Reverse Mortgage for mom and dad

OUR MOM AND DAD? A REVERSE MORTGAGE?
     
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OUR MOM AND DAD? A REVERSE MORTGAGE?
     

There’s more than one way to use home equity if your parents are 62+ 


While some seniors may use their reverse mortgage to pay off their current mortgage, add renovations, home improvements or other large expenses, other seniors may use their reverse mortgage to tap their equity to help alleviate financial uncertainty with a monthly income, provide for medical needs or extended care all while living in the comfort of their own home. A Reverse Mortgage will allow them to convert their equity to provide for a more enjoyable retirement without selling their home.

There’s more than one way to use home equity if your parents are 62+ 


While some seniors may use their reverse mortgage to pay off their current mortgage, add renovations, home improvements or other large expenses, other seniors may use their reverse mortgage to tap their equity to help alleviate financial uncertainty with a monthly income, provide for medical needs or extended care all while living in the comfort of their own home. A Reverse Mortgage will allow them to convert their equity to provide for a more enjoyable retirement without selling their home.

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 LIFE HAPPENS

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 LIFE HAPPENS

While 80% of workers believed that they would be able to continue to work after retirement, that isn’t always the case. A reverse mortgage can eliminate their monthly mortgage payment, supplement their retirement income and preserve savings as part of their overall plan.

A GOVERNMENT INSURED, REVERSE MORTGAGE ALWAYS PROTECTIONS YOU AND YOUR FAMILY MAY COUNT ON. IN ADDITION, NEW HUD RULES HELP ENSURE THE FINANCIAL HEALTH OF THE REVERSE MORTGAGE PROGRAM.* 

While 80% of workers believed that they would be able to continue to work after retirement, that isn’t always the case. A reverse mortgage can eliminate their monthly mortgage payment, supplement their retirement income and preserve savings as part of their overall plan.

A GOVERNMENT INSURED, REVERSE MORTGAGE ALWAYS PROTECTIONS YOU AND YOUR FAMILY MAY COUNT ON. IN ADDITION, NEW HUD RULES HELP ENSURE THE FINANCIAL HEALTH OF THE REVERSE MORTGAGE PROGRAM.* 

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A REVERSE MORTGAGE AS A RETIREMENT TOOL

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A REVERSE MORTGAGE AS A RETIREMENT TOOL

Your parents must be at least 62 or older and have equity available in their home based on the current value of their home less any amount owed on a mortgage, or Home Equity Line of Credit. Just as their original mortgage loan allowed them to purchase their home and build equity, a Reverse Mortgage will allow them to use that equity “nest egg” as one part of their retirement plan.

Your parents must be at least 62 or older and have equity available in their home based on the current value of their home less any amount owed on a mortgage, or Home Equity Line of Credit. Just as their original mortgage loan allowed them to purchase their home and build equity, a Reverse Mortgage will allow them to use that equity “nest egg” as one part of their retirement plan.

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BENEFITS OF A REVERSE MORTGAGE OVER A TRADITIONAL HOME EQUITY LOAN

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BENEFITS OF A REVERSE MORTGAGE OVER A TRADITIONAL HOME EQUITY LOAN

A Home Equity Loan (HELOC) works like a regular mortgage. The homeowner borrowers a specific amount of money and makes regular installment payments that cover interest and principal for a specified period of time.

A Home Equity Loan (HELOC) works like a regular mortgage. The homeowner borrowers a specific amount of money and makes regular installment payments that cover interest and principal for a specified period of time.

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A home equity conversion mortgage, or HECM, is the Federal Housing Administration’s reverse mortgage loan program. This lets seniors withdraw home equity to supplement their retirement needs. Plus, monthly mortgage payments are optional. This leaves the homeowner with extra money every month. This line of credit may also increase over time with the value of the home.

A home equity conversion mortgage, or HECM, is the Federal Housing Administration’s reverse mortgage loan program. This lets seniors withdraw home equity to supplement their retirement needs. Plus, monthly mortgage payments are optional. This leaves the homeowner with extra money every month. This line of credit may also increase over time with the value of the home.

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The higher the value of the home, generally the higher the loan amount will be. The funds available may be restricted for the first 12 months, due to HECM requirements. There are several ways to receive these proceeds from a reverse mortgage loan.


• Lump sum – a lump sum of cash at closing 

• Tenure – equal monthly payments as long as the homeowner lives in the home

• Term – equal monthly payments for a fixed period of months

• Line of Credit – draw any amount at any time until the line of credit is exhausted


The loan generally does not have to be repaid until the last homeowner on title passes away or no longer lives in the home as their primary residence. At that time, the estate can either repay the balance of the reverse mortgage loan and keep the home or choose to sell the home to pay off the outstanding balance. Any remaining equity is inherited by the estate. If the home sells for less than the balance of the reverse mortgage loan, the estate will not be personally liable for the difference. Homeowners are responsible for payment of taxes, insurance and maintenance of the home.

The higher the value of the home, generally the higher the loan amount will be. The funds available may be restricted for the first 12 months, due to HECM requirements. There are several ways to receive these proceeds from a reverse mortgage loan.


• Lump sum – a lump sum of cash at closing 

• Tenure – equal monthly payments as long as the homeowner lives in the home

• Term – equal monthly payments for a fixed period of months

• Line of Credit – draw any amount at any time until the line of credit is exhausted


The loan generally does not have to be repaid until the last homeowner on title passes away or no longer lives in the home as their primary residence. At that time, the estate can either repay the balance of the reverse mortgage loan and keep the home or choose to sell the home to pay off the outstanding balance. Any remaining equity is inherited by the estate. If the home sells for less than the balance of the reverse mortgage loan, the estate will not be personally liable for the difference. Homeowners are responsible for payment of taxes, insurance and maintenance of the home.

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Talk to your Reverse Mortgage Specialist. Let us help you customize a plan that will support your Mom and Dad’s dreams and needs in retirement. We are committed to quality customer service and putting the needs of people first with the highest degree of integrity you will find in the business.

Talk to your Reverse Mortgage Specialist. Let us help you customize a plan that will support your Mom and Dad’s dreams and needs in retirement. We are committed to quality customer service and putting the needs of people first with the highest degree of integrity you will find in the business.

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* A personal and no-cost consultation with a Reverse Mortgage professional is always available to you and your family with no obligation, and no commitment. We are here to answer questions and help you find beneficial financial solutions to your parent’s needs.

* A personal and no-cost consultation with a Reverse Mortgage professional is always available to you and your family with no obligation, and no commitment. We are here to answer questions and help you find beneficial financial solutions to your parent’s needs.

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No Monthly Mortgage Payments

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No Monthly Mortgage Payments

A reverse mortgage does not have to be repaid until you sell, move or no longer live in your home.*


A reverse mortgage does not have to be repaid until you sell, move or no longer live in your home.*


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No Surprise Costs

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No Surprise Costs

During the application process, you’ll receive a clear and detailed breakdown of all fees and closing costs, including the total loan costs over the projected life of the loan.


During the application process, you’ll receive a clear and detailed breakdown of all fees and closing costs, including the total loan costs over the projected life of the loan.


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Asset Protection

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Asset Protection

HECMs are non-recourse loans. After the loan is repaid, any remaining equity belongs to you or your heirs. This means that you can never owe more than the value of your home at the time you or your heirs sell your home to repay your reverse mortgage. With a HECM, the reverse mortgage debt may be satisfied by selling the home to pay the lesser of the mortgage balance or 95% of the current appraised value of the home.*

HECMs are non-recourse loans. After the loan is repaid, any remaining equity belongs to you or your heirs. This means that you can never owe more than the value of your home at the time you or your heirs sell your home to repay your reverse mortgage. With a HECM, the reverse mortgage debt may be satisfied by selling the home to pay the lesser of the mortgage balance or 95% of the current appraised value of the home.*

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SOCIAL MEDIALess

SOCIAL MEDIA

CONTACTLess

CONTACT

Success Mortgage Partners

Reverse Mortgage

Success Mortgage Partners

Reverse Mortgage

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Phone: 1-833-SMP-RVMG or 1-833-767-7864

Phone: 1-833-SMP-RVMG or 1-833-767-7864

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This material has not been reviewed, approved, or issued by HUD, FHA, or any governmental agency. The company is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. Success Mortgage Partners, Inc., 1200 South Sheldon Road, Suite 150, Plymouth, MI 48170, NMLS #130562, HUD ID No. 21293-0000-5, MI #FR0020098, FL #MLD 623, NMLS #130562, GA #GRMA-36474, IN #19238, IL #MB 6761028, TX Reg #130562, NC #L-159206. Not all products and options are available in all states. Terms subject to change without notice. This is not a loan commitment. All loans are subject to approval.

This material has not been reviewed, approved, or issued by HUD, FHA, or any governmental agency. The company is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. Success Mortgage Partners, Inc., 1200 South Sheldon Road, Suite 150, Plymouth, MI 48170, NMLS #130562, HUD ID No. 21293-0000-5, MI #FR0020098, FL #MLD 623, NMLS #130562, GA #GRMA-36474, IN #19238, IL #MB 6761028, TX Reg #130562, NC #L-159206. Not all products and options are available in all states. Terms subject to change without notice. This is not a loan commitment. All loans are subject to approval.

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