*** IMPORTANT NOTICE FROM KATHIE ADLER:
This website is for informational purposes and was created by Kathie Adler, loan officer for over 22 years. This website does not accept mortgage applications. If you would like further information, please feel free to contact Kathie Adler or complete the Request For Info form. Kathie specializes in reverse mortgages but does all types of loans. To reach this website again, log onto www.ReverseMortgageLongIsland.com - This website is not authorized or approved by any lender or mortgage company but was created by Kathie Adler to share general mortgage information with readers.
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You're thinking about a Reverse Mortgage, but you've got more questions than answers. You've come to the right place. Reverse Mortgages have helped thousands of senior homeowners to achieve many of their financial goals. Whether a Reverse Mortgage or other mortgage product, you will need the right information to find the loan that's right for you. And that is especially true when it comes to Reverse Mortgages.
People say lots of things about Reverse Mortgages, and many have gotten it all wrong. This is not intentional but comes from misinformation by uneducated professionals. Erroneous information, however well intentioned, isn't the best way to determine if a Reverse Mortgage is right for you. Get the facts from a licensed Reverse Mortgage Specialist who can provide accurate Reverse Mortgage information.
Many senior homeowners have no extra cushion at the end of the month and may even be in debt after paying essential monthly expenses. This is hardly the retirement many seniors hoped for.
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 isn't for everyone, but Reverse Mortgages can be a helpful financial tool that can enhance your lifestyle while protecting your investments. This website explores many of the facets of the Reverse Mortgage: options for your equity, a growing line of credit, jumbo Reverse Mortgages, purchasing with a Reverse Mortgage, etc. Learn about this program, discuss with family, and ask questions!
A reverse mortgage is a special type of loan which enables homeowners age 62 years 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. Although no monthly mortgage payments are required, you are free to make mortgage payments at any time throughout the year.
Did you know? You can purchase a home with a reverse mortgage! There are no monthly mortgage payments required! Snowbirds welcome! You can move south, west, or buy a home closer to your family!
The federally-insured FHA reverse mortgage or HECM, Home Equity Conversion Mortgage, is regulated by the Department of Housing and Urban Development (HUD) and is 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
* 1-4 unit properties acceptable (you must live in one of the units), FHA-approved condos, PUDs, manufactured homes, some mixed-use properties (borrower must reside in one of the multi-family units as primary)
* Reverse mortgage counseling is required by a HUD-approved counselor
* You cannot be delinquent on any federal debt
Over the past fifty years or so, 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
*** Announcing! Reverse mortgages are now approved for co-ops (COOPERATIVES) in New York State (AND ONLY NEW YORK). These are proprietary reverse mortgages, not FHA, and must be approved by the co-op board and the reverse mortgage lender. Only single units need approval by the lender; the entire co-op will not need lender approval.
As long as there is enough equity in your home, you may be able to pay off credit card debt as well as your current mortgage. Your reverse mortgage proceeds are yours to use as you wish. It's your equity! Ask yourself if having more spendable cash would change your life for the better.
Have you been putting off traveling, buying a new car, paying off debt? A reverse mortgage can change your financial situation with cash out or a monthly stipend for the life of the loan. You may be able to establish a line of credit or choose a combination of options.
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 reverse mortgage proceeds.
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 homeowners would like 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. You might even delay collecting Social Security while using the equity in your home instead.
FHA MAXIMUM BORROWING AMOUNT $1,209,750
The maximum amount you can borrow with the FHA HECM is $1,209,750. The amount you receive is called the Principal Limit and is based on the age of the youngest borrower, the appraised value of your home, liens and payoffs, and current interest rates. The 10-year CMT, Constant Maturity Index, is the rate which determines how much your proceeds will be at closing.
Jumbo Reverse Mortgages are a viable option for higher-value homes. These are proprietary reverse mortgages provided by various reverse mortgage lenders. These are not FHA loans. Minimum home values are $500,000 to a max value of $10,000,000 with a maximum loan amount of $4,000,000. One to four family homes and condos are eligible for this program as are co-ops in New York state. You can refinance or purchase a home with a proprietary Reverse Mortgage just as with the FHA HECM. Closing costs for the proprietary reverse mortgage are lower than with the FHA HECM, but rates are higher. Just as with the FHA HECM, reverse mortgage counseling is required.
All proprietary reverse mortgages are arranged through third party providers.
Call Kathie Adler for more info or with any questions you may have: 631-804-9044 Ask for a free no-obligation proposal - Kathie Adler, Reverse Mortgage Specialist NMLS #65780.
Looking to purchase a co-op in NY?You can buy a co-op with a reverse mortgage up to any home value. If you are at least 62 years old, the world is your oyster with a reverse mortgage.
You can refinance your current co-op as long as there is equity in your home! It all depends on the value of your home, your mortgage balance, and your age. (The older you are, the more you get).
You will never pay a mortgage payment IF you have a reverse mortgage. Just pay taxes, insurance on your co-op and any required co-op fees. Your co-op MUST be your primary residence.