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  • HOME
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • ABOUT KATHIE ADLER
  • FLOWERS AND ME
    • HOME
    • REVERSE MORTGAGE FAQ
    • IS IT RIGHT FOR ME?
    • PROS AND CONS
    • WHAT ARE THE SAFEGUARDS?
    • WHAT IS HECM COUNSELING?
    • FIRST TIME HOME BUYERS
    • PURCHASING WHAT NOT TO DO
    • FINDING THE RIGHT LOAN
    • POOR CREDIT -WE CAN HELP.
    • VA HOME LOANS
    • MANUFACTURED HOMES
    • DOCUMENTS-UNDERWRITING
    • ADVISORS MORTGAGE INFO
    • CONTACT US
    • ABOUT KATHIE ADLER
    • FLOWERS AND ME

EN

  • HOME
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • ABOUT KATHIE ADLER
  • FLOWERS AND ME

Welcome to ~ Reverse Mortgage Long Island.com

Call for info: 888-843-9797 or 631-804-9044

Reverse Mortgage Long Island.com

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ADVISORS MORTGAGE-YOUR MORTGAGE EXPERTS

  • NOTE: this website begins with a focus on the Reverse Mortgage program for senior borrowers, Advisors Mortgage is a licensed mortgage banker with a host of mortgage products available. Click above for FIRST TIME HOMEBUYERS and the link MORE for FINDING THE RIGHT LOAN, POOR CREDIT as well as some of the other mortgage products we offer. You can also log onto:   HelpForMortgages.com   


The Reverse Mortgage Program: The term "reverse mortgage" is the popularized version of a program for senior homeowners who wish to withdraw a portion of their home's equity for their use.  The term is exactly what it means.  It is the reverse of how a typical mortgage works.  But the only reverse mortgage insured by the US Federal Government is called a Home Equity Conversion Mortgage (HECM) and is only available through an FHA approved lender. 


These days, many people are talking about mortgages and interest rates.  And they are also talking about reverse mortgages.  After caring for their homes for many years, many senior homeowners are still investing in a home that has never paid them back. A reverse mortgage is a way to glean equity from your home, turn into tax free cash, and do it without having to pay monthly mortgage payments.


"Why not let your home pay you back?"  Perhaps, this is a concept you've never considered. Some of our senior homeowners here on Long Island refer to themselves as being "house rich and cash poor". This is not unusual for the Long Island area or with other areas across the country.  

Reverse Mortgages Have Changed

Over the past fifty years, ever since the very first reverse mortgage closed, reverse mortgages have been enhanced to provide all the safeguards you'd want in a mortgage.  There is a line of credit feature with a growth rate on the money so you can use your money whenever you need it. No interest will accrue until you access the line of credit.  Also available is the HECM for Purchase program for those wishing to buy a home with a reverse mortgage.  If you are not interested in a reverse mortgage, Advisors Mortgage can offer you a host of different mortgage programs to suit your needs. Let us know what you are looking for, and we'll help you find the perfect fit for all your mortgage needs.  We truly care, and that's the Advisors Mortgage difference.


"NO ONE CARES HOW MUCH YOU KNOW UNTIL THEY KNOW HOW MUCH YOU CARE."  Theodore Roosevelt

Aging in America & Retirement

Will Your Income Be Enough For Retirement?

According to the National Council on Aging, one third of senior households have no extra cushion at the end of the month and may be in debt after meeting essential monthly expenses. It's often referred to as "more month left at the end of the money". What is the one of the biggest problems facing many baby boomers today?  There's not enough money for retirement.  We don’t know about you, but this is hardly the retirement lifestyle many seniors have dreamed about.

Many reverse mortgage borrowers testify to the relief they find after ridding themselves of their monthly mortgage payment. They never have to worry about late or missed payments. Some reverse mortgage borrowers enjoy traveling and having the freedom that comes with a reverse mortgage while others use the money for in-home care and medical bills.  It all depends on your situation.  Let's review some information about reverse mortgages.

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What is a Reverse Mortgage?

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FHA INSURED REVERSE MORTGAGES (HECM = Home Equity Conversion Mortgage)


Just What is a Reverse Mortgage?
A reverse mortgage or HECM, which stands for Home Equity Conversion 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.   And although no mortgage payments are required, you are free to make mortgage payments any time.


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 all borrowers:


* Be at least 62 years of age at closing and own their home

* Reside in a single family home as their primary residence (1-4 units, FHA approved condos, PUDs, manufactured homes, some mixed-use & commercial)

* Receive HUD-approved reverse mortgage counseling
* Not be delinquent on any federal debt 


If your home is valued at over $500,000, there is a JUMBO reverse mortgage option available.  A reverse mortgage comparison will outline which program is best for you. (SEE BELOW FOR JUMBO REVERSE MORTGAGES)

What Can You Do With a Reverse Mortgage?

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Pay Off Debt

Generate Cash Flow

Generate Cash Flow

With the HECM (reverse mortgage), you may be able to pay off credit card debt and even a current mortgage. Wiping out a monthly mortgage payment puts a smile on anyone's face. It's your money to use as you wish.  It's your equity.  Ask yourself if having more spendable cash would change your life for the better.  I am sure the answer is "YES"!

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Generate Cash Flow

Generate Cash Flow

Generate Cash Flow

Have you been putting off traveling or buying a new car or visiting the kids and grandkids? A reverse mortgage can change your financial picture with either a cash out sum or a monthly stipend that arrives in your bank each and every month. You can also establish a line of credit (depending on the amount approved) or a combination of all three.

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Renovate Your Home

Generate Cash Flow

Renovate Your Home

Many reverse mortgage borrowers renovate their homes with their reverse mortgage proceeds while others help grandchildren with college expenses.  It all depends on your needs and desires. In-home care can also be paid for with your proceeds.  It's up to you to spend your proceeds to your benefit and maximize your cash out.

A Reverse Mortgage Specialist Can Help

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Help From a Reverse Mortgage Specialist

So you're thinking about a reverse mortgage, but you've got more questions than answers.  You have come to the right place. Advisors Mortgage has helped senior borrowers and all borrowers achieve many of their financial goals. Whether a reverse mortgage or a conventional mortgage, we'll help you with the process. 

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Don't Waste Time With Rumors

People say LOTS of things about reverse mortgages, and many have gotten it all wrong.  Erroneous information however well intentioned doesn't help. The BEST way to find out if a reverse mortgage is right for you is to get the facts from a duly licensed Reverse Mortgage Specialist. You will see firsthand which option is best for you. 

Reverse Mortgage: Your Retirement Plan

Your Equity, No Restrictions, Flexible, You Remain on Title

Reverse mortgages have become a popular tool for retirement planning for  those homeowners who have significant equity in their homes  There are no restrictions on how your reverse mortgage proceeds can be used, after all, it's YOUR money. Your proceeds can be considered a retirement plan sitting under your roof just waiting to be  used. 


Is it considered taxable income?  

Absolutely not! It's a mortgage, it's your equity (tax free) so it's not considered income. Who does a reverse mortgage? You may have heard otherwise, but everyone who does a reverse mortgage does not have to be destitute.  Many borrowers simply wish to supplement their income so they are free to enjoy their retirement to the fullest.  In a word, a reverse mortgage is freedom, freedom to do what you want with the equity in your home.

A lot of seniors today are dependent solely on Social Security and their pension but have no other resources to fall back on, therefore, a reverse mortgage can make all the difference in the world.


MAXIMUM BORROWING AMOUNT
The Maximum Claim Amount or amount you can borrow for the FHA HECM is currently $765,600 but will increase to $822,375 in 2021 regardless of where the property is located. The amount you receive (known as the Principal Limit/before closing costs) is based on the age of the youngest borrower, the appraised value of your home, your available equity, and current interest rates.  So you do not receive ALL of the Maximum Claim Amount. But the great thing about a reverse mortgage is the older you are, the more money you receive. 

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JUMBO Reverse Mortgages

Jumbo Reverse Mortgages for Higher Value Homes

Jumbo Reverse Mortgages are a good option for higher value homes.  Minimum home values are $500,000 with a max loan amount of $4,000,000 and max home values of $10,000,000. One to four family homes are eligible for this program. Closing costs are lower than the traditional FHA HECM, but rates are usually higher. You can refinance or purchase a home with a JUMBO Reverse Mortgage.


Please call Advisors Mortgage with any questions you may have or to receive a free proposal.  ( NOTE:  Jumbo products and commercial loans are arranged through third party providers).


 Click here for more info on Jumbo Reverse Mortgages.  

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It's all about lifestyle and family.

Learn More by Asking Questions

The link below will guide you to Frequently Asked Questions where your reverse mortgage questions can be answered with accurate reverse mortgage information.

Frequently Asked Questions - CLICK HERE

Got questions? Free Reverse Mortgage Booklet. For a free reverse mortgage Comparison:

PLEASE PROVIDE THE FOLLOWING (THIS WEBSITE IS PROTECTED BY SSL, SO YOUR INFORMATION IS ENCRYPTED AND YOUR DATA PROTECTED):

  • Names of all borrowers  
  • Dates of birth for all borrowers
  • Address of property 
  • Type of home (1-4 family residence, condo, manufactured home)
  • Approximate value of home
  • Balances on any mortgages & equity loans
  • Are you behind on any federal debt?

Advisors Mortgage-888-843-9797 /631-804-9044

Let us help you with all your mortgage needs.

Advisors Mortgage will provide a free consultation as well as free literature so you can learn the ins and outs of Reverse Mortgages.  Take advantage of this life changing tool called a HECM/Home Equity Conversion Mortgage.

If a Reverse Mortgage is not right for you, we can provide information on other mortgage products.

Advisors Mortgage Group, NMLS 1833015

3330 Park Avenue, Suite 1, Wantagh, New York 11793

888-843-9797 - 631-804-9044

  • HOME
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US

REVERSE MORTGAGE LONG ISLAND

3330 Park Avenue, Wantagh, New York 11793, United States

888-843-9797 or 631-804-9044

ADVISORS MORTGAGE GROUP, LLC  Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793  -- 

CALL NOW: 888-843-9797 or 631-804-9044

Licensed Mortgage Banker. Licensed by the New York State Department of Financial Services, Licensed by the New Jersey Dept. of Banking and Insurance -  FOR CONCERNS OR COMPLAINTS, PLEASE CALL ADVISORS MORTGAGE:   800-778-9044 


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.


NOTE:  © No part of this site, [DOMAIN NAME], may be reproduced in whole or in part in any manner without the permission of the copyright owner. Site formerly Reverse Mortgage Helpline.

 

“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. 


A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”