Reverse Mortgages

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Mortgage and Lending with New Penn Financial

Reverse Mortgages

 

Today, there are more homeownership options for retired individuals and couples than ever before. Make the Most of Retirement!
If you are at least 62 years old and have low or no outstanding mortgage debt, our Reverse Mortgage programs can allow you to borrow against the equity you've built in your home. That's the "reverse" part of this kind of mortgage loan. Instead of making monthly payments, you can opt to receive them! Reverse Mortgage vs. Traditional Refinance Loans
Traditional refinance loans mean that the homeowner borrows a large amount of money and makes monthly payments. As payments are made, the loan balance gets smaller and the equity grows. With a Reverse Mortgage, the homeowner borrows small amounts - monthly or at other intervals through a line of credit. Over the course of time, the loan balance gets larger, and equity gets smaller. The balance due can come from home sale proceeds or from other resources, such as savings, insurance, or possibly applying for a new mortgage. There is no requirement that the home be sold, only that the loan be repaid. Ask a reverse mortgage consultant for details about when repayment may be due. Flexible Access to Extra Income
Reverse Mortgages allow borrowers to obtain loan proceeds:

 

  • in a lump sum to cover large expenses
  • in monthly installments to supplement income
  • as a line of credit to draw on as necessary
There is even a choice for an immediate advance of funds. And borrowers can change funds-distribution plans as many times as they wish. Stay in Your Home with Peace of Mind

 

  • There are no income, employment or credit qualifying restrictions.*
  • Maximum loan amount is based on age, where borrower lives and the value of the home. The amount owed cannot exceed property value, so a Reverse Mortgage cannot cause you to lose your home.
  • You do not need to repay the loan as long as you or one of the borrowers continue to live in the house, keep the taxes current and maintain the property to FHA standards. (Please ask our reverse mortgage consultants about the limited events that trigger payment.)
Your Wells Fargo Reverse Mortgage consultant will listen to your post-retirement goals and help you choose the best financing solution to achieve your dream.
Start Your Applicationapply now www.johncashion.com 
  * Reverse Mortgage borrowers are required to obtain an eligibility certificate by receiving free counseling sessions with a HUD-approved agency. Family members are also strongly encouraged to participate in these informative sessions.

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