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Reverse Mortgage

Norman Financial Mortgage
Member of NRMLA ( National Reverse Mortgage Lenders Assoc.)


 


 

 

 


Improve your life by cashing in on your home’s equity                                                                                               

Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.
In a “regular” mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and you don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations.
To qualify for most reverse mortgages, you must be at least 62 and live in your home. The proceeds of a reverse mortgage (without other features, like an annuity) are  tax-free, and there are no credit or income restrictions.

HECM  (Home Equity Conversion Mortgage)


 

 

There are three basic ways to withdraw your funds, you can take all of the money at one time or you can take a "Tenure Payment" which means depending on your age and the amount of money available you will receive a set amount every month for the rest of your life or you can have a line of credit and draw the money whenever you need it.
Reverse mortgage loan advances are not taxable, and do not affect Social Security or Medicare benefits. You retain the title to your home and do not have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. In the HECM program, a borrower can live in a nursing home or other medical facility for up to 12 months before the loan becomes due and payable.

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