- Rate and Term Refinance
- Cash Out Refinance
- FHA Streamline Refinances
- VA IRRL Refinances
- Reverse Mortgage Refinance
We Can Secure Your Reverse Mortgage
Are you tired of making your monthly mortgage payment? Do you need some extra cash for monthly bills or an unexpected large expense? Do you plan on living in your house but don’t want to sell? Are you 62 or older?
If you answered yes to all these questions, then Secure Choice Lending may be able to help you secure those funds with a reverse mortgage.
Unlike a traditional mortgage a reverse mortgage allows you to receive funds based on the equity you’ve accrued in your house over the years. Whether your house is completely paid off or you have a large percentage paid off, the equity is yours and can be used as collateral for a new loan. A reverse mortgage no longer requires a mortgage payment and the additional equity is yours and can be paid to you in monthly installments, one lump sum or however you would like to set it up.
There are Numerous Benefits
- A reverse mortgage will clear any existing loans on your property. Your current mortgage will be fulfilled and any other liens will also be paid off. (No More Mortgage Payments!)
- Your new loan can be used for any purpose such as paying off other bills, credit cards or even to keep as cash. And this loan is never due as long as you are living in the house.
- As a reverse mortgage is FHA-insured, you will never owe more than the appraised value of the property.
- Depending on the equity in your house, you may not have out-of-pocket closing costs as they can be financed as part of the reverse mortgage loan.
- Your Medicare and Social Security will never be affected by the loan. And reverse mortgage loans are tax-free. *Not tax advice, consult a tax professional.*
Requirements for a
Reverse Mortgage
- The property must be your primary residence
- Verification of timely payments of real estate taxes, hazard and flood insurance premiums
- You must be 62 or older (Certain exceptions allowed for spouses under the age of 62 – call for details)
- Verification of income, assets, monthly living expenses, and credit history
- A reverse mortgage stops your mortgage payments however the following are still required:
- You remain responsible for your property taxes
- You are required to have a homeowners insurance policy
- You must maintain the property according to FHA’s Minimum property standards
- You are required to pay other related charges such as HOA dues, water/sewage, etc.
How does the reverse mortgage work?
1. Connect With Secure Choice Lending
You can either call us at (951) 733-8925 or email us at mhossler@securechoicelending.com2. Secure Your Goal
There are numerous options for every situation and it can be easy to become overwhelmed. We can give you the knowledge that will help secure your goal of a reverse mortgage if it’s right for you.3. Counseling
While Secure Choice Lending can help you with a preliminary decision, HUD requires that you receive third-party counseling from a HUD-approved agency. Once scheduled by calling a member of the HECM Counseling Network or contacting HUD directly, your counselor will ensure that you understand all of your options. For more information on HUD, Click Here4. Secure Your Application
After your counseling, we will work with you on your application and run your credit.5. Securing Your Documents
As we move forward with the loan process, we will need copies of certain documents from you to underwrite your application. It’s imperative that you supply us with the necessary documentation as quickly as possible to secure your loan approval.6. Secure Your Loan
Once your loan has been submitted for underwriter approval, we will begin the final step before your loan can be closed and funded.7. Secure Your Funds
After your loan is closed and portion has been applied to any previous property debts, you will receive your funds according to your selected payment options.
This material is not from HUD or FHA and has not been approved by HUD or a government agency.
951-733-8925