Reverse Mortgage

 

Helping buyers understand the condo loan process

Extra Income for Homeowners

 

Maintaining a home on a fixed income can be a major challenge. A reverse mortgage can provide extra income for homeowners who are over the age of 62 and struggling to keep their home because they lack the cash they need for increased or unforeseen expenses.

 

With a reverse mortgage, the payments are “reversed.” Instead of paying a lender each month, homeowners receive payments they can use for unexpected medical expenses, make home improvements, or help pay bills.

 

Program Features

  • Homeowners can convert part of their equity in their home into funds they can use

  • No monthly principal or interest payment required

  • The money the homeowners receive is not taxed

  • Homeowners choose how they receive their money

  • Keeps homeowners in their homes

 

Plus, homeowners can take advantage of this opportunity without selling their home, giving up their title, or taking on new monthly payments. Download this quick guide to learn more about myths and facts of Reverse Mortgages.

 

Contact a Waterstone Mortgage loan professional today to learn more.

 

A reverse mortgage is a Home Equity Conversion Mortgage, which is an FHA-insured, government-regulated mortgage loan. Property and borrower eligibility requirements apply. Loan becomes due and payable when the last remaining borrower (or eligible spouse) sells the property, permanently leaves the home or passes away. Taxes, insurance, and repairs are the responsibility of the borrower and must be maintained to avoid early repayment of the entire loan amount. Consult a tax advisor for questions about tax and government benefit implications. Participation in a consumer information session from a HUD-approved HECM counselor is required.

 

With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could reesult in an increase in the monthly payment.