Reverse Mortgages

What is a reverse mortgage?

A reverse mortgage is a home loan (used for any purpose) where seniors, 62 and older, can access the equity (cash) built up in their home.

There are several different reverse mortgage programs. Fannie Mae Home Keeper®, Jumbo Cash-Out loan, and the HUD-insured Home Equity Conversion Mortgage (HECM) are three such programs. As demand increases, more reverse mortgage programs from different organizations will become available.

It is called a reverse mortgage because you borrow money from a lender, but the lender makes monthly payments to you, rather than you making monthly payments to the lender. All interest is paid at the end of the loan, rather than in the beginning.

What are some of the benefits of a reverse mortgage?

• Strengthen your personal and financial independence.
• Help pay for health care or other needs.
• You can never lose your home in foreclosure as long as you maintain the property tax and insurance payments.
• The loan is only paid off when the house is sold by you or your heirs, or all borrowers move out of the house.
• Keep your Medicare or Social Security benefits.
• Use it as a credit line and draw upon it as needed.
• Get all your cash right away.
• Get the best of both—get cash now and have a balance in reserve to use as a credit line.
• No Income Requirements: The homeowner does not need to be working and is not qualified based on income.

As the homeowner receives monthly cash income, the loan balance increases. In the following twelve-month example, the homeowner begins with a debt-free home. As money is received by the homeowner, the mortgage grows. By the end of month twelve, the homeowner owes the bank $6,000 plus $232.44 interest. All Reverse Mortgage loans have a variable rate.

Assumptions*

*Many criteria are considered when determining the reverse mortgage loan amount, interest rate, etc.

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Home of Loan John - 410 S. State St. - Davison, MI 48423
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Home of Loan John and a member of the Symphony Homes family of companies offers mortgage services in the following areas: GENESEE COUNTY, LAPEER COUNTY, OAKLAND COUNTY, MICHIGAN, ATLAS, BURTON, CLIO, DAVISON, FENTON, FLINT, FLUSHING, GOODRICH, GRAND BLANC, MONTROSE, MUNDY, RICHFIELD, AND SWARTZ CREEK.  Mortgage loans are also provided in LAPEER, CLARKSTON, HOLLY, LAKE ORION, NOVI, OXFORD, PONTIAC, ROCHESTER, ROCHESTER HILLS, TROY, AND WATERFORD.  Copyright 2001 - 2008 Loan John and Real Estate One Symphony Homes.  Our American Government Mortgage and Loan programs provides clients with FHA, VA, and Reverse Mortgage services. Be sure to ask about our revolutionary TRADE IN PROGRAM!  That's right, now you can TRADE IN YOUR OLD HOUSE FOR A BRAND NEW SYMPHONY HOME! Call (810) 658-3600 for more information. NEW HOMES ON OUR LOT OR YOURS! Symphony Homes is a new homes Michigan builder in Genesee and Oakland County currently building in several new home communities including Burton, Davison, Goodrich, Grand Blanc, and Lake Orion!  New home styles feature single family detached homes and condominiums. Complete loan and financing services are now available through our mortgage partner,  HOME OF LOAN JOHN).  Call (810) 654-2525 to speak with one of our mortgage experts!  Symphony Homes is proud to be a REAL ESTATE ONE affiliate! SEARCH THE MLS for all homes in the state of Michigan by accessing the MULTIPLE LISTING SERVICE directly from this site! Also, be sure to visit THE VALUE PLAY for powerful real estate software, audio CDs featuring author Steve Berges, and business, real estate, and legal forms! Tired of paying high gas prices? Then be sure to visit THE GAS SAVER to learn how you can begin saving $$$ now!

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