With a Reverse Mortgage Loan, Monthly Payments Are Optional!
Instead, borrowers must pay for home maintenance, property taxes, and homeowner’s insurance.
Here’s why:
The Home Equity Conversion Mortgage, or HECM, is the most common type of reverse mortgage loan.
It’s what most people actually mean when they talk about reverse mortgages and is what we’re referring to on this page.
HECMs are home secured loans, which means the sale of the home is responsible for paying off the loan.
So when a homeowner accesses their home equity through a HECM, the loan payout is first applied to any outstanding mortgage loan balance.
This ensures that the homeowner (or their heirs) never have to make HECM payments out of pocket. They can if they want to—for tax purposes for example—but only if they want to!
Beating Inflation and Boosting Quality of Life
What Could That Do For You?
For most homeowners of retirement age, monthly mortgage payments are a huge drag on quality of life. Here’s what many do with their financial freedom:
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.
Tax-Free Payouts*
The payout is tax-free and can be received in a number of ways, including lump sum, monthly payments, a line of credit with guaranteed growth of unused funds, or a combination.
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, and much more!
Boosting Home Buying Power
HECMs can be used to purchase new homes. This can not only enable someone to buy a more expensive home, they will also have the same HECM benefits on the new home.
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.
Your Future Financing Starts Here
Whether you’d like to stop making monthly mortgage payments, want to move closer to family or more, I’m here to help.
*consult a tax/financial professional