Enhance Your
Financial Security
With A Reverse Mortgage
Access Your Home Equity With
a Reverse Mortgage
If you are looking for ways to supplement your retirement income, a Federal Housing Administration (FHA) insured1 Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, may be the answer
Mark Daly
Loan Officer | NMLS #317641
Direct: (561) 252-0346
Mark.Daly@SupremeLending.com
MarkDaly.SupremeLending.com
900 E. Indiantown Rd, Suite 110
Jupiter, FL 33477
Access Your Home Equity With a Reverse Mortgage
If you are looking for ways to supplement your retirement income, a Federal Housing Administration (FHA) insured1 Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, may be the answer
A HECM loan allows you to access a portion of your home’s equity without having to make monthly mortgage payments.
If you are 62 years of age or older and have sufficient home equity, you may be able to obtain the funds you need to:
-
- Pay off your existing mortgage.
- Continue to live in your home and maintain the title.
- Pay off medical bills, vehicle loans or other debts.
- Improve your monthly cash flow
- Fund necessary home repairs or renovations.
- Build a “safety net” for unplanned expenses.
click here to learn more about
REVERSE MORTGAGEs
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what about
ELiGIBILITY
Applying for a HECM loan is simple. To be eligible for a HECM loan, some key requirements are:
-
- The youngest borrower must be at least 62 years of age or older.
- You must live in your home as your primary residence and have sufficient equity.
- You cannot be delinquent on any federal debt.
- Property must be a single family residence, an owner occupied 2-4 unit
home, a condominium approved by the Department of Housing and Urban Development (HUD), or a manufactured home that meets FHA guidelines. - Must meet financial assessment requirements as established by HUD.
REQUIREMENTS
Once you obtain your HECM loan, you must continue to meet the following conditions to maintain your loan in good standing.
- Maintain your home according to FHA requirements.
- Continue to pay property taxes and homeowners insurance.
- Continue to own and live in your home as your primary residence
what is a reverse mortgage?
How a HECM Loan Works
Supreme Lending offers FHA insured HECMs: This is a loan that lets you access your home’s equity to get cash for your retirement funding needs. The amount you receive is based on current interest rates, the age of the youngest borrower and the lesser of the appraised value of your home, sale price or the maximum lending limit. The funds available to you may be restricted for the first 12 months after loan closing, due to HECM requirements. In general, the older you are, the more equity you have in your home and the lower your mortgage loan balance; the more money you can expect from a HECM loan.
Receiving Your Money
We offer fixed and adjustable rate HECM options. Either option can be used to access equity on a home you already own or to purchase a new home. If you have an existing lien on the property, it must be paid off as part of the HECM transaction. Both options eliminate monthly mortgage payments and do not require repayment as long as the loan obligations are met.
Repaying the Loan
Loan repayment is not due as long as you meet the loan obligations such as living in the home as your primary residence, continue to pay required property taxes and insurance, and maintain the home according to FHA requirements. You or your heirs will not be required to pay more than the value of your home at the time the loan is repaid; even if your loan balance exceeds the value of your home, provided you or your heirs decide to sell the home. Best of all, any remaining equity goes to you or your heirs once the loan is repaid.
INQUIRE ABOUT REVERSE MORTGAGES
Producing Regional Manager
NMLS #84106
Lori.Schmitz@SupremeLending.com
900 E. Indiantown Road, Suite 110
Jupiter, FL 33477
This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. For New York applicants, please visit our New York authorized website: https://www.SupremeLending.com. © 2021 Everett Financial, Inc. dba Supreme Lending NMLS #2129 (https://www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. All rights reserved. This is not an offer to enter into an agreement. Information, rates, and programs are subject to change without prior notice and may not be available in all states. All products are subject to credit and property approval. Supreme Lending is not affiliated with any government agency. Residential Mortgage Loan Originator. Supreme Lending is an equal opportunity employer and does not practice discrimination based on age, gender, race, religion, national origin, as well as any other rights afforded to applicants under state and federal law.