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Typically, seniors who do a reverse mortgage get $50,000 - $100,000 cash today and they always retain 100% ownership (and the future appreciation) in the home. Also note that there is no income or good credit requirements. A senior simply must be 62 or older and have equity in their home. Already Have a Mortgage?If you do, that's OK. You can still do a reverse mortgage. But with the proceeds, you must payoff the balance of your existing mortgage. By doing so, you then eliminate your monthly mortgage payment - thereby your monthly income goes up by that amount. Use of Proceeds The proceeds from a reverse mortgage can be used for anything: daily living expenses, home repairs and home improvements, medical bills and prescription, paying of existing debts, education, travel, long-term health care, etc. Many people use reverse mortgages as a way to give their kids a portion of their inheritance now, so they can see those happy faces while they are still alive. Many seniors feel comfortable doing this since there are no monthly mortgage payments associated with a reverse mortgage. The proceeds from a reverse mortgage are available as a lump sum, fixed monthly payments for as long as you live in the property, or a combination of both options. Amount You Can ReceiveIt ranges between 50%-75% of the appraised value of your home. The older you are , the more you get. If you are 62-65, you will get about 50%. At 70 you get about 56%, at 75 you get about 61%, at 80 you get about 66%, at 85 it's about 71% and at 90 you get about 75%. Consumer SafeguardsIn this U.S. Government program, HUD requires that you meet with a HUD approved credit counselor, who is approved to do reverse mortgage counseling. The counselor's job is to educate you about reverse mortgages, to inform you about alternative options available to you given your situation, and to assist you in determining which particular reverse mortgage product would best fit your needs if you elect to get one. This counseling session is at no cost to the borrower and typically takes 45 minutes to one hour. In most cities, there are numerous counselors so that you can find one that is convenient to you.
If you would like to meet with one of our professional reverse mortgage specialist to discuss your needs, call (314) 422-1125.
 StoneWolfe Financial - Des Peres, MO 63131 Office Phone: 800-481-0819 Fax: (314) 317-8718 Cell Phone: 314-422-1125
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