Does the homeowner retain ownership of the home with a reverse mortgage?

Yes. The homeowner retains ownership with a reverse mortgage and he/she can stay in the home for as long as he/she desires. In effect, the borrower is being paid to live at home. The program is regulated and insured by the Federal Housing Administration. By law, the homeowner can’t be forced to sell or move. And no payments are due on the Reverse Mortgage until the borrower no longer lives in the home.

Do you have a mortgage interest rate of 4.25% or more?

If you have a mortgage interest rate of 4.25% or higher call us for a refinance benefit analysis.

Save hundreds per month

Save thousands in interest

Payoff your mortgage early

Call Nick or Jennie Garofalo for more information!

(410) 414-7334/(888) 891-8353

American Mortgage Professionals/NMLS #188832

What can the proceeds of a reverse mortgage be used for?

The money from a Reverse Mortgage can be used for any purpose, from making ends meet to living retirement dreams. The top reasons for funds used given typically by borrowers are:

• Paying off debts, primarily mortgage and credit cards
• Home repairs and remodeling
• Living expenses
• Travel
• Health care or long-term care
• Easing the financial burden on their children
• Education
• Hobbies

How do you qualify for a Reverse Mortgage?

Applicants must be 62 or older and own a home with some equity. They don’t need any income to qualify. If there is currently a mortgage on the property, it can paid it off with the Reverse Mortgage. Applicants can even have bad credit, as long as there are no current government liens against their home.

What is a Reverse Mortgage?

A Reverse Mortgage is a special type of loan that allows a homeowner to convert a portion of the equity in his/her home to eliminate mortgage payments and even gain tax-free income without losing the title to the home. The accumulated equity derived from mortgage payments and appreciation can be paid to the borrower. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer uses the home as their principal residence. Most Reverse Mortgages are FHA-insured and guaranteed. A small percentage of available Reverse Mortgages offer built in private insurance.

Does Freddie Mac Own Your Loan?

If Freddie Mac owns your loan, you may be eligible for the HARP program.  The HARP program has helped many homeowners refinance to market rates that have not been able to refinance in the past due to declining real estate values.  Find out if Freddie Mac Owns Your Loan here:

https://ww3.freddiemac.com/corporate/