What is a Reverse Mortgage?
Think of it as an advance on the value of your home. A reverse mortgage puts to use the value in your home. You can receive cash, a tax-free monthly income, and/or line of credit. There are no income or credit qualifications and there are no monthly payments to make.
How much money can I receive?
The amount of money you receive is determined by your home value, the age of your youngest homeowner and the current interest rate. A representative from Advanced Mortgage will assist you in evaluating your options and calculating the maximum amount of money that will be available to you. Call for a FREE LOAN EVALUATION.
How do I receive the money?
You choose a payment schedule that fits your individual circumstances.
- As a monthly supplement - you can increase your monthly income.
- All at once - a lump sum - this provides you cash for a large expense.
- As a line of credit - this lets you create a savings account to draw on as you need additional cash.
- Or a combination of the above.
What costs are involved?
Just like a standard mortgage loan, reverse mortgage costs include appraisal, credit report, title insurance, legal fees, loan origination, and recording fees. All of these normal loan costs can be included in your loan balance. Our representative will provide a good-faith estimate of the costs involved for you.
Will I retain ownership of my home?
Yes. You retain title and the government designed program allows the borrower to remain in the home until the last remaining borrower vacates or sells the home. Borrower or their heirs receive 100% of the remaining equity after payoff.
Is the mortgage process complicated?
No. Our Advanced Mortgage representative will give you a complete explanation. At Advanced Mortgage Solutions our business is helping seniors improve their quality of life with reverse mortgages.
Who should I look to for advice?
Advanced Mortgage encourages all borrower’s advisors, both personal and professional, to talk with our loan representatives to review the needs and options available to the borrower.
How do I get started?
The best way is to call award-winning Advanced Mortgage. Our company is here to help solve problems and change lives. We will be happy to discuss your options and financial solutions at no cost or obligation to you. |
