RETIREIn a home that’s RIGHT for you--- Reverse Mortgages ---A reverse mortgage is a way to turn the equity in your home into cash which is usually tax free* without having to make monthly mortgage payments. Instead of monthly payments, the loan is taken against a senior’s home equity and repaid in one lump sum when the last borrower leaves the home.As part of the loan, the borrower is required to continue paying property taxes, insurance and maintenance (and HOA fees, if applicable). These loans can potentially help seniors gain financial independence from increasing living expenses.*This information does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
ENJOYYou’ve worked hard all your life…--- Reverse Mortgages ---You've worked hard for what you have, all of your life. Now it's time for all the love and money you've invested into your home to Start paying you back. Many homeowners are taking advantage of a reverse mortgage to supplement their retirement. A Reverse Mortgage is not only flexible; it also offers security and predictability in today's challenging economy. A reverse mortgage loan may be the ideal solution for you. What is a reverse mortgage? A reverse mortgage is a loan that allows homeowners age 62 and older to access a portion of their home equity without monthly mortgage payments. 1 1 Borrowers must still continue to pay their taxes and homeowners insurance. Talk to a TILA Mortgage Loan Advisor about your specific situation.
PROTECTBuilt in Protections…--- Reverse Mortgages ---There are several safeguards that our Federal government has put in place to protect homeowners from predatory lending practices for a Reverse Mortgage loan. One of the main protections is the Decree that a third-party counseling session must occur with an independent HUD -approved counselor before a loan application can be submitted.In other words, our TILA LoanAdvisors won’t even take your loan application until you have met with a HUD Approved counselor.1 HUD HUD is the Department of Housing and Urban Development. TILA will give you the resources to find a HUD Approved counselor to meet with to review your situation at a very low cost and will provide you additional information to see if a Reverse Mortgage is the right financial planning tool for you and your family.
MYTHSMisconceptions & False Impressions…--- Reverse Mortgages ---Congress actually established the reverse mortgage loan over 20 years ago. They are still a fairly new Planning tool in the family of financial products. Many seniors and retirees are familiar with reverse mortgages, yet a great many myths still exist that deter from the important and relevant facts. The list below will help you dispel the common misconceptions about reverse mortgage loans. Click on the MYTHS Button to the left for more information & specific misconceptions about the Reverse Mortgage Loan and the value it brings to Seniors over 62 and their families.