Linda Lewis, NMLS #388237
First National Bank
Your Reverse Mortgage Specialist
Linda@ReverseWithLinda.com		  
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  Are you wondering if a Reverse Mortgage is right for you or a family member?
I’m happy to help you research your options so you can make an informed decision. You don’t even have to give me your contact information.		  
     

Borrower Requirements

  • 62 years of age or older
  • Pay property taxes and home owners' insurance
  • Own and live in the property as primary residence
  • Receive counseling from HUD

Loan Amount Basis

  • Age of youngest borrower
  • Current interest rate
  • Lesser of appraised value or FHA insurance limit

Financial Qualifications

  • No income or credit qualifications (exception: default on government loans)
  • Only out-of-pocket costs: Appraisal and counseling (which may be financed)

Some Reverse Mortgages can
be refinanced!
(If sufficient equity has accumulated and other factors are conducive)

 

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Reverse Mortgage Overview

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FHA-Insured Reverse Mortgages
Current Lending Limit: $625,500

A Reverse Mortgage is a HUD program that allows homeowners 62 and over to convert part of their home equity into cash. Any existing liens must be paid off. Here are three of the many benefits:

  • Title to the home remains with the homeowner
  • Funds are often tax-free (check with your tax advisor)
  • It is a non-recourse loan

Do you know anyone who would like to:

  • Eliminate mortgage payments
  • Increase monthly cash flow
  • Pay for healthcare and/or care at home
  • Buy a vacation home

Buy a Home with a Reverse Mortgage!

Do you know anyone planning to:

  • Downsize to a smaller home
  • Move to a single-level home
  • Move closer to family

A cash down payment, together with Reverse Mortgage proceeds, may be used to purchase a home. The reverse mortgage must be on the primary residence. This is a great opportunity for those who can't qualify for a traditional mortgage or want to retain part of the sale proceeds.

Paying Off a Reverse Mortgage


When the home is no longer the primary residence, or the loan is in default, payment is due:
(a) In full, if heirs retain the property; or (b) If sold, the borrowers or the heirs retain any funds left after paying off the Reverse Mortgage; if sales proceeds are insufficient to pay the balance, FHA pays the shortfall.

 

 

FDIC Linda Lewis NMLS #388237 - Licensed in all 50 states
First National Bank of Layton NMLS 405871. All rights reserved. Copyright © 2011
Contact FNB at info@50StatesLender.com or 801.523.2543		 Equal Housing Lender