Tap Into Your Home's Equity and Eliminate Your Mortgage Payment!
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Accomplish the following with a Reverse Mortgage?
Available in the following States:
Have questions if a Reverse Mortgage is right for you?
What is a Reverse Mortgage?
A reverse mortgage is a loan program that allows seniors age 62 and older to borrow funds secured by a mortgage without having to make monthly mortgage payments. A HECM (Home Equity Conversion Mortgage) loan is a specific reverse mortgage program that is insured by FHA. The vast majority of all reverse mortgages are FHA insured HECM loans.
Funds received from a HECM loan are nontaxable. They may, however, affect your monthly social security income. Veritas Funding does not provide estate planning or tax advise; please consult a qualified financial planner or tax advisor to understand any potential changes to social security income prior to applying for a reverse mortgage.
A reverse mortgage (or HECM loan) is a mortgage loan and comes with the general risks of obtaining mortgage financing. Loan fees and closing costs will vary depending on borrower situation and loan type. A HECM borrower is required to pay property taxes, insurance, utilities, maintenance, HOA dues and other related expenses for the property after obtaining a reverse mortgage.
A HECM loan debt must be paid before heirs can collect on any potentially remaining equity. The specifics of these situations vary, please speak with your HECM mortgage specialist about your unique situation. Have questions?
Reverse Mortgage Dislaimer
Contact a HUD approved HECM counseling agency here for a detailed review of your HECM risks
Is a Reverse Mortgage right for you? Find out now!
Want to chat about your options?
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