no Monthly mortgage payments
Reverse Mortgages – If you’re over 62, let the bank pay you.
A reverse mortgage or home equity conversion mortgage (HECM) is a type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. This is an FHA insured loan. A reverse mortgage allows those who are at least 62 years of age, or older, to pay off a forward mortgage or use equity in their home for other purposes. In general terms, a borrower needs at least 40 to 50% in equity to be able to purchase or refinance with a reverse mortgage.
The amount varies depending on the age of the borrowers. Those who qualify can get a lump sum of cash, a monthly income, a line-of-credit, or a combination of those things. Owners retain title to the property. No repayment is required as long as the borrower lives in the property. In the event of death, heirs are responsible to pay off the lower of the loan balance or sales price of the home.
Why Choose A Reverse mortgage?
WHY WE CHOSE A REVERSE MORTGAGE
When health issues arose and we could no longer stay in our home because my husband needed a one level home. Knowing this would be our final home, we chose to do a Reverse Mortgage.
We did it mainly for the purpose of not having a mortgage payment. It would free up a little money for things that might come up. Being older you never know what issues you will be facing.
Our realtor directed us to First Colony Mortgage and mortgage loan consultant Nan Glauser. She was wonderful in helping us every step. One thing I appreciate about Nan was that she was always letting us know what was happening with each step that needed to be done. She would contact me at least weekly and most often many times a week or daily. I felt like she really cared and was concerned about us, especially with my husband’s health issues. It was a blessing having Nan Glauser as our consultant.
Thank you Nan and First Colony Mortgage for blessing us and getting us into our new dream home that we love and are enjoying so much.
– The Alldredge Family
UTAH: 435-216-3081 OR ARIZONA: 480-244-9002