Reverse Loans

The FHA-insured Reverse Mortgage Program (called a "H.E.C.M.") allows homeowners, aged 62 years or older, the opportunity to access tax-free cash from the equity of their home while still maintaining ownership and control of their property. Use of the funds are not restricted and many homeowners take advantage of reverse mortgages to help pay for medical expenses, home repairs, credit card debts and even vacations. With a reverse mortgage, homeowners are not required to make a recurring monthly mortgage payment and qualifying is easy! There are no credit score, income or asset qualifications and borrowers have the ability to select one of three flexible draw options including:

• A lump sum payment (funds are directly deposited into the borrowers checking account),
• A monthly recurring payment (a specified amount is deposited each month into the borrower's account), or
• A line of credit (funds can be accessed when needed)

*It is also possible to receive funds in a combination of the above options.
The amount of cash received by a borrower is based on the home value, the borrower ages, the market interest rate and the lending limit set by FHA. If you would like to determine how much you can qualify for, we are just a phone call away. Call AnnieMac Home Mortgage today at 609-206-0136