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

EN

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


Helpful Information ~ Reverse Mortgage Long Island.com

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

Reverse Mortgage Long Island.com

ADVISORS MORTGAGE-YOUR MORTGAGE EXPERTS

  • NOTE:  Several pages of this website focus on the Reverse Mortgage program for seniors. For First Time Homebuyers, VA, FHA, or other mortgage products, click on MORE above.


The Reverse Mortgage Program:  A reverse mortgage is a way to glean equity from your home using your home as collateral and turning it into tax-free cash, all without having to pay any monthly mortgage payments. The term "reverse mortgage" is the popularized version of a mortgage program for qualified senior homeowners wanting to withdraw a portion of their home's equity for their use. The only reverse mortgage insured by the Federal Housing Administration (FHA) is the Home Equity Conversion Mortgage (HECM) and is only available through an FHA-approved lender such as Advisors Mortgage. 


Reverse Mortgages Have Changed

Over the past fifty years from the inception of reverse mortgages and ever since the very first FHA-insured reverse mortgage closed in 1988, reverse mortgages have been enhanced to provide all the safeguards you'd want in a mortgage. There is independent, HUD required reverse mortgage counseling, caps on interest rates, and clauses in the final documents to protect borrowers from ever owing more than the home is worth. If you are not interested in obtaining a reverse mortgage, Advisors Mortgage can offer you a variety of mortgage products to suit your needs. Let us know what you are looking for, and we will assist in finding you the right mortgage 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".  This is hardly the retirement many seniors dream about. Some senior homeowners refer to themselves as being "house rich and cash poor". This is not unusual for the Long Island area or with other areas across America. And though this does not apply to every senior homeowner, it is often true for many.


"Why not let your home pay you back?"  Perhaps, this is a concept you've never considered.  You care for your home, you've enjoyed family barbeques, celebrations, you've fixed up the house, yet out of its equity, your home has not returned its wealth back to you.  Tapping into the equity in your home means a more comfortable retirement.  Not all senior homeowners are "house rich, cash poor", and many take out a reverse mortgage for a variety of reasons.  What could be your reason? Would it be to supplement your income, pay off an existing mortgage, supplement your grandchild's college education, do some traveling? Reverse mortgages are often used for in-home or medical care and always structured by you for your benefit.  If you have been thinking of the reverse mortgage as an enhancement tool for your lifestyle and want to know more, this website is for you.

What is a Reverse Mortgage?

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


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.   And although no monthly mortgage payments are required, you are free to make mortgage payments at any time throughout the year. 


Currently, the federally insured reverse mortgage that is available is the Home Equity Conversion Mortgage (HECM) created by the federal government and managed by the Department of Housing and Urban Development (HUD).  To qualify, the HECM requires 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)

* 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 proprietary JUMBO reverse mortgage product available.  A reverse mortgage comparison will outline which program is best for you. (SEE BELOW FOR JUMBO REVERSE MORTGAGES)  


About Medicaid Eligibility:  Refer to page REVERSE MORTGAGE FAQ on how a reverse mortgage might affect eligibility for Medicaid and other financial assistance programs.

What Can You Do With a Reverse Mortgage?

Pay Off Debt

Generate Cash Flow

Generate Cash Flow

As long as there is enough equity in your home, 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! Your reverse mortgage proceeds are 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. 

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 situation 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 equity) or you can choose a combination of all three of the above.

Renovate Your Home

Generate Cash Flow

Renovate Your Home

Many reverse mortgage borrowers renovate their homes with their reverse mortgage proceeds while others help their grandchildren with college expenses.  It all depends on your needs and desires. In-home care can also be paid with your reverse mortgage proceeds. There is never any stipulation on how you can spend your reverse mortgage proceeds. 

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. Advisors Mortgage has helped senior homeowners to achieve many of their financial goals. Whether a reverse mortgage or a conventional mortgage, we'll help you with the loan and in a timely manner. 

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 know 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 adequate equity in their homes  Your proceeds can be considered a retirement plan sitting under your roof just waiting to be used and is one way your home can pay you back. There are no restrictions on how your reverse mortgage proceeds can be spent, after all, it's YOUR money to use how you wish. 


The Reverse Mortgage and the Reasons Why They Are Done
A lot of seniors today are dependent solely on Social Security and their pensions but have no further resources to fall back on, therefore, a reverse mortgage can make all the difference in the world.  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. 


MAXIMUM BORROWING AMOUNT
The Maximum Claim Amount or maximum amount you can borrow with the FHA HECM is currently $970,800 regardless of where the property is located. The amount you receive called the Principal Limit is based on the age of the youngest borrower, the maximum lending limit or appraised value of your home (whichever is less), your available equity, and current interest rates.  For higher value homes, there is a proprietary or jumbo reverse mortgage.

JUMBO Reverse Mortgages

Jumbo Reverse Mortgages for Higher Value Homes

Jumbo Reverse Mortgages are a viable option for higher value homes.  Minimum home values for the jumbo reverse mortgage start at $500,000 with a maximum loan amount of $4,000,000 and maximum 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 could be higher. Reverse mortgage counseling is required. You can refinance or purchase a home with a JUMBO Reverse Mortgage. Call Advisors Mortgage with any questions you may have or to receive a free proposal which compares the FHA HECM with the JUMBO reverse.  Jumbo reverse mortgages (and commercial mortgage loans) are all arranged through third party providers.


 Click here for more information on Jumbo Reverse Mortgages

Important Notice!

There are certain risks involved in taking out a reverse mortgage. Please refer to our REVERSE PROS AND CONS page and FAQ-QUESTIONS PEOPLE ASK page for more information on the risks of getting a reverse mortgage.  Remember, because you are not making any mortgage payments, a reverse mortgage is a RISING DEBT LOAN, the opposite of a typical mortgage where you make monthly mortgage payments and the balance decreases. Although not required, you CAN choose to make mortgage payments of any amount at any time on your reverse mortgage as there is no pre-payment penalty.

 

PLEASE NOTE:  As with any mortgage, you are required to pay property charges such as taxes and homeowner's insurance, flood insurance where applicable, and HOA fees where applicable.  You are also required to maintain your home in good repair according to FHA HECM requirements (jumbo reverse mortgage requirements as well) or you could risk losing your home due to default! Refer to REVERSE MORTGAGE FAQ

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. Include your family in your consideration of a reverse mortgage, ask trusted advisors how they feel about a reverse mortgage for you. 

REVERSE MORTGAGE FAQ - 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

Drop us a line!

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


ADVISORS MORTGAGE GROUP, LLC.,  WE TAILOR LOANS TO MEET YOUR NEEDS -- Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  -  Licensed by the New York State Department of Financial Services, Licensed Mortgage Banker. Licensed by the New Jersey Dept of Banking and Insurance, Licensed by the Florida Office of Financial Regulation, 

 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. ,

 Licensed by Texas Dept. of Savings and Mortgage Lending,  

 IMPORTANT NOTE: FOR CONCERNS OR COMPLAINTS, PLEASE CONTACT: ADVISORS MORTGAGE GROUP, LLC.,  800-778-9044

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. This website is not sponsored by FHA or HUD or any government agency.  



“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.”



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