Reverse Mortgage Homes

29331391
 
 

Gina Stoutenger

NMLS# 2018431

Let’s get you started with a faster, easier & cheaper mortgage in {florida-full} 👇

Reverse Mortgage Homes

Virtual Home Buying in {florida-full} Seminar

Whether you’re just starting out or ready to close, our home buying workshop offers everything you need to know as you prepare to buy a home in {florida-full}

✅  Understand your costs up front
✅  Determine a price range that’s comfortable for you
✅  Find out how a real estate agent can help you
✅  Learn how your credit score can impact your loan
✅  Organize paperwork for a smoother loan process 

STEP 1

Find Out How Much You Can Borrow

STEP 2

Select The Right Loan Program

STEP 3

Apply For A Loan

STEP 4

Begin Loan Processing

STEP 5

Close Your Loan

What We Offer

Professional Service

HOME PURCHASE LOANS

Secure a home purchase loan that utilizes today’s great mortgage rates to make your dream home affordable.

REFINANCE RATES

Lock in great terms with current interest rates to ensure your home remains affordable—or build more equity with an update!

RATE COMPARISONS

Unlike others, with only one product and one rate, as a Wholesale Broker, we represent 100+ Lenders. We can "shop around" your loan requirements to multiple lenders/banks simultaneously, and "lock in" the best rates and terms whenever you're ready.

FAST FUNDING

In many "competitive seller markets" speed in closing can mean the difference between getting your offer accepted or rejected. We have lenders with average "clear to close" times in 14 days. Get a Pre-Approval letter from us before making an offer.

EVALUATE YOUR PROPERTY

Know where you stand. With a property evaluation in hand, you’ll have better access to your options so you can see the next move.

CASH OUT REFINANCE

Take advantage of your home’s equity with a cash-out refinance. It’s your cash — spend it how you see fit.

REVERSE MORTGAGE HOMES

Can I lose my home to the bank with a reverse mortgage, “HECM,” loan?

No, the bank does not take ownership of your home after getting a reverse mortgage, “HECM” loan.  As long as your honor the loan terms – like any other home loan – paying property taxes, having home-owners insurance, and occupying the home as your primary residence etc., you will retain ownership of your home. 

REVERSE MORTGAGE HOMES

Can I end up owing more on my home, than the home’s appraised worth, when I get a reverse mortgage, “HECM” loan?

No; with a reverse mortgage, or Home Equity Conversion Mortgage (HECM), you cannot owe more than the value of the home.  HECM’s are “non-recourse” loans, secured with a federal insurance policy that protects you.  Thus, even if, the loan balance surpasses the value of the home, federal insurance will cover the difference, protecting you and your loved one’s real estate asset.  

In 1987 the Federal Housing Administration (FHA) authorized federal insurance for reverse mortgage, HECM loans.   For the borrower, this added insurance guarantees the availability of funds.  For the lender, this added insurance assures compensation if ever the loan balance exceeds the home’s value. 

Aggessive Loan programs

NEXA Mortgage offers programs and pricing you and your clients will love. With processing, underwritting, and local appraisers that truly know our market. In addition, we have Aggessive Loan programs that you’d be hard pressed to find anywhere else at very aggressive rates.

Options that allow for up to
3% down

Smaller down payments and expanded qualifying ratios.
We can lend down to a 500 FICO score on FHA.

Options that allow for as little as 10% down

Low rate options for  loan amounts up to $3 million

97% financing with reduced mortgage insurance for qualified borrowers.

Financing for the construction of a new home with as little as
5%* down.

0% down payment option for the first-time and repeat home buyers.

Flexible programs and options for loans that don’t fit “in the box”.

Financing for newer condo projects that do not meet conventional guidelines.

Financing for qualified borrowers who have had a financial hardship such as a short sale or BK.

Rather than using cash for a down payment apply it towards a lower interest rate and shorter loan term.

Streamline renovation loans that allow for the purchase and rehab for a home.

Closed-end 2nd mortgages and lines of credit available as stand alone products or in combination with a 1st mortgage and a combined CLTV of up to 95%.

Home financing for established professionals for as little as 3% down without monthly mortgage insurance.

Practicing Physicians may qualify for $0 down and no mortgage insurance.

Options available to assist with down payment and closing costs for qualified borrowers.

reverse mortgage homes

What’s a “lifetime” reverse mortgage, HECM, loan?

As mentioned above, in 1987, HUD regulations made reverse mortgage insurance available to all FHA lenders.  Different lenders devised the first “lifetime” reverse mortgage program, allowing monthly disbursements to span the life of the homeowner rather than only a set amount of time.

To obtain this “monthly payment for life” the borrower must maintain the home as a permanent residence, continue to pay property taxes and home insurance, and keep up basic home maintenance, as would be expected with any loan.   

The lender will set aside a specific amount of money as a line of credit, and if you, the borrower,  “outlive” – and we hope you do – don’t worry, the monthly payment stream will continue and the FHA insurance will pay the difference upon your passing.  

Will my heirs lose all their inheritance if I get a reverse mortgage, “HECM” loan?

When the reverse mortgage, HECM, matures in the future, your heirs may choose to sell the home, or to repay the loan.  Your heirs will inherit all the remaining equity of your home, after the loan is repaid.  Homes, commonly appreciate faster than inflation, thus they retain equity for your heirs.   Your family can also refinance the home, and “keep it in the family” if they so desire

Will my existing mortgage keep me from qualifying for a reverse mortgage, HECM loan?

Yes, even with an existing mortgage, you may be eligible for a reverse mortgage, HECM loan, as long as you have enough equity.   In fact, many borrowers like reverse mortgages, HECM loans, because they do pay off the existing mortgage. Thus, funds that did go toward the existing mortgage can now be used for other things.  Many retirees find this feature very attractive, especially on a fixed income. 

What is a “non-recourse loan?” How does that protect me and my heirs?

Housing and Urban Development, HUD mandates that all FHA-insured Reverse Mortgages, or Home Equity Conversion Mortgage (HECM) loans, be classified as “non-recourse” loans. This means that the property is the ONLY collateral that can be taken to pay back the loan.   Thus, there is No Personal Liability on the borrower’s part. This protects you, the borrower, and your heirs, from owing on a loan that costs more than the house is worth when sold.

Do reverse mortgage, HECM, loans have limits on rates and fees that can be charged?

AARP and the National Reverse Mortgage Lenders Association supported limits on origination fees charged by lenders, and Congress approved them in 2000.   Reverse Mortgage, HECM, rates and fees are now regulated and controlled.   This guarantees no “excessive fees” in a reverse mortgage.   The Federal Truth in Lending Act (TILA) requires all lenders to divulge the terms and costs of loans, such as APR, payment terms, and any line of credit charges.

What are the general benefits of a reverse mortgage, HECM loan?

With a reverse mortgage, homeowners over the age of 55 or 62 who have traditionally paid off their mortgage can borrow a portion of the equity in their property as tax-free income.  With a reverse mortgage, the lender pays the homeowner instead of the other way around, like a standard mortgage.  Reverse Mortgage Homes ™ can help you with your mortgage needs! 

Home Equity Conversion Mortgages, or “HECMs”, are what the State refers to as a reverse mortgage.   The Federal Housing Administration (FHA) insures a considerable portion of reverse mortgages take out.  Therefore if a homeowner cannot repay the obligation, FHA reserves be used.  Its this FHA insurance that allows homeowners the peace of mind to know that no matter what happens in the local real estate market, they will never owe more money on their home than what its work. 

 

Can I use a reverse mortgage for purchasing a home in State?

In 2009, HUD introduced the FHA Reverse Mortgage for Purchase program.   This program was created by Congress to help seniors transition into a home that better suits their changing needs, cutting costs and streamlining everything into one transaction. 

REVERSE MORTGAGE HOMES

I’ve heard negative things about Reverse Mortgages or Home Equity Conversion Mortgage (HECM) loans in the past. How can I be assured this is right for me?

To protect the consumer, federal law requires potential borrowers to receive a free, pre-loan financial consultation with a 3rd party “HUD-approved” agency.   This means potential borrowers receive unbiased financial consultations from an independent advisor.  During these sessions, the trained HUD approved advisor will help the borrower understand the general features and costs associated with reverse mortgages. 

 

HUD approved advisors must take standardized training.  In 2000, an exam designed to ensure that reverse mortgage advisors understand how reverse mortgage products operate was completed by 425 advisors in 43 states throughout the nation.  This was the first official national reverse mortgage financial counseling exam designed to help HUD approved counselors assist applicants in understanding the reverse mortgage product.    

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REVERSE MORTGAGE HOMES

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