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Additional information will be added to help you understand the different types of mortgages. We will also have a New Calculator that shows all of your cost.
" There will be No Hidden Cost with ANY OF OUR LOANS"....
" Hello" My name is Robert M. Presley. Please refer to me as Bob.I am 68 years old, and over my 35 years of experience, I have been exposed to a lot of different types of loans, and I understand the problems of Senior homeowners who are trying to understand how a Reverse Mortgage works.
I am the Senior Director of our Reverse Mortgage Program and I have been in the Mortgage business since 1967, at first when I started helping seniors with Reverse Mortgages it was very difficult to explain and to understand.
I found that we must First realise that Reverse Mortgagesare not for everyone. Let our personnel help you, we have many years experience with FHA and Conventional home loans, and we welcome the opportunity to offer information to help you understand if a Reverse Mortgage is for you.
"While our web site is under construction, please call.
770 - 387 - 3400 Ask for Bob Presley Ext: 100
We will be very happy to take the time to help you to make a decision"
What is a reverse mortgage?
A reverse mortgage is a home loan (used for any purpose) where seniors, 62 and older, can access the equity (cash) built up in their home.
There are several different reverse mortgage programs. Fannie Mae Home Keeper®, Jumbo Cash-Out loan, and the HUD-insured Home Equity Conversion Mortgage (HECM) are three such programs. As demand increases, more reverse mortgage programs from different organizations will become available.
It is called a reverse mortgage because you borrow money from a lender, but the lender makes monthly payments to you, rather than you making monthly payments to the lender. All interest is paid at the end of the loan, rather than in the beginning.
What are some of the benefits of a reverse mortgage?
- Strengthen your personal and financial independence.
- Help pay for health care or other needs.
- You can never lose your home in foreclosure as long as you maintain the property tax and insurance payments.
- The loan is only paid off when the house is sold by you or your heirs, or all borrowers move out of the house.
- Keep your Medicare or Social Security benefits.
- Use it as a credit line and draw upon it as needed.
- Get all your cash right away.
- Get the best of both—get cash now and have a balance in reserve to use as a credit line.
- No Income Requirements: The homeowner does not need to be working and is not qualified based on income.
As the homeowner receives monthly cash income, the loan balance increases. In the following twelve-month example, the homeowner begins with a debt-free home. As money is received by the homeowner, the mortgage grows. By the end of month twelve, the homeowner owes the bank $6,000 plus $232.44 interest. All Reverse Mortgage loans have a variable rate.
Assumptions* IF YOU WENT TO A BANK TRADITIONAL LOAN
|Regular monthly advances||$500|
|Annual interest rate||7.0 %|
|Monthly interest rate||.583% (.07 / 12)|
|Month||Beginning Balance||Interest||Ending Balance||Cash Disbursement|
*Many criteria are considered when determining the reverse mortgage loan amount, interest rate, etc.