The Right Time
As seniors become a greater part of the American population, Reverse Mortgage loans have grown in popularity. For many homeowners, this loan provides opportunities to stay in a home when financial circumstances may not otherwise allow.
The Right Loan
A Reverse Mortgage or Home Equity Conversion Mortgage is a home loan that allows homeowners to turn the equity they’ve built into income or cash.
With a traditional mortgage, you make monthly payments to a lender. Over time, the amount of money you owe decreases, while your equity in the home increases. With a reverse mortgage, the opposite happens: You withdraw money from the equity you have built up in your home, so over time your mortgage increases and your equity decreases.
Is a Reverse Mortgage Right for you?
Call Franklin Advantage at (800) 314-5626
No Monthly Payments
There are no payments required on the Home Equity Conversion Mortgage - the lender pays YOU! The loan comes due and must be repaid only when you sell your home, permanently move or pass away. Plus, this Mortgage is a “Non-Recourse” loan which means that you can never owe more than the value of your home.
If you still live in your home when you die, your heirs may either pay the balance due and keep the home or sell it and pay off the mortgage. If they sell it, they can keep any excess proceeds from the sale.
The amount of money available to you depends on your age, the value of your home, the equity in your home, the interest rate and some other factors you can discuss with one of our Specialists. The older you are and the more equity you have and the more cash you can receive.
You can choose to receive your money in several ways:
- Lump Sum
- Monthly Payment
- Line of Credit
It's YOUR Home
With this Mortgage, you retain complete control over the title to your home… the government is NOT on title with you. You make no monthly payments, but you still must maintain your property taxes and homeowner’s insurance. Franklin Advantage Inc can help you set aside a portion of the loan proceeds for your taxes and insurance, which will be paid for you automatically.
To be eligible you must:
- Be at least 62 years of age
- Be a homeowner
- Payoff any outstanding mortgages using the new Mortgage proceeds or personal funds
- Occupy your home as your primary residence
- Credit and income are considered in qualifying.
Your Social Security and Medicare are Unaffected
A Reverse Mortgage will not affect your regular Social Security or Medicare benefits. However, if you receive a lump sum payment, it could affect your Medicaid eligibility. Our Specialists can work with you to evaluate your particular case and to determine whether or not you should choose a different way of receiving your proceeds and still achieving your goals, as an alternative to the lump sum payment.
Required HECM Counseling to Protect You
The Department of Housing and Urban Development requires that borrowers receive counseling from a third-party counseling agency before applying for the Home Equity Conversion Mortgage. Your counselor will make sure you are fully informed about Reverse Mortgages, costs (if any) you may incur and other options. Franklin Advantage Inc will provide you with a list of approved counseling agencies in your local area to help you arrange your counseling over the phone.
Buy a Home
Many Americans are using a Reverse Mortgage to buy a home. It's an excellent way to keep your cash savings available and own a home with no mortgage payment.
Call (800) 314-5626 Today
Franklin Advantage has seasoned professionals to here to answer your questions, guiding you, helping you make the right decision for you and your family is a necessity in this very complex real estate market. The Franklin Advantage is the experience our seasoned Loan Officers offer.
The Right Company
Franklin Advantage is a member National Reverse Mortgage Lenders Association and committed to the highest standards of integrity, fidelity and customer service. Call Franklin Advantage Inc today to find out how a Reverse Mortgage can work for you. Contact Us and see if a Reverse Mortgage is right for you.