Reverse Mortgages have always been a great way to turn the equity in your home into tax free cash –without having to make monthly payments. Recent changes by Congress to the FHA-insured Reverse Mortgage program now allow seniors to buy a home with a Reverse Mortgage – with no credit score requirement or income verification!
Although this sounds too good to be true, Americans 62+ can now use the equity from the sale of their previous home, or other cash or savings, to move into a different home – just with a single down payment. You will never have to make another mortgage payment, as long as you remain in the home and pay your property taxes and insurance.
Imagine the financial independence you can achieve by eliminating your mortgage payment once and for all. Best of all, if the untapped equity in your home increases over time, you or your heirs still “own” that equity – not the bank.
7 Benefits of Using a Reverse Mortgage:
• Eliminates Mortgage Payments
• No Income Verification or Credit Score Requirement*
• You keep the title
• Remaining equity goes to you or heirs, not the bank
• No pre-payment penalty
• FHA-insured
• Loan is non-recourse
When it comes to making an informed decision whether a Reverse Mortgage is right for you and your situation, it is crucial to understand both the benefits as well as the risks.
Genworth Financial Home Equity Access, Inc. is committed to providing accurate information to seniors and specializes in working with senior clients. Send me an email if you would like to request additional information about the Reverse Mortgage Home Purchase Process, additional options that are available, and eligibility requirements. You can also contact Melissa Sapinski of Genworth Financial Home Equity Access, Inc., Phone 714 317.5675 / Email: melissa.sapinski@genworth.com