Simply put, a reverse mortgage loan gives older American homeowners a way to turn their homeβs equity into tax-free cash (Consult a tax advisor and appropriate government agency for any affect on taxes or government benefits). The funds you receive can be used for almost anything, including paying off your existing mortgage (required as part of the loan), eliminating credit card debt, paying medical and other bills, or simply improving your retirement lifestyle.
The most common type of reverse mortgage is a Home Equity Conversion Mortgage, or HECM, and is insured and regulated by the Federal Housing Administration (FHA). The FHA provides certain
protections to the borrower, such as counseling and a comfort in knowing that when the loan comes due and payable, youβll never owe more than the value of the home.
Unlike a traditional mortgage and home equity line of credit, a reverse mortgage provides payment optionality β meaning the borrower can choose to make mortgage payments throughout the life of the loan, or not. Of course, the borrower still must pay property taxes, insurance, HOA fees and costs to maintain the property
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Repay the loan balance in one lump sum by selling the home or refinancing the balance after the last borrower leaves the home. This is a requirement of the loan terms. After repayment, any remaining equity is yours or the
heirs to keep. Anything owed above the homeβs future market value, will be covered by the non-recourse clause.
Borrowers may also elect to make a monthly, quarterly or annual repayment throughout the life of the loan, to preserve the homeβs equity or increase a line of credit, if they have one. You may adjust, stop, or start payments at any time to pay whatever fits in your financial picture.
We love our customers, so feel free to call us during normal business hours.
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Sat | By Appointment | |
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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright Β© 2023 | NEXA Mortgage LLC.
Disclaimer: All loans subject to qualifying factors. Not all applicants will qualify.
Licensed In: TX, NMLS # 2091564 & 2127967 | NMLS ID 1660690 | AZMB #0944059
Corporate Address : 3100 W Ray Rd STE 201, Office 209 Chandler, AZ 85226
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