mortgage can be extremely helpful. For the husband or wife who loses a spouse, a reverse mortgage can make all the difference in the world. Here's another use for reverse mortgages. One of my borrowers was able to obtain $2,500 a month for the rest of his life to pay for his in-home care workers. In a word, a reverse mortgage is freedom -- freedom to do what you want with the equity in your home.
MAXIMUM BORROWING AMOUNT
The Maximum Claim Amount is now $679,650, the maximum amount you are currently permitted to borrow, and it is set and regulated by HUD. The amount you receive is based on the age of the youngest borrower, the appraised value of your home, your available equity, and current interest rates. Hence, the older you are, the more money you receive.
A reverse mortgage is a mortgage just like any other mortgage. You STILL retain title to your home, and you always remain on the deed. The only requirements are for you to continue paying your taxes and homeowner's insurance (flood insurance where required), condo fees if it's a condominium, and maintain the home in good repair.
A Reverse Mortgage is an equity loan of sorts but different! Unlike a typical equity line, the amount of money available in your equity line increases over time. And if you don't use it, you don't owe it. With an equity loan (HELOC), each time you want more money, you have to refinance.
With the HECM (Reverse Mortgage), you may be able to pay off credit card debt and even a current mortgage. Zeroing out a current mortgage can make life a lot easier. Wiping out a monthly mortgage payment puts a smile on anyone's face. Ask yourself if having more spendable cash would change your life for the better. I am sure the answer is "YES"!
Have you been putting off traveling or buying a new car or visiting kids or grandkids? Taking cash out with a Reverse Mortgage can change your financial picture. A monthly stipend that arrives in your bank each month can make life more comfortable. With the HECM, you can take cash out, get monthly proceeds, or get a line of credit, or a combination.of all three
Some Reverse Mortgage borrowers renovate their homes, others set up a line of credit for the future or lifetime monthly proceeds. It all depends on your needs and your wants. In-home care can be paid for with your proceeds. Analyzing your financial plan can go a long way in setting up the correct way to receive your Reverse Mortgage proceeds.
The red link below will bring you to a page where your reverse mortgage questions can be answered. Most potential borrowers find that frequently asked questions contain some of their most important questions.
I have lived on Long Island for over fifty years, and I know the issues facing Long Islanders. In 2001, I began working for a mortgage broker who suggested that I would be a perfect fit as a loan officer. I began working with him and closing mortgage loans. Afterward, Reverse Mortgages became my specialty, and I became a top producer. For over fifteen years, I have been helping provide senior homeowners with reverse mortgage information so they can free up the equity in their homes and thereby supplement their income with a Reverse Mortgage. My many years of mortgage experience gives me the expertise to help you, whether you choose a Reverse or any of our non-Reverse products. It has been a rewarding experience to see my senior friends change their lives for the better. I created Reverse Mortgage Long Island to provide the answers you need in order to make an informed decision. With each reverse mortgage closing, senior borrowers achieve their dreams, and I make another new friend.
Perhaps you have a family member who is a first time home buyer or who just wants to refinance. Advisors Mortgage is a direct lender with the FHA with branches in over 25 states, so take advantage of our expertise.
We do First Time Home Buyers, FHA, VA, 203k, Construction Loans, Commercial Loans, and all types of Purchases and Refinances. We can help with any mortgage whether it's a purchase, refi, or a Revere Mortgage, whether you are a first time home buyer or a current homeowner just looking to save on interest or get cash out. Visit my Advisors Mortgage web page for more. https://kadler.advisorsmortgage.com
KATHIE ADLER, REVERSE MORTGAGE SPECIALIST & MORTGAGE ORIGINATOR, LICENSED NEW YORK / NEW JERSEY - NMLS IDENTIFIER # 65780.
NMLS consumer information: http://www.nmlsconsumeraccess.org
CARING - PROFESSIONAL - PRIVATE - SERVICE AFTER YOU CLOSE
Fo Kathie Adler's Bio, click the link provided. And be sure to contact me below at the form provided or just give me a call. 631-804-9044
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Kathie Adler will provide a free consultation as well as free literature so you can learn the ins and outs of Reverse Mortgages. She makes home visits or you can meet her at the Advisors' Office. Set up your appointment today, and take advantage of this life changing tool called a Reverse Mortgage.
If a Reverse Mortgage is not right for you, Kathie can provide information on other mortgage products. Advisors Mortgage Group does conventional. VA, FHA, 203k, construction loans, etc.
1045 Route 109, Suite 104, Lindenhurst, NY 11757
Advisors Mortgage Group, LLC is a Multi-State Mortgage Company with Headquarters located in Central New Jersey with offices throughout the US. Headquarters: 1411 Highway 35, Ocean, NJ 07712. . New York Mortgage Broker License: 206697. Licensed by the N.J. Department of Banking and Insurance. Licensed Lender and Secondary Mortgage Lender no. 631155. (FHA License #1548300002). NMLS 33041. Licensed Mortgage Banker-NYS Dept of Financial Services, Registered Mortgage Broker, NYS Dept of Financial Services
Kathleen Adler, Mortgage Originator, New York and New Jersey, NMLS Identifier 65780. REVERSE MORTGAGE LONG ISLAND IS A Website designed and maintained by Adler Web Design Copyright 2014 - All Rights Reserved. NOTE: Website authorization by New York State Dept of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. For this reason, please call. Reverse Mortgage Specialist, Patchogue, Holbrook, Smithtown, Hauppauge, Sag Harbor, Holtsville, Eastport, Ronkonkoma, Long Island, Reverse Mortgage Long Island, Suffolk, Nassau, Queens, Reverse Mortgages Staten Island Northort, Howard Beach, Reverse Mortgage Sag Harbor.