 Why
should I consider a Reverse Mortgage?
Do
I have to transfer ownership to the lender
or FHA?
Can
I leave my home to my heirs?
What
if I have a mortgage or liens against my home?
Will
my spouse receive the same amount of benefits if I die?
Will
a Reverse Mortgage affect my property taxes?
I
am receiving Social Security or Medicare benefits. Will this affect my benefits?
How
do I receive my funds?
What
is the interest rate?
Are
there fees or costs in obtaining my Reverse Mortgage?
Are
there differences among the lenders who offer this program?
Why should I consider a Reverse Mortgage?
• A Reverse Mortgage pays you. No repayment is required as long as your
home remains your primary residence. Unlike a traditional loan or line of credit,
you do not need income or a good credit rating to qualify. This means you may use your home
to your advantage, like a second retirement fund.
A Reverse Mortgage can provide you with financial
independence and peace of mind.
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Do I have to transfer ownership to
the lender or FHA?
• NO! Title and all rights of ownership remain in your name.
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Can I leave my home to my heirs?
• You may leave your property to whomever you wish. It is your home. You
decide what happens to it. Your heirs have the option of selling or keeping
the home, paying off the loan in cash or by refinancing. FHA and the lender
have no claim on the remaining equity. There is no prepayment penalty.
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What if I have a mortgage or liens
against my home?
• You may still obtain a Reverse Mortgage as long as the loan proceeds
you are eligible to receive are enough to pay off any existing mortgage or
lien.
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Will my spouse continue to receive
the same amount of benefits if I die?
• Yes, as long as you are joint borrowers when obtaining a Reverse Mortgage.
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Will a Reverse Mortgage affect my
property taxes?
• No.Your property tax will not increase as a result of obtaining a Reverse
Mortgage.
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I am receiving Social Security or
Medicare benefits. Will this affect my benefits?
• No. Benefits and eligibility are not affected.
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How do I receive my funds?
• A Reverse Mortgage is very flexible.You may receive funds as a lump
sum, line of credit or a monthly installment paid to you.You may even choose
a combination of payout options and make changes at
any time.
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What is the interest rate?
• The rate is based on the one-year U.S. Treasury yield. All FHA Reverse
Mortgages follow this index. Interest is charged only on the amount you have
received.
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Are there fees or costs in obtaining
my Reverse Mortgage?
• Yes, as with any other mortgage. The costs will be financed in your
Reverse Mortgage.
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Are there differences among the lenders
who offer this program?
• YES!! Recently, there has been a great
deal of media focus on Reverse Mortgages, but
they have been available since 1989. Newer
lenders might not be familiar or experienced
enough with the program. It is important that
you place your trust in a firm whose personnel
have worked exclusively in Reverse Mortgages
for many years. You know that your loan will be handled with the care
and professionalism you deserve. The Senior Advisors
of American Senior Funding Corporation have been
providing Reverse Mortgages since their inception
and specialize only in this program.
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