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Government Insured Reverse Mortgages
(HECM Loans)
"As a trusted lender specializing in US Government-insured reverse mortgages, we want to highlight the unique features of the Home Equity Conversion Mortgage (HECM) program. We will explain the specific benefits that HECM reverse mortgages offer, setting them apart from other non-government-insured reverse mortgages. Our aim is to provide you with a clear understanding of the advantages of choosing a HECM reverse mortgage."
The Unique Features of US Government-Insured Reverse Mortgages (HECM).
Guaranteed Government Insurance: HECM reverse mortgages are insured by the Federal Housing Administration (FHA), providing an additional layer of protection for borrowers. This insurance ensures that the loan will be repaid, even if the lender is unable to fulfill their obligations.
Non-Recourse Loan: One significant feature of HECM reverse mortgages is that they are non-recourse loans. This means that if the loan balance exceeds the value of the home when it's sold, neither you nor your heirs will be held responsible for the difference. The FHA insurance covers any shortfall. Borrower Protections: HECM reverse mortgages come with several borrower protections:
"Right of Rescission:" This feature allows you to cancel the loan within a specified period if you change your mind.
Mandatory Counseling: This helps ensure you have a clear understanding of the loan terms, costs, and implications.
Stay In Your Home: You have the right to stay in your home as long as it remains your primary residence and you meet the loan obligations.
Flexible Disbursement Options: With a HECM reverse mortgage, you have flexibility in how you receive the loan funds. You can choose from various disbursement options, such as a lump sum, a line of credit, monthly payments, or a combination of these. This allows you to customize the loan to meet your specific financial needs.
Estate Preservation: Another unique feature of HECM reverse mortgages is the opportunity for estate preservation. If there is remaining equity in the home after the loan is repaid, it can be passed on to your heirs. They can either sell the home and retain the remaining proceeds or refinance the loan to keep the property.
Conclusion: The US Government-insured Home Equity Conversion Mortgage (HECM) program offers unique features that set it apart from other non-government-insured reverse mortgages. These features include guaranteed government insurance, non-recourse loans, borrower protections, flexible disbursement options, and the potential for estate preservation. As your trusted lender, we are here to guide you through the HECM process and provide you with the benefits and peace of mind that come with a government-insured reverse mortgage. Please reach out to our team for personalized assistance and support.
It's easier than you think to get a quote for a reverse mortgage and there is no obligation whatsoever. A great place to start however is to Click here now to get your FREE Book and learn everything you need to know about the process written in plain and simple common sense language.
Christopher Trapani
NMLS | 240870
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Work with a local Certified Fire Your Landlord® Reverse Mortgage Expert. They are specially trained to help retirees achieve the dream of a worry-free retirement by leveraging the equity in their homes.
Provide for your Heirs | Retire Elegantly | Pay off Debt
Here's how we can work together to get you on the road to a happy and worry-free retirement with the equity you built with your hard work over a lifetime.
STEP 1
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It's SUPER EASY.
Contact us for a quote, it's super easy, there is no obligation and it takes less than 3 Minutes. Do it now.
STEP 2
Schedule a FREE one-on-one Consultation.
Learn exactly how much you qualify for, how much you'll get each month, for how long, and how soon you can get approved.
STEP 3
Learn the Facts from Myths in our new video series.
With so much disinformation on the web about reverse mortgages we created a definitive video series that clears things up.
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Christopher Trapani
NMLS | 240870
(310) 350-2546
8577 Haven Avenue, Suite 201
Rancho Cucamonga, CA, 91730
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Reverse mortgages have become a popular financial tool for homeowners ages 62 and older who are seeking a consumer loan. A reverse mortgage loan allows senior homeowners to access the equity they’ve built up in their home over the years. Unlike traditional “forward” mortgages, reverse mortgages do not require monthly mortgage payments. Homeowners will still be responsible for insurance, property taxes, and maintenance; however, loan repayment is deferred until the homeowner no longer lives in the home. Since monthly mortgage payments are not required, seniors typically use their reverse mortgage funds as income tax-free cash. Homeowners who want to qualify for a reverse mortgage must be at least 62 years old and have equity available in their home. Reverse mortgages work by allowing homeowners to convert a portion of their homes equity into cash, based on the total equity available in the home. Loan proceeds can be received in the form of a line of credit, monthly payments, a lump sum, or any combination of these options. Several factors affect the loan amount which you may qualify for including your home’s value, your age, and certain property requirements set by the Federal Housing Administration (FHA).
Options Pro Marketing and its associated brands (Fire Your Landlord®) are marketing entities that partner with lenders and are not lenders themselves. All lending questions should be directed to our partner lenders ( Christopher Trapani of EZ Fundings). A pre-approval does not constitute a loan commitment or guarantee of a loan. Pre-approval is subject to a satisfactory appraisal, satisfactory title search, and no meaningful change to borrower's financial condition.
This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580. EZ Fundings is an Equal Housing Lender.
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