Welcome! Reverse Mortgage Long Island ~
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"You took care of your home, now let your home take care of you". (sm)
My name is Kathie Adler, and I am a Reverse Mortgage Specialist and loan officer for just about eighteen years. The above slogan has been my slogan for a long time, and I truly believe in it. I do all sorts of mortgages, but I love the Reverse Mortgage program the most.
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 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 Long Island or even across the country.
If you live on Long Island or anywhere in New York or New Jersey, I can help! I can assist you with any type of mortgage whether conventional, FHA, VA, Commercial, Renovation, or Reverse Mortgage. And our company Advisors Mortgage has branches in 30 states, so if you are looking for rates on mortgages or other programs, let me know -- we can help.
Reverse Mortgages Have Changed
Over the past fifty years, Reverse Mortgages have been enhanced to provide all the safeguards you'd want in a mortgage. And the features this product offers are remarkable. For instance, the Reverse Mortgage line of credit that may be available to you grows tax free at the same rate as the interest. That's a pretty incredible thing. Whether you are looking to refinance using a Reverse Mortgage or purchase another home with the HECM for Purchase program. it just might work for you. If you are not interested in a Reverse Mortgage, we can offer a host of different programs to suit your needs. Advisors Mortgage, a licensed mortgage banker, just passed its 20 year mark in business, a considerable milestone, and we are proud of our company.
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 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 you? Yes, it can! Many of my borrowers testify to the relief they experience after eradicating their monthly mortgage payment, never having to worry about late or missed payments. Other borrowers state there is more freedom to travel and enjoy their lives after obtaining a Reverse Mortgage.
What is a Reverse Mortgage?
FHA INSURED REVERSE MORTGAGES
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. Naturally, as with any mortgage, you are free to make mortgage payments any time, but it's not a requirement of the loan.
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
* Live in the residence as their primary residence
* Single family 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. Seeing 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?
Pay Off Debt
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"!
Generate Cash Flow
Have you been putting off traveling or buying a new car or visiting the kids and grandkids? Taking cash out with a Reverse Mortgage can change your financial picture. A monthly stipend that arrives in your bank each and every month can make life more comfortable. You can take cash out, get monthly proceeds, or get a line of credit, or a combination of all three.
Renovate Your Home
Many Reverse Mortgage borrowers renovate their homes or do a new ktichen while others set up a line of credit for future expenses. Other borrowers find lifetime monthly proceeds work well. It all depends on your needs and your wants. In-home care can be paid for with your proceeds. Setting up the correct way to receive your Reverse Mortgage proceeds is all up to you.
A Reverse Mortgage Specialist Can Help
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. As a Reverse Mortgage Specialist, I have helped senior borrowers achieve many of their financial dreams and goals. Whether a Reverse Mortgage 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, a Reverse Mortgage can be an incredible life changer.
Don't Waste Time With Rumors
People say LOTS of things about Reverse Mortgages, and most have gotten it all wrong. Don't waste your energies with erroneous information however well intentioned. The BEST way to KNOW if a Reverse Mortgage is right for you is to get a free quote from a loan officer. 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.
Reverse Mortgage: Your Retirement Plan
Your Equity, No Restrictions, Flexible, You Remain on Title
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.
Is it considered taxable income?
Absolutely not! It's your equity so it's not considered income, and the money is completely tax free. 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 be extremely helpful. For the husband or wife who loses a spouse, a reverse mortgage can make all the difference in the world.
MAXIMUM BORROWING AMOUNT
The Maximum Claim Amount is currently $726,525, and this is the maximum amount you are currently permitted to borrow. 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 always remain on the deed. The only requirements are for you to continue paying your taxes and homeowner's insurance (flood insurance where required and condo fees if it's a condominium), and maintain the home in good repair.
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 amazingly low. You can refinance or purchase with a JUMBO Reverse Mortgage. Click here for more info on Jumbo Reverse Mortgages.
My http://www.ReverseMortgageHelpline.com website covers the JUMBO Reverse Mortgage program. Please call me with any questions you may have or to receive a free proposal. ( NOTE: Jumbo products and commercial loans are arranged through third party providers).
It's all about lifestyle and family.
Got questions? We have the answers. Reverse Mortgages change lives for the better.
