Reverse Mortgage|Cleveland TN

1. HECM Lump Sum - All the Home Equity funds that are approved for cash-out can be taken in a lump sum.
2. HECM Line of Credit  - All the Home Equity funds that are approved can be used as a line of credit ... the funds "available" on the line of credit increase yearly based on the Reverse Mortgage interest rate.
3. HECM Monthly Payment - All the Home Equity funds that are approved can be distributed as monthly payments to the borrower for the rest of their life as long as they keep that

• Do I Qualify for a Reverse Mortgage?
• You must be 62 years old. No Credit Score Requirement.
• Is my property eligible for a Reverse Mortgage?
• Single Family Homes and Condo's are eligible.
• Do I have to pay money to do a reverse mortgage?
• You may be asked to pay for your appraisal and HECM Counceling.  Ask one of our Reverse Mortgage Experts about your situation.
• Do I have to bring cash to closing to do a Reverse Mortgage?
• This depends on wether you currently have mortgage balance or other liens and how much your home appraises for. The rule of thumb is if you owe half of what your home appraises for, then you will not have to bring cash to the closing table.

• If married, are you both over 62?  It can be done in one person's name, but if the that person's passes away the other person would have to buy the home back from the lender. Life Insurance can protect against this risk.
• Would your children want your home?  In the event of a senior(s) death the children have the 1st legal right to purchase the home with the benefit of being able to purchase at the current balance or current market value, whichever is cheaper.  If the children do not want the home to live in, sell for a profit, or can not get approved for funds to purchase the home, then the lender will put the home on the market.
• How do they verify its a Seniors Primary Residence? Once the senior has been approved for a reverse mortgage loan it must remain their primary residence or the home can be put up for sale by the lender.  Each year the lender will send a verification form in the mail that ythe Senior must sign as proof they still live there. If the form does not get signed for any reason 1 to 3 more verfication will be sent via Certified Mail requiring a signature when its hand delivered by a post officer. If no response is returned the lender will send someone to the house to see if it is occupied.  On the 4th or 5th year if verfications have been received it is standard for the lender to have a "drive-by" appraisal done to verify the property is in normal condition ....windows not boarded up, roof not falling in, etc..

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