I’ve been specializing in the area of Reverse Mortgages for 16 of my 23 years in the mortgage industry. I have been involved as Processor, Manager of Community Outreach, Manager, and Mortgage Loan Originator. My favorite is originating mortgages as that is where I get to meet people in person. I enjoy helping seniors age in place with the use of reverse mortgages. There are several types of reverse mortgages. Borrowers have the option of FHA reverse mortgage products or proprietary jumbo reverse products.
Proceeds from a reverse mortgage can be used for many things, ranging from home care aides, home repair, real estate taxes, insurance both home and health, vacations, transportation, food, movies and dining to name just a few. There is no restriction on the use of the money however, investing the funds in an annuity is not recommended.
Typically a borrower does not have to make any monthly payments of principle or interest as long as they live in the home as their primary residence. The borrowers do need to make sure their homeowners property insurance is up to date, along with the payments for real estate taxes on the home. A reverse mortgage is a loan. When the last remaining borrower is no longer living in the home as their primary residence or a protected spouse is no longer living there the loan would come due. If a borrower does not pay their real estate taxes or home owners insurance, the lender could start a foreclosure action, just like with any other mortgage.
Age requirements: FHA HECM reverse mortgages minimum age is 62 and jumbo proprietary reverse mortgage minimum age is 60.
Reverse mortgages are available for home owners of 1-4 family homes and some condominiums. If a borrower is looking at reverse mortgages NY or reverse mortgages NJ, they can just give me a call on my cell 347-291-7479 and it would be my pleasure to be of service.
Also note like an old fashioned doctor I make house calls for all applications, as long as in person meeting is permitted.
There’s so much more to know and things change. If you would like to understand more about how reverse mortgages work, just reach out to me for answers.
Have a great day
Annette Fisher, Mortgage, NMLS 67606
Loan Originator, Specializing In Reverse Mortgages
Fort Funding Corp., NMLS 39463
Cell: (347) 291-7479
Toll Free: (877) 228-4010