fbpx

About Reverse Mortgage Loans

Live your retirement without worries. David J. Blatt advises you on how to get reverse mortgage loans.

 

Qualification

Any homeowner who is 62 years old or older can qualify for a reverse mortgage. It is, however, required for the homeowner to be living in the property.

 

Reverse Mortgage Loan

Applying for a reverse mortgage varies for each person and for each individual case. The amount of money that you can get depends on the following factors:

  • Your Age
  • The Value of Your Home
  • Current Interest Rates
  • The HUD Loan Limit in Your Area
  • Credit History
  • Financial Assessment – we don’t qualify on credit scores. 
    With over 25 years in the reverse mortgage business, I can work with all sorts of situations.

After being approved for a reverse mortgage, you get to choose how to receive your money. It can be taken through these options:

  • As a Lump Sum at the Closing of the Loan
  • As a Monthly Cash Advance
  • As a Line of Credit
    Any Combination of the Three Options
  • Option to Take a Lifetime Monthly Payment

Payment

Paying the mortgage is determined by three different cases. The first case entails the death of the surviving spouse. The second case conveys this payment when the surviving spouse sells the home. Finally, the third case takes place after the surviving spouse moves away permanently or for 12 months in a row.

 

Safety

Reverse Mortgages are safe because they are insured by the U.S. Department of Housing and Urban Development (HUD) and by Fannie Mae®. As a result, payments to borrowers are guaranteed by the U.S. government. Furthermore, these mortgages are only available through HUD-approved lenders. Prior to application, independent HUD counseling is required. Moreover, a reverse mortgage application does not affect Social Security or Medicare benefits*. As you can see, acquiring a reverse mortgage can be a very helpful option.

Call David Today

248.763.1438

THE DAVID J. BLATT DIFFERENCE
My 25 years of experience saves you time

QUICK QUOTE