What is a Reverse Mortgage?

During the last few years, a unique kind of mortgage has taken center stage as a retirement planning tool. The Home Equity Conversion Mortgage (HECM) was first established by the Housing and Community Development act of 1987  to assist senior citizens 62 and older access the wealth they have accumulated in their homes.

The federal government created the Home Equity Conversion Mortgage, or Reverse Mortgage, insured by the FHA as a way for you to access your hard earned home equity in retirement.  The congressional intent is to allow seniors to age in their homes.
The house you worked for your whole life is now working for you in your retirement. The Reverse Mortgage has helped thousands of seniors meet their financial goals and maintain their lifestyle in their retirement years.

How does a Reverse Mortgage Work?

A reverse mortgage is a loan on your home.   However, no payments are required.  This loan is ONLY repaid when you sell your property, move, or die.

With a Reverse Mortgage you always maintain the title to your home; the bank doesn't own your property. You are required to make NO monthly payments. The loan is insured by the FHA, which guarantees that you or your estate will never have to pay back more than the current value of your home.The Reverse Mortgage is a non-recourse loan, which means it does not attach to your other assets or your estate assets.  The lender ONLY has recourse to the home to pay back the loan, no matter how much you owe. This protection is guaranteed by the Federal Housing Administration.

When you die, your heirs will have some choices. They can keep the house by re-financing the reverse mortgage to a forward mortgage, or sell the house to pay off the reverse mortgage and keep the remaining equity.

While you are NEVER obliged to make a payment on the equity you borrow with your Reverse Mortgage, you do have the responsibility to pay your taxes, insurance, and to maintain your property in an adequate manner.

We would love to talk with you about this unique mortgage and see how it can create an immediate benefit for you and your family.

If you would like to know more about the uses and benefits of a Reverse Mortgage with Upstate Capital as a part of a Seniors Retirement planning click here.

If you would like to talk with a specialist about your reverse mortgage needs, we know it will be worth 5 minutes of your time to call our Reverse Mortgage Hotline at: 1-800-733-9532

You've worked for your house your whole life;

it's time your  house began to work for you!