Must be 62 years old or olderThe home has to be on your primary residence.You can have an existing mortgage. Your existing mortgage will need to be paid off at closing.Single family homes, townhouses, duplexes, triplexes and fourplexes, and some condos that are FHA approved or will meet the FHA guidelines.There is a financial assessment needed to qualifyAll borrowers need the FHA counseling session. (We will show you how to do this!).Borrowers are responsible for paying their property taxes and home owners insurance. Flood insurance may be required depending on where you live.An appraisal is done on your home after the FHA counseling session and application.
Cornerstone Reverse Mortgage, LLC located in Linwood, NJ will walk you through this entire process. The FHA insured reverse mortgage is all we do. The process typically takes around 30 days to complete after the appraisal is submitted.
The FHA insured reverse mortgage loan has many options on how you can take the money from this loan. We will walk you through the entire process and help you pick the option or a combination of options that are right for you.
A few years back, I did a FHA insured reverse mortgage loan for my Father in Law. The payment option he selected was the tenured payment that would send him money every month for as long as he lived in his home. His comment to me was “This monthly payment is just like a Home Pension Plan”. He used the equity in his home as an accumulated asset to create a stream of money coming in every month for as long as he lived in his home. This gave him the financial independence he needed, and the ability to remain in his house. The FHA insured reverse mortgage loan helped him reduce the stress of not having enough money from month to month, and to enjoy a better retirement.
Are you ready to start living off of the home you live in? Call 609-335-8480 to schedule a free consultation with Cornerstone Reverse Mortgage of Linwood, NJ.