REVERSE MORTGAGE OPTIONS

• HUD/FHA - The Home Equity Conversion Mortgage (HECM) is a government insured program. The loan amount is based on the FHA lending limits, which are a minimum of $200,160 and a maximum of $362,790.

HECM monthly adjustable - The interest rate can adjust monthly.
HECM annual adjustable - The interest rate can adjust yearly.
 
• The Fannie Mae - Home Keeper™is a reverse mortgage sponsored by Fannie Mae. The loan amount is based on a maximum lending limit of $417,000.

• The Financial Freedom Cash Account™ - is a reverse mortgage sponsored by Financial Freedom Senior Funding Corp. This product has no loan limits and it typically the choice by people with higher valued homes. The three options under the Cash Account are:

The Standard Cash Account™ – Higher Fees and fewer restrictions.
The Zero Point Cash Account™ – Lower Fees and more restrictions.
The Simple Zero Cash Account™ - No Fees and the most restrictions.
 
Griffin Financial Mortgage, LLC will provide a detailed comparison of programs available personally discuss your best options.

WHAT IS A REVERSE MORTGAGE?

Reverse Mortgages allows a senior homeowner (62+) to exchange a portion of the equity in their home for a Tax Free Income. A Mortgage Reverse has NO Monthly Payments required for as long as you live. A Reverse Mortgage Specialist provides Tax Free Cash that can be used for any purpose. With a Reverse Mortgage you retain the Title to your Home. That means with Reverse Mortgages you can sell your Home at Anytime. Mortgage Reverse allows you to receive the Cash in Monthly Payments, A Lump Sum, A Line of Credit, or a Combination of the above. A Reverse Mortgage Specialist does not affect Social Security and Medicare. With a Reverse Mortgage there is No Income, Credit or Health Qualifications.

THE PROCESS OF REVERSE MORTGAGES

  • Educate yourself about a mortgage reverse.

  • Get a free information package about a Reverse Mortgage Specialist.

  • Speak with a qualified lender about your option of a Reverse Mortgage.

  • Consult a trusted family member or financial advisor about the benefits of Reverse Mortgages.

  • Schedule a counseling session with a third party, non-biased counseling group about a mortgage reverse.

  • Upon reaching a decision to pursue a Reverse Mortgage specialist complete an application with a qualified Reverse Mortgage.

  • The Reverse Mortgages will begin the underwriting process by ordering an appraisal, title work, and other related documentation.

  • The mortgage reverse is submitted for final approval and then is scheduled for closing at a location convention for you.

  • At funding of the Reverse Mortgage you receive your Tax Free Cash.