Reverse Mortgage Information

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"Solutions for Today's Homeowners"

A Reverse Mortgage -- Is it Right for You?

A Reverse Mortgage may be the answer for many retirement-age borrowers as a means of providing financial security and a better quality of life. It is becoming more popular with many retiring homeowners facing ever-increasing difficulties in ensuring that they will have enough funds to live comfortably in their golden years.

What is a Reverse Mortgage?

A reverse mortgage (or lifetime mortgage) is a loan available to seniors, which is used to release home equity in a property as one lump sum, multiple payments, or a credit line. Loan repayment is deferred until the owner dies, sells the home, or leaves (e.g., to a nursing home. In a conventional mortgage, homeowners make monthly payments to the lender and their home’s equity increases over time. At the end of the term (e.g., 30 years) the mortgage is paid in full and the lender releases the property. In a reverse mortgage, homeowners make NO PAYMENTS and all interest is added to the lien on the property. If they receive monthly or bulk payments of the available equity percentage for their age (older means a higher percentage), then property debt increases monthly. When the homeowner dies, sells the house, or moves (e.g., to a nursing home) the loan can be paid off with home sale proceeds or refinanced by heirs of the estate with a regular mortgage. If proceeds exceed the loan amount, interest, and fees, the owner receives the difference. If deceased, the heirs get the difference.

What Are the Benefits?

Easy access to home equity
Tax-free income
Elimination of mortgage payments
Increased funds for debts or home repair
Financial cushioning for unexpected events
Resources to help loved ones
Extra Money for leisure activities

All While Living in Your Home and Retaining Title to Your Home!

Who is Eligible? How Can the Money Be Used?

In the U.S., borrowers must be at least 62 years of age. There are no minimum income or credit requirements, but there are other requirements. Homeowners should make sure they qualify for a loan before investing significant time or money in the process. You can rest assured that a Certified Mortgage Planning Specialist® at Multi-State is qualified to
advise you about the specifics of this loan option.

For most reverse mortgages, the money can be used for any purpose. However, borrowers must pay off any existing mortgage(s) with reverse mortgage proceeds and, if needed, additional personal funds. Unfinalized pending bankruptcies may slow the process. Some types of dwellings do not qualify, while others (like mobile homes) must meet special requirements.

Call Gary at 978.374.6600 or 800.343.8788 TODAY for a FREE consultation about Reverse Mortgages!

Multi-State Mortgage Offers Two Reverse Mortgage Programs:

A Certified Mortgage Planning Specialist® at Multi-State will help you to select the one that’s right for you.

• THE HECM Refinance Advantage Fixed Rate

This improvement upon the government-insured Home Equity Conversion Mortgage provides cash, line of credit, or monthly income, subject to HUD/FHA lending limits for a fixed term or as long as you live in your home. This program is best suited to individuals that want to take the full draw amount.

THE HECM Refinance Advantage Variable Rate

The variable rate has a low start rate and may be best for people that want to open up a line of credit and let the value grow since they do not expect to use money until a time frame that may be in years.

Your Home is Your Biggest Asset

Your home is one of your biggest—but sometimes overlooked—sources of
extra income. A reverse mortgage can give you the ability to remain in your home while maintaining financial stability. It could provide you with extra cash to supplement your income, reduce credit card debt, cover medical expenses, help loved ones, or just enjoy life.

If you own your home outright or have built up equity, the professional team at Multi-State Mortgage will educate you about a reverse mortgage, advise you if it’s right for you, and guide you through the process.

Multi-State Mortgage Planning has solutions for today’s homeowners!

FREE CONSULTATION. Call Gary Cohen CMPS® MLO 23189 at 978.374.6600 or 800.343.8788.

Or, click on the tools link that may be most related to your mortgage requirements to view the most up-to-date information and resources.

Within 24 hours a Certified Mortgage Planning Specialist® will contact you.

We look forward to working with you.

MA MB #3194

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