What I Wish I Knew About
Reverse Mortgages
Today, millions of Americans are enjoying the benefits of the new and improved FHA-insured Home Equity Conversion Mortgage (HECM) reverse mortgage to enhance their retirements.
Financial advisors, CPA’s and distinguished real estate professionals are increasingly advising their clients aged 62 and older to take advantage of this unique loan product. With the HECM reverse mortgage, your current mortgage payment is eliminated for as long as you live in your home. Additionally, you may be able to access supplemental cash to use for any purpose.
Renovate your home, install a jacuzzi in the backyard, build your gourmet kitchen, take your dream vacation, purchase an investment property to leave for your kids, assist your grandkids with college tuition, be prepared for rising health care costs and unexpected emergencies.
Don’t miss out on this incredible opportunity, as there is no guarantee that FHA will continue the program forever.
president Ronald reagan, 1983
History of Reverse Mortgages
In the 1960s, a new type of home loan designed specifically for senior citizens was tested in the private sector.
This original version required the bank to go on title with the borrowers and had very strict terms and conditions, including high interest rates and fees. Borrowers often burned through their equity and ultimately lost title to their homes. These reverse mortgages resulted in more harm than good, which led to FHA completely changing the loan structure and terms.
In 1988, President Ronald Reagan signed the Housing and Community Development Act, which gave HUD authority to insure HECM Reverse Mortgages through the FHA. Today’s HECM is nothing like the previous version first introduced in the 1960s. FHA’s HECM loans are highly regulated by the CFPB, and lenders are held accountable to the very highest standards of ethics and procedures.
Unfortunately, many seniors today miss out on the amazing benefits of FHA’s new improved HECM reverse mortgages because of the stigma still overshadowing the product from its earlier shortcomings.
TRUTHS About Today’s Reverse Mortgages
The HECM loan program is now safer and more consumer oriented than ever before.
You Still Own Your Property
The bank does not go on title, as a borrower you always own the property.
Keep Your Options Open
Borrowers can sell and move anytime for any reason with no prepayment penalty.
Your Legacy is Secure
Borrowers can leave property to heirs, and upon passing heirs can sell or take possession of home by refinancing the current loan. The equity after the property is sold all goes to the designated heirs.
Make it Easy for Your Heirs
If heirs desire to sell the property upon passing of final surviving borrower, they have up to one year to market and sell with NO monthly payment obligation.
Peace of Mind
The FHA-insured HECM reverse mortgage is a non-recourse loan. If the loan balance ever exceeds the value of the property, there is not a judgment attached to the estate for the difference.
Money When You Need It
Today’s HECM reverse mortgage has a LOC (line of credit) feature for unused portion of your loan proceeds with a growth rate consistent with current mortgage rates. Unlike a HELOC, it does not have a payment obligation when utilized and can never be cancelled by the lender.
You Could be Eligible
Eligibility is simple and can be determined after a short conversation with an ARG reverse mortgage specialist. The credit and income requirements are considerably less stringent than traditional FHA loans.
Don’t worry about tomorrow and get busy living your fullest life TODAY!
Why American Retirement Group is your Best Choice:
SPECIALISTS YOU CAN TRUST
Our advisors are highly trained, licensed, and certified. We will guide you and your family members through a highly personalized and compassionate approach. The most important aspect of our system is determining what your dream outcome looks like. Each client’s circumstance is unique so we make sure we thoroughly understand your needs and goals.
EFFICIENCY MATTERS
With hundreds of billions of dollars of loans closed throughout their professional careers, you will sleep better at night knowing that your dream outcome is in highly qualified and competent hands. Moreover, ARG can usually close your loan in half the time of the industry average, without having you jump through unnecessary and time-consuming hoops.
SAVINGS TO YOU
We don’t spend millions of dollars on advertising and celebrity spokespeople. This results in better loan terms and lower fees because the savings are passed on directly to our clients. Endorsements from our happy customers are more important to us than scripted words from paid actors. Our goal is to save you time and money while making the process as easy and simple as possible.
See and Experience the Difference Yourself
Don’t be left behind without money when you need it the most. Call ARG today and learn more about utilizing an FHA-insured HECM reverse mortgage to get you back in action and living your fullest life. We look forward to hearing from you and helping transform your future!
