![]() ![]() Liable for the loan balances that exceed home value.Generally will not affect your social security.Maintain home ownership, own and live in your home while receiving cash.No monthly mortgage payments are required payment of all property charges when due is required.Choose the payout option that works for you.They’ll help you with getting the “Right Fit” reverse mortgage that’s best for your needs. However, you must continue to pay all property charges when due and keep your home in good repair.Įducate yourself, talk it over with your children and trusted advisors and then call one of our experienced, professional Mortgage Loan Originators at (800) 405-4554. You can select from various payment plans to determine the best way to disburse the loan proceeds.ĭid you know that you can also purchase a new home with the HECM For Purchase (H4P) option? If you have the funds to close to pay for the difference between the loan proceeds available through the HECM and the property sales price including loan closing costs and fees, then the H4P may be right for you.Īfter closing a reverse mortgage, you are not required to make a monthly mortgage payment. Your experienced and professional Moneyhouse Mortgage Loan Originator will assist you in providing choices for the “Right Fit” program that will meet your specific needs. Today’s reverse mortgage provides you with many features and benefits. The reverse mortgage program (also known as the Home Equity Conversion Mortgage (HECM) Program) requires your participation in a reverse mortgage consumer information counseling session conducted by a HUD–approved counselor, before originating your loan application. The program is highly regulated and includes many Borrower safeguards to ensure a safe and secure transaction for the Borrower(s) offered through the Department of Housing and Urban Development (HUD). The estate is not personally liable if the home sells for less than the balance of the reverse mortgage. At that time, the Loan Servicer will assist the estate to repay the balance of the reverse mortgage with options including the sale of the home to pay off the outstanding balance.Īll remaining equity is inherited by the estate. When property charges (typically real estate taxes, hazard insurance, flood insurance and assessments) are paid current, the loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. ![]() In the US, our presence is soon to grow beyond our gateway office to the US located in Orlando, Florida, to other licensed states including California, Illinois, Texas, and many additional lending states currently in the licensing process to be added to our footprint.A reverse mortgage is a loan for senior homeowners that allows for use of a portion of the home’s equity as collateral. From expert mortgage analysis and insight to data and opinions on the entire mortgage industry-our MRG Newsletter can even be delivered to your inbox in real-time so you don’t miss breaking news or the latest feature stories.Īs a full-service direct lender, Moneyhouse covers the island of Puerto Rico with access to its professionally licensed mortgage loan originators through branch offices. Our MRG Newsletter is one of the best ways to stay informed as well as keep your clients up-to-date on the latest news in the mortgage industry. Our second-to-none service means you’ll receive a dedicated licensed mortgage professional to assist you through all of your specific needs-24 hours a day, 7 days a week. Whether your customer is a first-time homebuyer or looking to move into their perfect dream home, our team will assist you and your customers with the latest residential mortgage programs and product information combined with the needed attention to detail and support required to provide the ultimate in customer experience. Moneyhouse Realty Group is a specialized group of mortgage executives created to serve you and your clients with all of your purchase transactions.
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