n How the Process Works

Upon contacting our office, we then take the time to assess your situation and answer all of your questions at no obligation. Our goal is to make sure that you fully understand your options, be it using a FHA reverse hecm fixed rate, adjustable, or jumbo programs.

n Your Loan Amount

The reverse mortgage program is for seniors 62 and older. The maximum amount you can borrow is based on a HUD formula that factors in the age of the youngest borrower, the current interest rate, and the home value. (see links page for estimated calculation)

n Ways to Receive your Money

1. Lump Sum - One check for the full amount. (all tax-free money)
2. Line of Credit - Cash placed in an open line of credit to be drawn upon at your request (has a credit line growth rate currently averaging around 5.5%)
3. Monthly payments can be sent to you, directly deposited into your bank account at the beginning of each month.
4. You may also take a combination of any of the above three options.

n The Benefits of the Reverse Mortgage Include:

• Tax-free funds for as long as you live in your home
• No loan repayment for as long as you live in your home
• No income, medical, or credit requirements
• Retain ownership of your home for life; this is guaranteed as long as you maintain your home, pay homeowner's insurance and taxes (unless exempt)
• Choose a cash fow plan tailored to your needs
• No restrictions on how you may use the funds
• A tax-advantaged way to pass on part of your estate today
  

Call our Hampton Roads/Tidewater Virginia office, for a no obligation consultation, and learn how to get fantastic retirement money using your home's equity.

You've spent year's paying for your home, now let your home pay you!!!