MORTGAGES BY JOHN KARAVAS
In Association with Horizon Home Mortgage for Traditional and Reverse Mortgages
Home Equity Conversion Mortgage (HECM) FAQ
Every Senior Home Owner Needs to Know Their
Reverse Mortgage (RM) Opportunities & Benefits
An RM is not for every senior, but when appropriate
it can improve life styles significantly.
Below are Answers to Frequently Asked Questions
Why would I want to obtain a Home Equity Conversion Mortgage?
Simply stated, you want to relieve some of the financial pressures in your life and you have enough equity in your home to do that.
~ You might want to get rid of a monthly mortgage payment.
~ Your cash reserves are low and you want to have some extra cash on hand to pay, from time to time, some additional and/or unexpected expenses.
~ You might want to receive cash each month to help you meet your living expenses.
~ You might be close to losing your house because of a mortgage payment or tax bill that is in arrears and the HECM will give you the cash to become current (pay off the mortgage balance) and enjoy living in your home for many years to come.
~ How about this? You could buy that summer home you have always wanted, but could not really afford. Or, you have wanted to travel around the country in your own mobile home.
The money received through the HECM, whether it be in a lump sum, monthly installments, or draws on a line of credit are loans against your home's equity and NOT income.
You certainly can. At the early qualifying ages, 62 or more, the minimum down payment is about 35%. You may have noticed a simple calculator on my homepage, that provides an estimate for new home purchases.
My credit score is not too good right now. How will that affect me?
Credit score is not an issue for a HECM.
Sound good?
Contact me for
more information.
For a No Obligation Consultation
Call
John Karavas
New Haven
203.687.1310
or Toll Free
(866) 933-0225
Ext 314
I heard that when you do a HECM the bank owns your home.
No, there is no change in the ownership of your home.
How does a HECM work?
Individuals qualify at age 62 or older. Simply stated, the new mortgage company pays off any existing mortgage, and will distribute to you a specific value of your home equity in the form of cash or provide you with a line of credit that can grow from one year to the next. Then, subject to some charges, the interest earned by the
mortgage company is levied against your excess equity value in the property. You have no mortgage monthly payment. All you have to do is live in your house, pay your real estate taxes and maintain hazard insurance on the
home.
What if I want to sell my house?
You're free to sell your house at anytime. Any excess money
from the sale, after you pay your mortgage obligation, is yours to keep.
What if I end up living in my home a lot longer than anyone expected and the sale price of the house is less than the mortgage obligation?
You will have insurance
built into your mortgage agreement which protects you, or your estate, from owing more than the sale value of your home. So if you sell your house, let's say for $50,000 less than your mortgage obligation, you simply walk away owing nothing. The insurance you purchased pays the excess.
That's fine. I would encourage you to invite anyone whose judgment you are comfortable with to our meetings. This is a great program and the more thought put into the subject the more comfortable you will feel with the opportunity.
There are no income qualifcations. You can not earn too little, nor can you earn too much.
Click Here
To Be Contacted
Want More
Information
Click Here
