THE TRUTHS ABOUT REVERSE MORTGAGES


A reverse mortgage is a HUD-approved, FHA-insured loan that enables homeowners age 62 and over to use some of the equity in their home, converting value into income, and to gain access to the money they need, when they need it. Rather than making a house payment, a reverse mortgage pays you… every month.It is truly “a Mortgage in Reverse”.

By converting equity into income, a reverse mortgage enables you to payoff your existing mortgage, credit card and other debts, and even create a monthly income of tax-free money to use in any way that you would like. It allows you to remain-in and maintain the condition of your home, pay for healthcare,to simply have enough money available to pay day-to-day living expenses, and to resolve many of the other financial problems and stresses that you face every day.

_____________________________________________________________________________________


You will always own your own home!
You will always retain ownership of your home throughout the term of the reverse mortgage, just the same as with a regular home purchase or refinance mortgage. Nobody else has title to your home but you. If you permanently move out of your home or the last surviving borrower dies, the loan must be repaid. The control and title to the home WILL NOT transfer to the bank. It will go to whomever you specify in your will or trust.

You are not required to make any loan repayment as long as you live in your home!
There are never any monthly payments. Never! Payment of insurance, property taxes, and general upkeep of the home are the only responsibilities of the homeowner.

There are no income, credit, or health requirements to qualify!
To qualify, the homeowner should have sufficient value (equity) in the home, be at least 62 years of age, and use the home as their primary residence.

The amount you can receive depends upon the ages of you and your spouse, the appraised value of your home, and the total amount presently owed on your home!
All mortgages, home equity lines of credit, and liens against your home must be paid-off at closing, usually from closing proceeds.

It is your decision as to the method by which you choose to receive your money!
You may receive the money all-at-once in a lump sum, as a line-of-credit, in monthly payments, or you can use a combination of any of the above. It’s completely up to you.

Social Security and Medicare benefits are not affected!
Since you are simply accessing the equity in your own home, you are not “earning income”, thus it has no impact on your other benefits.


There are no out-of-pocket closing costs or up-front fees collected!
Unlike a home purchase or refinance mortgage, all of these costs can be financed into the reverse mortgage. Most of the same costs of home purchase mortgages apply to reverse mortgages. You can expect to be charged an origination fee, a mortgage insurance fee, and certain other standard closing costs. These expenses are controlled and regulated by the Federal Government to protect Senior consumers. You are only required to pay for a current FHA-certified appraisal, since the value of your home is a factor in determining the amount of funds available to you.

Your home does not need to be free and clear or paid-off in order to qualify!
You can have an existing mortgage on your home and it will be paid-off through the proceeds of the reverse mortgage.

No repayment is made until the home is sold or the owner (last remaining title holder) permanently moves out or passes away!
When any of these situations occurs, you or your heirs can choose to pay the balance due on the reverse mortgage and keep the home, or sell the home and use a portion of the proceeds to pay off the reverse mortgage.

_____________________________________________________________________________________





New Castle Mortgage is thankful for the opportunity to be your source for answers to your questions regarding Reverse Mortgages. We are experts in the field; our company was founded to specialize in this industry. We hold a Tennessee State License and an FHA License, and we are members of the National Reverse Mortgage Lenders Assoc. (NRMLA), The Tennessee Association of Mortgage Brokers (TNAMB),the National Associaton of Mortgage Brokers (NAMB),and the Better Business Bureau (BBB). We advertise on CBS News Channel 5, WSM Radio, in the Yellow Pages,the Yellow Book, the BBB, NRMLA, and numerous newspaper publications throughout Tennessee.

We are LOCAL, with main offices located in the Green Hills area of Nashville. You are always welcome to visit us at our office, or any of our knowledgeable and courteous reverse mortgage specialists will be happy to meet with you in your home. We welcome your phone calls if you need more information, have any other questions, or would like to schedule a personal appointment to discuss how a Reverse Mortgage can be the solution for your individual needs and concerns. Thank you for allowing us to assist you.


For more information call today
(615) 279-3476
2323 21st Ave South Suite 200 Nashville, TN 37212
Visit our website at www.reversemortgage4me.net