Home Equity Conversion Mortgages
Access a portion of your home’s equity tax-free and stop making principal & interest payments.
Reverse Mortgage Programs
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There are 5 basic requirements that need to be met:
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Getting Through the Process:
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Types of Reverse Mortgages:
Home Equity Conversion Mortgage (HECM)
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HECM for Purchase (H4P)
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Disbursement Options:
Fixed-Rate HECM
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Adjustable-Rate HECM
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Reverse Mortgage PROS:
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Reverse Mortgage CONS:
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Legal Disclaimer:
These materials are not from HUD or FHA and were not approved by HUD or a government agency. HECMs are federally insured by the FHA. Borrower must maintain home as principal residence, pay all taxes, insurance, maintain the home, and comply with all other loan terms. Fixed-rate and adjustable-rate Home Equity Conversion Mortgages (HECMs) are insured by the Federal Housing Administration (FHA). Fixed-rate loans are distributed in a single lump sum with no future draws. Adjustable-rate mortgages offer five payment options and allow for future draws. The age of the youngest borrower determines the amount of funds available that can be received during the first 12-month period, subject to an initial disbursement limit. In some states, only one borrower must be at least 62 years old. The state of Texas requires that both borrowers are over the age of 62. Not available in the state of Massachusetts..
The information provided in this blog post is for general informational purposes only and does not constitute professional financial advice. Freestone Mortgage LLC makes no representations or warranties about the accuracy, completeness, or suitability of this information for your specific situation. Mortgage refinancing options and outcomes can vary greatly depending on individual circumstances, market conditions, and regulatory changes. Before making any decisions regarding mortgage refinancing, you should consult with a qualified financial advisor or mortgage professional to obtain personalized advice. Freestone Mortgage LLC is not liable for any losses or damages arising from the use or reliance on the information provided in this blog post. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction
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