Mortgage Planning For Retirement.
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What is a reverse mortgage?
Home Equity Conversion Loans, also known as “Reverse Mortgages”, are loans designed to assist seniors aged 62 or older tap into the equity they’ve built in their homes. Whether you need money for retirement, medical bills, or simply wish to delay Social Security, a Reverse Mortgage can be a valuable part of your overall retirement strategy.
How A Reverse Mortgage Works.
Frequently Asked Questions:
Eligibility and program requirements
What are the minimum qualifications for a Reverse Mortgage?
To qualify for a Reverse Mortgage, the borrower(s) must be at least 62 years old, own their home, and occupy the home as their primary residence. These are the minimum requirements – other requirements will generally apply.
How do I get the money from a HECM Reverse Mortgage loan disbursed?
Funds can be disbursed through: a) a gradually increasing line of credit, or b) monthly installments, or c) a full or partial lump sum or d) a combination of these. Borrowers instruct Live Well Financial, Inc. on their preferred method of disbursement. Disbursement methods chosen may have funding requirements as prescribed by law.
How can the money from a HECM Reverse Mortgage received be used?
Since the money belongs to the Borrower(s) – it is entirely up to Borrower(s) or a duly appointed fiduciary. Many Borrowers use it to shore up their retirement funds, fund vacations, or splurge on family members. Other Borrowers use the money for need-based requirements such as healthcare costs or to pay down debt.
Can I ever owe more on the loan balance than the appraised value of my home in a HECM Reverse Mortgage?
You can never owe more than the appraised value of your home in a HECM Reverse Mortgage loan, as prescribed by law.
What if the value of my home exceeds the balance due on my HECM Reverse Mortgage loan at the time of repayment?
You or your heirs will retain any remaining equity in your home as of the time of repayment as, prescribed by law.
When does the loan need to be repaid?
As long as taxes, homeowners insurance and homeowners association dues (if any) are paid and the home is maintained in good order, repayment of the loan balance is not required as long as the last borrower continues to occupy the home as their primary residence.
Why Live Well is Different
At Live Well Financial, we’re here to listen. We start with a discusion and take the time to learn about your individual needs and circumstances. Doing what’s right matters, and that’s what we’re all about.
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At Live Well Financial, our main focus is helping our customers. We realize that there is a good way of doing business, that involves transparency, honesty, and treating individuals the way we would want to be treated ourselves.