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 Reverse Mortgages
Reverse mortgages (also called home equity conversion mortgages - "HECM") enable homeowners to access the equity in their home without selling the home.
The lender sends you a check each month based on the equity you've accrued in your home; you may receive a lump sum, a monthly payment or a line of credit, or any combination of all three. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
A reverse mortgage requires the youngest homeowner to be at least 62 years of age, have a mortgage balance or zero balance owed against their home and maintain the property as their principal residence. Credit rating and borrowers income are not
qualifying issues.
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates are adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits. Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.
There is no obligation in contacting our office for information regarding reverse equity mortgages and discussion as to whether it is the right program for you or a loved one.
Our mission is to provide you with the tools and resources you need to plan for, maintain or enhance the retirement lifestyle you so rightly deserve.
Your invited to visit "AARP" website for a wealth of information about Reverse Equity Mortgages at www.aarp.com. AARP is a strong supporter of reverse mortgages and makes it very clear that all borrowers must be counseled before application. A counselor can be located while visiting their website.
REVERSE MORTGAGE PROCEEDS CAN BE USED FOR ANY PURPOSE...and
YOU ARE UNDER NO OBLIGATION TO CONSULT WITH US REGARDING YOUR BENEFITS.
Hospital/Health Care Costs
Repay existing mortgages
Reduce burden on children
Home Purchase
Home repair/Improvement
Pay property taxes/Insurance
Daily expenses
Travel, Something special
Gifts
Calculate your Reverse Mortgage benefit...
Go to.....
http://www.Reversecalculator.com/Calc.asp?co=ageCompany2032876416
NEW FROM FHA......
The maximum "HECM" loan limit increased to
$ 625,500.00
The FHA "HECM" program may be used to PURCHASE A HOME as of Jan 1, 2009
For information about all Reverse Mortgage programs, please contact.....
Roger McMahan
Reverse Mortgage Specialist
Sentinel Mortgage Company
1819 Main St Suite # 201
Sarasota, FL 34236
1-800-868-0168
1-941-365-5626
1-941-356-9697
FAX 1-941-952-0657
Email - SMCReverseEquity@aol.com
Group/Club Consultation Available
Roger McMahan
40 Years of Finance Experience
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