Reverse Mortgage Questions and Answers

Officially it is called a Home Equity Conversion Mortgage or "H.E.C.M.". This is a unique loan designed for seniors 62 years of age and older. It allows you to get equity out of your home to provide current income or any other goal you may have, without ever having to make a payment on the loan as long as you live in your home.

If you live in your home until your death, your heirs will have the choice to payoff the loan or sell your home and keep any equity that is left.

FHA fully insures your loan and guarantees that no debt ever passes to your heirs.

HUD participates in regulating the program and the industry to protect our Mature Americans.

"All reverse mortgage applicants must complete a HUD counseling session."

• No, you keep title to your home.
  
  
• You must continually occupy your home as your primary residence.
  
  
• You can keep your home in your Living Trust name.
  
  
• There is no chance of foreclosure as long as you abide by HUD regulations.

• There are no changes to your property taxes.
  
  
• You are responsible to keep the Insurance and Taxes paid on your home.
  
  
• All property liens must be paid from the proceeds of the Reverse Mortgage.

• The Home Equity Conversion Mortgage (HECM) is the Safest HUD Mortgage in the USA.
  
  
• You cannot outlive the loan.
  
  
• You cannot be made to make any payments while living in your home.
  
  
• Guaranteed by the U.S. Department of Housing (HUD).

1. You can take your money in a lump sum.
   
   
2. You can leave it with HUD and have a line of credit.
   
   
3. You can leave it with HUD and have a monthly income for as long as you live in the home.
   
   
4. Any combination of the above.

Your heirs will have the choice of:

• Re-mortgaging the home, if they want to keep it.
  
  
• Selling the home and keep the equity after paying off this mortgage.
  
  
• If the loan has grown to more than the value of the home, your heirs could just walk away and do nothing.
  
  

A 73 Year Old Man in Chippewa Lake, Michigan

Situation:
Beautiful home on Chippewa Lake, he and his wife were doing okay in retirement until his wife got sick and died. He found himself in a position where he didn't have enough income left to make ends meet without selling their dream home on the lake.

How a Reverse Mortgage Helped:
A reverse mortgage got him the extra money he needed to remain in his home and as long as he lives there he will never have to make a mortgage payment.
More Real Life Examples

Reverse Mortgage Consultant:
Lee Miller

Home Office:
(616) 754-7866

Fax:
(616) 754-6466

Cell:
(616) 723-4743

Email:
lmiller@lifeplanningassociates.net

CONTACT US NOWTO FIND OUT
IF A REVERSE MORTGAGE
IS RIGHT FOR YOU!!!

Clark Financial Group

Reverse Mortgage Division
3300 Eagle Run Dr. NE
Grand Rapids, Michigan 49525
Office: (866) 554-6976

Jordan-Balkema Elder Law Center

www.myelderlawplanning.com