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Reverse Mortgage FAQs

What is a reverse mortgage?

  • A reverse mortgage allows homeowners who are 62 years or older to convert a portion of the equity in their homes into cash.
  • No repayment is required as long as the borrower owns and lives in the home.
  • The homeowner retains title and ownership of the home.
  • Cash advances can be used for any purpose.
  • There are limited income, asset, employment and credit requirements.

What can I use the money for?

The money from a Reverse Mortgage is commonly used for:

  • Everyday living expenses
  • Pay off debts or mortgage
  • Property taxes/home insurance
  • Medical expenses or in-home care
  • Home repairs
  • Financial/retirement planning

How can I qualify?

  • Any homeowner who is 62 years or older may be eligible
  • The homeowner must be living in the home

Are reverse mortgages safe?

  • Reverse Mortgages are insured by the U.S. Department of HUD
  • Payments to borrowers are guaranteed by the U.S. Government
  • Available through HUD Approved lenders
  • Independent HUD-Approved counseling is required prior to application
  • Does not affect Social Security or Medicare benefits*

How do I apply for a reverse mortgage?

Under normal circumstances, the entire process should take approximately 45 – 60 days.

First call David to get all of your questions answered. He will then being to process your qualifications and application process.

Money from a Reverse Mortgage is commonly used for:

  • Everyday living expenses
  • Pay off debts or mortgage
  • Property taxes/home insurance
  • Medical expenses or in-home care
  • Home repairs
  • Financial/retirement planning
  • Long term care insurance

How can I qualify?

  • Any homeowner who is 62 years or older may be eligible
  • The homeowner must be living in the home

How much money can I get?

The amount you can get depends on:

  • Your age
  • The value of your home
  • Current interest rates
  • The HUD loan limit in your area
  • Maximum loan on a non-government would be up to $4M

How is it paid to me?

You can choose how to receive your money

It can be taken:

  • As a Lump Sum at the closing of the loan
  • As a Monthly Cash Advance
  • As a Line of Credit

-OR-

Any combination of the above three options

When do I pay it back?

When the last surviving spouse dies, sells the home, or permanently moves away for 12 months in a row. 

David can answer questions to your unique situation.

248.763.1438

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HEAR FROM MY CLIENTS

David truly cares about his clients! He goes above and beyond to make sure they are given the best financial advise from not only him but various experts he knows. If it were not for David my parents probably would have lost their house! David contacted the tax attorney and title company he knows to help counsel my parents so they were able to refinance their home! He was there at the closing table to make sure they knew what they were signing and felt 100% comfortable with everything! I have been in the industry since 2004 and I have and will absolutely recommend David to all my family members and friends for a reverse mortgage expert!

– Kristie Fabaianof Michigan Mutual

“I have referred over 1,000 of my clients to David Blatt for their mortgage needs. He is highly knowledgeable when analyzing their specific mortgages for either refinancing or purchases. Many of my clients have closed their mortgages with David, which would include conventional, government and reverse products. David has always provided excellent service and treated my clients with integrity and honesty, placing them in the best product to meet their needs.
– David, Financial Planner