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Ohio Homeowners Age 62 and Older
Unlock Your Largest Financial Asset, Your Home’s Equity
“Retire on the House” With The HECM Reverse Mortgage
If you are 62 or older and a homeowner and hope to remain in your home for the next 5 to 10 years, and whose income is limited to SS or perhaps SS and a small pension or annuity payment, have limited rainy day savings, are “House Rich But Cash Poor”, or want to stop redemptions from investment accounts, you owe to yourself to closely consider the HECM reverse mortgage and “Retire On The House”.
A Standby Line of Credit Is A Retirement Income MUST!! Reverse Mortgage is a Strategic Lifetime Income Resource
Payoff Your Existing Mortgage and Have NO Monthly Payment. Reverse mortgage subject to loan obligations such a timely payment for property taxes and insurance and condo fees, (if any).
Receive Monthly After Tax Income (Not tax advice-Consult a tax professional)
Reverse Mortgage Is Excellent For Paying for Frailcare, Home Health or Assisted Living Care
Use The HECM Reverse Mortgage For Purchase To Buy A Different Home Without A Monthly Payment.
Welcome to The Website For All Things Reverse Mortgage. Stay on This Page and Continue to Scroll Down For the Links to All Pages of Interest
Hello. My name is David Brent Levy. I am an Ohio mortgage broker and I originate reverse mortgage loans for the senior homeowners of Ohio. Based upon my more than 20 years experience originating and processing the FHA insured HECM reverse mortgage since 1993 in the Tri-State, Cincinnati, Ohio area I am known as Mister Reverse Mortgage(TM). I am a true believer in this loan’s power to dramatically transform the golden years of many of America’s older homeowners to a life of fulfillment. I work hard to be of service to others & hope you will to benefit from my personal experience working with older Americans to insure they may Age At Home. If you are interested in applying for a reverse mortgage be sure to comparison shop with me. Call me anytime at 513-235-8582. Or, e-mail at firstname.lastname@example.org. Ask How To Qualify For A No Closing Cost Loan!!! I offer in-home service to all Cincinnati and Dayton area homeowners
The heart of this website runs from right here on this opening page. Continue to scroll down to the bottom and you will reach a wide variety of material on all things reverse mortgage. Just below, “In A Nutshell”, provides views of reverse mortgage not usually provided. When you continue to scroll down this page you can click and go to a very detailed explanation of the HECM reverse mortgage loan. With another click you can go to view a complete explanation of Reverse Mortgage for Purchase. This is using the HECM reverse mortgage loan to buy a home more appropriate to your retirement years and is one of the least known but most powerful ways to use a reverse mortgage. A page for financial advisors is presented with a click of the mouse. Available with a click of your mouse is a brochure you can download and give to a friend, relative or neighbor. Finally, you can click through and view a library of articles from the best financial writers on the new HECM loan from across the web. And last but not least is the legal disclaimers we all must endure.
“Reverse Mortgage In A Nutshell”
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Reverse mortgage is NOT a wild eyed scheme, it is not a scam, it is not a loan of last resort. A HECM reverse mortgage allows homeowners 62 and older to borrow a portion of their home’s equity without ANY repayment due until the LAST of the homeowners no longer needs the home. (See loan documents for complete details).
For whom is the reverse mortgage intended. Well, if you are like 1 out of 2 homeowners who cannot truly afford their retirement years, the reverse mortgage was designed to provide for you! You and yours are the salt of the earth. You fought America’s wars. You bought a house, raised a family and worked your job. You had hoped you would now be at ease in your retirement. Instead you are one of the many, many retired homeowners who experience the constant stress of financial struggle and it’s not likely to get better. You are most certainly not alone. The world has moved on and left many an American retiree with an insufficient monthly income, without a company pension or without significant cash savings. ANYONE Who Actually Did The Physical Work, ANY former blue collar worker, former construction or factory hand, former administrative worker, truck driver, or lower level white collar worker etc. cannot afford to be retired. It’s that simple. For you, everyday expenses, as well as unanticipated costs such as healthcare not covered by Medicare or enjoying leisure activities, is becoming impossible to pay for. Especially for singles, minorities or women, it is so, so, common. For many seasoned citizens “On Golden Pond” has become “Skating on Thin Ice.“
The reverse mortgage is a home equity loan. You are borrowing a certain amount of money using the equity in your home as collateral. With a reverse mortgage, there is no monthly payment, no repayment is not required until the borrower passes away, chooses to sell the house or permanently moves out of the home. You can use all your available funding but the loan is not due until the last of the borrowers reach a triggering life event At that time, the home is sold to repay the loan plus accrued interest and other charges. Any surplus from the sale beyond these costs is remitted to the borrower or his/her estate.
To qualify, you must be at least 62 years old, own your home outright of have sufficient equity in the home (usually 50 percent or greater), and live in the home as your primary residence. Additionally, the loan requires that you continue to pay all applicable property taxes, home insurance and regularly maintain the home.
As April 27, 2015 new rules insure that the HECM loan has income and credit criteria testing to improve lending practices, protect consumers by limitations on upfront draws, spousal protections to accommodate younger spouses and reduced fees. A sounder reverse mortgage loan has resulted and set the stage for better and more comprehensive retirement income planning utilizing home equity as an income source.
The limit of the reverse mortgage amount depends upon the appraised value of the home, the age of the youngest borrower, (the older you the greater a percentage of the home’s market value is available to you) and the available interest rates at time of the closing. Generally speaking 50-75% of the home’s appraised value is potentially available.
Some considerations concerning reverse mortgages-both favorable and unfavorable, are:
Costs-Compared to most loans reverse mortgage closing costs are higher. There are origination fees involved as well as monthly, and one time upfront, insurance premiums for the FHA insured loans. However, these costs may be folded into the mortgager reducing out-of-pocket expenses. Lower or no-closing costs loans are available depending upon circumstance.
Keep in mind that depending how quickly you draw your available reverse mortgage funding you can burn through your home equity before you reach your older, more frail years. That is, the years when you will most likely incur the greatest healthcare and frailcare costs. Generally, a reverse mortgage only makes sense if you intend to stay in the home for a relativively long time-five years is a good benchmark. If you are uncertain about the likelihood of staying in your home, whether from health concerns or other reasons, if you want to move in 2 years or so, you might want to consider other options. (See “Accessing Your Home’s Equity-Contrasting HELOC vs HECM page on this website )
Some seniors have found themselves requiring nursing home or long term care, which can terminate the residency requirement and bring the loan due when monetary concerns are the highest. But no one can predict the future. And reverse mortgage is excellent for financing frailcare where a couple is involved. The community spouse can use the reverse mortgage funding to provide for the frailcare her/his mate needs and that we all would want for our loved ones while at the same time preserving the couples “rainy day savings” for the future benefit of the community spouse.
HUD allows non-borrowing spouses to stay in the home if the couple was married at loan closing.
TAXES-As a loan reverse mortgages are not considered taxable income. This is one of their primary appeals. (Not tax advice-Consult a tax professional)
Another benefit of a reverse mortgage is that is does not effect your Social Security or Medicare. You must be careful handling the funding for it not to affect Medicaid or other low-income assistance programs.
HEIRS-heirs will have the option to pay off the reverse mortgage and keep the home but no matter how the loan is constructed, the result is less of an estate to pass along.
For those seeking to purchase a home and are 62 and older Reverse Mortgage to PURCHASE is one of the most powerful ways to use this loan ( See page for Reverse Mortgage To Buy)
To sum it up: If you are on a limited fixed income, do not have significant cash reserves and have significant home equity, it may be just the thing for you. With a reverse mortgage a senior homeowner can insure that they will be able to continue to live in their home in retirement, that they can “Age At Home”
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I offer in home service
Shopping for a reverse mortgage Cincinnati
Shopping for a reverse mortgage Dayton
It Pays To Comparison Shop with Mister Reverse Mortgage. Ask me how to qualify for a No Closing Costs Loan. To begin a conversation and to answer all your questions about the FHA insured
HECM reverse mortgage.
Click Here For
“Detailed Explanation of HECM Reverse Mortgage Loan”
Click Here For
“Using The HECM Reverse Mortgage TO BUY A Home-Knowledge Is Power
“HECM Reverse Mortgage For Financial Advisors”
CREDIT UNIONS/COMMUNITY BANKS
Are You Offering HECM loans? You Should Be.
Hire Mister Reverse Mortgage As A Consultant To Make Sure Your HECM Lending Program Is A Success.
Contact me for an initial meeting with your executive staff.
Click Here For
“Depository Institutions – Make Your HECM Lending Program A Success”
A PDF Library of the Best Articles from around the Web on HECM Lending
To Print “HECM Reverse Mortgage Brochure” for Family and Friends
To E-Mail Mister Reverse Mortgage
Click Here For
“Who is Mister Reverse Mortgage“
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“Links of Interest”
Mister Reverse Mortgage Offers In Home, In Person, Service to reverse mortgage cincinnati, reverse mortgage dayton
Mister Reverse Mortgage David Brent Levy
OH LO 006667 NMLS# 6855
Mister Reverse Mortgage, “LLC”
Reverse Mortgage Lending Since 1993
Cincinnati Phone (513) 235-8582
PO Box 1, 411 Terrace Place, Terrace Park, OH 45174
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Equal Opportunity Lender
Copyright 01/08/2015 Mister Reverse Mortgage. All rights reserved.
This material is not from HUD or the FHA and has not been approved by HUD or any government agency. Reverse mortgages are neither endorsed nor approved by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans. The FHA does not make or originate loans. A HECM loan can be a first mortgage or a first and second mortgage depending upon loan type. All loans are subject to credit and property approvals. Programs, rates, terms and conditions are subject to change without notice. A reverse mortgage is a negative amortization loan which increases the principal mortgage loan amount and decreases the home equity. Borrowers are responsible for paying property insurance and taxes, condo dues if any and property maintenance as they become due. and which may be substantial. The HECM reverse mortgage is a loan that will have to be repaid. Consult loan documents for details on when the loan is due to be repaid. It is a loan with fees, compounding interest and repayment terms. It is strongly advised that borrowers consult with your family and/or trusted financial planners when considering a reverse mortgage loan.
No one may duplicate or use for any purpose any portion of the above work without the express written consent of David Brent Levy, Mister Reverse Mortgage(TM).. This material is intended to be an educational presentation of the HECM loan. It is not, nor is it intended to be, an exhaustive or complete. Please see HECM loan documents for such. All material on these pages including interest rates listed are examples and estimates only and may or may not be applicable to a loan for which you may qualify. Interest rates listed were averages of rates available on the dates listed and are examples only. This material is not an offer to make you a loan, does not qualify you to obtain a loan and are not an official loan disclosures. Rates, fees and costs vary from lender to lender. Only an approved lender can determine eligibility for a loan and provide a ” Good Faith Estimate ” of loan terms. Rates, fees and costs vary from lender to lender. Only an approved lender can determine eligibility for a loan and provide a ” Good Faith Estimate ” of loan terms.
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