What is a reverse Mortgage? A reverse mortgage is a government sponsored loan program for senior citizens who are age 62 years or older. With a reverse mortgage, a senior is able to borrow against the equity of the home without having to pay back the money for as long as he/she lives in the home. The only requirement is, that the senior continues living in the home, maintain the property taxes and the home owner’s insurance coverage. The reverse mortgage programs we offer at Tenacity Mortgage, are Federal Housing Administration (FHA) programs, insured by the US Government and are heavily regulated by the Department of Housing and Urban Development (HUD), for your protection. One of your concerns might be that there will be no equity left in the home once you open a reverse mortgage, but with a Government Insured Reverse Mortgage, the senior is able to borrow only a portion of the equity of the home to pay off the current mortgage (if there is one) and get cash out. So there should be plenty of equity left in the home after the loan is settled. Many of the seniors we talk to, tell us that the reverse mortgage program gave them peace of mind: They no longer have to make a mortgage payment, which means, more of their social security or pension income is left in their pockets at the end of each month. In addition, the cash available helped them improve the quality of their lives by paying for home updates, medical expenses, home health care expenses and even helped pay for a spouse’s nursing home facility.
For a free brochure and DVD give me a callMichael Selby
Tenacity Mortgage 5020 Campbell Blvd. Suite G White Marsh, MD 21236 Phone: (800) 496-0235 x 1546