Reverse mortgage products are for seniors that are 62 or older who want to pay off their current mrotgage, supplement retirement income, cover medical expenses, and make some necessary home repairs. It's a product that allows you to turn the equity in your home into cash with no repayment required until you pass away, sell your house, or can't live in the house for 12 consecutive months. At CM Mortgage Services we offer reverse mortgages known as Home Equity Conversion Mortgages (HECMs) and backed by the U.S.Department of Housing and Urban Development. This product requires are clients to meet with a Hud approved housing counseling agency for a consultation to get more information about reverse mortgages and to get another perspective on the product and to obtain a counseling certificate. How much you can borrow will depend on your age, how much your home appraises for, and what reverse payment option you choose.
The HECM payment options.
- Line of Credit that lets you draw on the proceeds anytime. Another feature is the maximum amount on the line that you have access to increases in 5 year increments.
- Lump Sum allows you get all your money upfront
- Tenure option that allows you to receive an monthly payment every month as long as you live in your home
- Term allows fixed monthly payments that your receive for a specific period of time
Please feel free to give J.R. Conway a call to discuss your HECM payment options.