The Proceeds from a Reverse Mortgage Loan Can Help You Do That and More!
Here’s how:
The Home Equity Conversion Mortgage, or HECM, is the most common type of reverse mortgage loan.
HECMs convert part of a home’s equity into cash.
Because that cash is a loan, it is tax free, and borrowers can choose how they’d like to receive their payouts:
Credit Line with Guaranteed Growth | One-Time Lump Sum | Regular Monthly Payments | A Combination of the Above
Perhaps the best part is that HECMs do not require monthly payments. Instead, the homeowner needs to pay property expenses, such as taxes, insurance and maintenance costs.
Paying for Home Improvements and Surprise Medical Expenses
What Could You Do With a HECM?
HECMs Offer So Much More! Here’s a Preview:
No Changes to Homeownership
When a borrower takes a HECM loan on their home, they remain the sole owner of the home just as they were before. They can stay in the home or sell it as they choose.
Eliminate Existing Mortgages
If there is still an outstanding balance on the home’s mortgage, the HECM takes care of it. For those with paid off homes, the potential payouts are simply that much greater. Either way, the borrower simply needs to cover property expenses.
Flexible Repayment Options
Unlike traditional loans like HELOCs, HECM repayment is due when the last borrower vacates the home, and the loan balance is paid by the sale of the home, not by the borrower or heirs.
Protections for Peace of Mind
The Federal Housing Administration (FHA) guarantees the borrower (or heirs) will not pay out of pocket if the loan exceeds the home’s value at the time of sale. If there is a balance, it’s paid by mortgage insurance.
Why Work with Leslie and V.I.P. Mortgage?
When You Work with Leslie, You Know:
Leslie has helped numerous seniors access the equity in their homes to improve their quality of life in retirement.
Many of His Clients Have Been with Him for 25+ Years
He Makes the Loan Process As Simple As Possible
He Believes in Custom Solutions—Not One-Size-Fits-All
About V.I.P.
V.I.P. Mortgage, Inc. wasn’t started as a company, but as an idea. An idea that the mortgage lending process could be simplified. An idea that the dream of homeownership is very much alive and well. And, an idea that the people working on your loan understand what you are going through because they have been there themselves.
Founded by Marine veteran Jay Barbour in 2006, V.I.P. Mortgage, Inc. has grown from a single office with two loan officers in Scottsdale, AZ, to over 20 brick and mortar branches (across many states) with a few hundred licensed loan officers. V.I.P. Mortgage, Inc. funds several billion dollars in loans annually and consistently ranks at the top of numerous industry rankings.
While V.I.P. Mortgage, Inc. has grown significantly over the years, we haven’t lost sight of our core values; to give back, provide exemplary customer service and not only meet, but exceed, each customer’s individual needs.