EN

Translate:

  • 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

We Help Borrowers Understand All Types of Mortgages!

Help For Mortgages provides helpful information for all types of mortgages. Advisors Mortgage, a 23 year old mortgage banker, offers mortgages for first time homebuyers, Reverse Mortgages, VA Loans, FHA Loans, Reno Loans, Construction Loans, Conventional Loans. Most of all, we like helping people. Be sure to CLICK links above for other mortgage info. We begin with a focus on Reverse Mortgages. 

What is a Reverse Mortgage?

FHA INSURED REVERSE MORTGAGE (HECM = Home Equity Conversion 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. The best part is that if there is sufficient equity in your home, you can rid yourself of mortgage payments forever and even buy a home with a reverse mortgage!


The federally insured reverse mortgage or Home Equity Conversion Mortgage (HECM) is regulated by the Department of Housing and Urban Development (HUD) and insured by the Federal Housing Administration (FHA).  Here are the qualifications:


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

* Reside in a your home as your primary residence

* Home Type: 1-4 unit properties (you must live in one of the units), FHA-approved condos, PUDs, manufactured homes, some mixed-use (borrower must reside in one of the multi-family units as primary

* Reverse mortgage counseling is required
* You cannot be delinquent on any federal debt 

* Announcing! Reverse mortgages are now approved for NY on COOPERATIVES (co-ops).

      (These are proprietary reverse mortgage products, not FHA.)


Reverse Mortgages Have Changed

Over the past fifty years, 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.  


*capped Interest rates  * reverse mortgage counseling *FHA mortgage insurance (protects lender & borrower)

*limitation on out-of-pocket fees *no maturity date *no prepayment penalty *asset protection

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 even be in debt after meeting essential monthly expenses. This is hardly the retirement many seniors desired. 


Why not let your home pay you back? Perhaps, this is a concept you've never considered.  Tapping into the equity in your home can mean a more comfortable retirement. A reverse mortgage can be a helpful financial tool to enhance your lifestyle. 

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 your current mortgage.  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, buying a new car or traveling? A reverse mortgage can change your financial situation with either cash out or a monthly stipend. You can also establish a line of credit or you can choose a combination of all three options.

Renovate Your Home

Generate Cash Flow

Renovate Your Home

Senior borrowers often renovate their homes with their reverse mortgage proceeds while others help their grandchildren with college expenses.  In-home care can also be paid with your reverse mortgage proceeds. There is never any stipulation on how you can spend your proceeds. 

A Reverse Mortgage Specialist Can Help

Help From a Reverse Mortgage Specialist

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 for over 24 years. Whether a reverse mortgage or a conventional mortgage, we'll help you find the right loan!

Don't Waste Time With Rumors

People say lots of things about reverse mortgages and many people get it all wrong.  Erroneous information, however well intentioned, isn't the best way to ascertain if a reverse mortgage is right for you.  Get the facts from a Reverse Mortgage Specialist. A free proposal will provide you with the right information.

Your Reverse Retirement Plan

Your Equity, No Restrictions, Flexibility

Your retirement plan is sitting under your roof 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 equity and your money.


SUPPLEMENT YOUR INCOME WITH A REVERSE MORTGAGE
A lot of seniors today are dependent on Social Security and their pensions but have no further resources to fall back on.  Many borrowers simply wish to supplement their income using housing wealth so they are free to enjoy their retirement to the fullest.  A reverse mortgage is a pathway to freedom, freedom to do what you want with the equity in your home. 


FHA MAXIMUM BORROWING AMOUNT $1,089,300
The maximum amount you can borrow with the FHA HECM is $1,089,300. The amount you receive is called the Principal Limit and is based on the age of the youngest borrower, the appraised value, and current interest rates. 

JUMBO Reverse Mortgages

Jumbo Reverse Mortgages for Higher-Value Homes

Jumbo Reverse Mortgages are a viable option for higher-value homes.  These are proprietary mortgages provided by various lenders and are not called an FHA HECM.  Minimum home values are $500,000 to a max value of $10,000 and a maximum loan amount of $4,000,000.  One to four family homes and condos are eligible for this program. Closing costs are lower than with the FHA HECM, but rates are higher.  Reverse mortgage counseling is also required. You can refinance or purchase a home with a JUMBO Reverse Mortgage just as with the HECM. 


Jumbo reverse mortgages are arranged through third party providers. 

For more  info:  Call 631-804-9044 with any questions you may have or to receive a free proposal - Kathie Adler, Reverse Mortgage Specialist. 

 Click here for more information on Jumbo Reverse Mortgages

Important Notice!

YOUR RESPONSIBILITIES - PLEASE NOTE:  As with any mortgage, you are required to pay taxes and homeowner's insurance, flood insurance where applicable, and HOA fees where applicable. Along with these fees, you are also required to maintain your home in good repair according to FHA requirements or you could risk losing your home due to default! Click here, PROS and CONS, to learn more.,

Learn More by Asking Questions

The link below will guide you to Frequently Asked Questions where your reverse mortgage questions can be answered. A reverse mortgage is a big decision, and working with the right loan officer makes all the difference in the world. 

Advisors Mortgage will guide you every step of the way in making a decision that works for you. 

REVERSE MORTGAGE FAQ - CLICK HERE

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

What information is rquired to provide a reverse mortgage proposal? 


  • Names and address 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, judgments or liens
  • Are you behind on any federal debt?

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

Drop us a line!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Let us help you with all your mortgage needs.

Advisors Mortgage will provide you with a free consultation as well as free literature so you can learn the ins and outs of Reverse Mortgages.  


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

Advisors Mortgage Group, NMLS 1833015

3265 Merrick Road, Wantagh, New York 11793

888-843-9797 - 631-804-9044 (direct)

  • 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, 3265 Merrick Road, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  - Licensing: CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; FL; GA Residential Mortgage Licensee; NJ: Licensed by the New Jersey Department of Banking and Insurance; NY: Licensed Mortgage Banker –OH; PA; TX. www.nmlsconsumeraccess.org 

  

  • Kathie Adler, Residential Mortgage Loan Originator and Reverse Mortgage Specialist, NMLS# 65780 
  • Branch office located at 3265 Merrick Rd., Wantagh, NY 11793 – Branch NMLS# 1833015 Equal Housing Opportunity 


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


  • “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.”



This website uses cookies.

We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.

DeclineAccept