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Reverse Mortgages

A reverse mortgage is a financial product designed for homeowners, typically seniors aged 62 or older, that allows them to convert a portion of their home equity into loan proceeds. Unlike a traditional mortgage where the borrower makes monthly payments to the lender, in a reverse mortgage, the lender makes payments to the borrower.

Reverse mortgage

Key features of Reverse Mortgages:

  • Home Equity Conversion: The loan allows homeowners to tap into the equity they have built up in their homes over the years. The homeowner retains ownership of the home, and the loan is repaid when the borrower sells the home, moves out of the home, or passes away.

  • Payment Options: Borrowers can receive the loan proceeds in various ways, including a lump sum, fixed monthly payments, a line of credit, or a combination of these options.

  • No Monthly Mortgage Payments: Unlike traditional mortgages, borrowers typically are not required to make monthly mortgage payments. However, they are still responsible for property taxes, homeowners insurance, and maintenance of the home.

  • Loan Repayment: The loan becomes due when the borrower no longer occupies the home as their primary residence. At that point, the loan must be repaid, either through the sale of the home or through other means.

  • Federally Insured Options: The Home Equity Conversion Mortgage (HECM) is the most common type of reverse mortgage and is insured by the Federal Housing Administration (FHA). Other private reverse mortgage products may also be available.

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It's crucial for individuals considering a reverse mortgage to thoroughly understand the terms, costs, and implications of the loan. Additionally, counseling is often required before obtaining a reverse mortgage to ensure that borrowers are fully informed about the decision.

Join Our Free Webinar

February 5, 2024

3PM - 4PM

With over 50 million family caregivers in the United States, long-term care (LTC) has become a financial and emotional strain for many Americans. Join us as we reveal the true cost of long-term care, the latest in LTC funding solutions, and innovative resources for caregivers. This is a live session where you will have an opportunity to ask questions.

Speakers:

Marc Glickman: CEO and founder of Buddyins

Wendy Boglioli: Olympic champion, national motivational speaker and advocate for healthy aging

Rob Kanyur: Event moderator, VP of Fairway Reverse Lending Division, NMLS# 204420

Contact

Brian McRae, Fairway Independent Mortgage Retirement Specialist

Reverse Mortgage Planner - NMLS #2214972

brian.mcrae@fairwaymc.com

512-584-9766

www.shoalcreekreverse.com

Brian McRae

Boost your cash flow, Pay off a traditional mortgage, create an emergency fund
Finance home improvements, Improve retirement lifestyle
Fairway Independent Mortgage Corporation, Austin, Texas, Reverse Mortgage, Retirement
Fairway Independent Mortgage Corporation, Texas

Felicia F.

"Brian is one of the most knowledgeable Reverse Mortgage Loan Officers I have met. His dedication to his customers far surpasses any I have ever seen. Working with him has been a wonderful experience and I encourage anybody that might be thinking about doing a Reverse Mortgage to contact him."
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