“We Know Reverse Mortgages!”
We realize how important the process of taking out a reverse mortgage is to you. With so many individuals out there claiming to be mortgage specialists, it is more important than ever to make sure that you are in the hands of a trusted professional who is looking out for your best interests! Nations Lending is proud to boast that they have Certified Reverse Mortgage Professionals on staff. Both Michael Markoff and Greg Newman earned the C.R.M.P. designation and have been specializing in reverse mortgages since 2007. It is provided and governed by the National Reverse Mortgage Lenders Association (NRMLA) which is based out of Washington DC.
What this designation represents and ensures is that you will be working with an accredited expert who has been successfully practicing in the reverse arena for many years. CRMP’s are bound by the highest ethical standards and distinguishes them as the most knowledgeable, competent, and professional in the industry. As of December 31, 2016 there were less than 148 certified reverse mortgage professionals across the United States.
When it comes to reverse mortgages we strongly believe that education is the key to a successful end result. Our pledge is to complete this education process with you so you are able to make a well informed decision. We also encourage prospective clients to invite family members and other advisors to be a part of this life-changing discussion.
To begin the education process or for some more information on reveres mortgages, please click the links below to get started or call (800) 987-1225 to speak to one of our trained staff members.
Reverse mortgages are often used to convert a part of the equity in your home into tax-exempt income (check with your tax advisor), without the need to sell your home, give up the title, or switch to another monthly mortgage payment plan. If you're aged 62 or older you can apply for a reverse mortgage.
Through this mortgage program the lender pays you a lump sum amount. Makes fixed periodic (monthly) payments to you the homeowner, provides access to a line of credit, or even a combination of all three. You can use the money received to supplement your retirement income, pay for healthcare, or even go on a vacation! Here's how reverse mortgages work:
Reverse mortgages do require a credit check, income requirements, and an overall financial assessment, however, it is a completely different qualification than a regular, “forward” mortgage and is more lenient. Even if you still owe money on a first or second mortgage, you can still apply for this program with the possibility of it working for you. The new reverse mortgage would pay off all existing liens and takes primary lien position against your property. Please keep in mind that this program is only for your primary residence consisting of the following property types:
- One to Four-unit home
- Qualified townhouse
- Qualified Condominium
- Manufactured homes; only if they were constructed after June 1976 and are permanently fixed on to the ground- of which you are the owner
Value of the Mortgage
The amount of money available through a reverse mortgages depends directly on the age of the youngest borrower and is linked to the appraised value of your home. As a general rule, the older you get, the more valuable your home becomes, the less money you owe on it and the more money you can access by virtue of reverse mortgages.
Implications of the Mortgage
The best feature of reverse mortgage funds is that they are tax-free (check with your tax advisor) and have no impact on your regular Social Security and Medicare Benefits. However, be careful of the mode of payment you choose. If you opt for a lump sum payment, it can affect the amount you receive later on.
Any amount that you retain in a given month after receiving the lump sum reverse mortgage payment counts as a resource. This resource can affect your Medicaid eligibility. It is best to consult reverse mortgage experts and your own Medicaid experts for all your reverse mortgages payment modes. You don’t want to jeopardize any current benefits that you receive.
When to Repay the Loan?
The loan, relating to reverse mortgages, shall be repaid at any time when you stop using your house as a principal residence. This happens when you sell the home, move out permanently or when you or your last remaining spouse passes away. Bear in mind that the amount you owe will never be greater than the value of your home. If it sells for less than the amount due, the FHA MIP insurance covers the difference. In the event the sales proceeds are greater than the amount owed in respect of reverse mortgages, the excess goes to you or your estate.
Consult the Best!
Whenever you think about reverse mortgages, it is best to talk to a reverse mortgage expert or a counselor before making the final decision. At Nations Lending, our licensed and experienced Certified Reverse Mortgage Professionals (C.R.M.P) offer the best advice - with respect to all your mortgage-related matters.
Nations Lending is an endorsed Lender/member of the National Reverse Mortgage Lenders Association (NRMLA). You can borrow with Confidence as NRMLA Lenders/ members must adhere to the Code Of Ethics & Professional Responsibility which is a Pledge to Americas Seniors promising to serve them with integrity and transparency. There are currently only 350 companies across the country who belong to NRMLA.”
To learn more about reverse mortgages and how to apply, call us today!