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Reverse Mortgage Loans (HECM)

Reverse Mortgage Loan Benefits

A reverse mortgage or Home Equity Conversion Mortgage (HECM) is a special type of home loan that converts a portion of your equity into cash and the equity that you have built up over time is then paid to you.  Unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence – or fail to meet the obligations of the mortgage.  You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

Different Terms

New Opportunities

More on the HECM Loan

To be eligible for a Reverse Mortgage, the FHA requires that you be a homeowner at 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan. You must also have the financial resources to pay ongoing property taxes and insurance – and you must live in the home. You are also required to receive consumer counseling from an independent counselor from a HUD approved agency prior to obtaining the loan. If you meet these requirements and would like more information, TJC Mortgage, Inc. can assist you with the entire process.

These materials are not from HUD or FHA and were not approved by HUD or a government agency. (ML 2014-10) Licensed by the Mississippi Department of Banking and Consumer Finance. NMLS ID #2239 (www.nmlsconsumeraccess.org)

Reverse Mortgage TJC Mortgage

Testimonial

Going through the articles on this website written and submitted by some seniors I was really surprised that some people had some negative things to say about reverse mortgages. For me reverse mortgage was the best thing to happen to me in my older years. A reverse mortgage loan was what saved me from moving into my son’s basement. Now I can fend for myself and also still remain in the comfort of the familiar surroundings of my home.

I think the problem is that many fail to fully understand the nature or structure of reverse mortgage loans. Now that you are at an age when you are most probably retired and thus have limited access to income you are faced with how to fend for your own needs without being a burden on anyone. Of course you can sell your home and then move to a much smaller or cheaper place, a home for the aged or even into your child’s basement. With a reverse mortgage loan you are spared all these unpleasant choices. You simply make your asset work for you. You have spent years trying to pay off your mortgage; now that you are older you can make the home work for you.

You do not need additional collateral, you do not need to repay the loan, unless you sell the home, move out of the house or default on your loan obligation. The loan reverses the equity of the home and then you gain access to the funds based on a schedule and pattern that suits you. Like me you won’t have to move out of your home, you won’t have to be a burden to anyone and you can take care of your needs. Reverse mortgage loans are structured to benefit older seniors and I personally did benefit from it and would recommend it to anyone without hesitation.” Article found here.

These materials are not from HUD or FHA and were not approved by HUD or a government agency. (ML 2014-10) Licensed by the Mississippi Department of Banking and Consumer Finance. NMLS ID #2239 (www.nmlsconsumeraccess.org)

Reverse Mortgage TJC Mortgage

We Can Assist With Your HECM Loan

Call TJC Mortgage, Inc. at 205-912-8100 for rates and loan information or fill out our quick quote application and a TJC Mortgage, Inc. loan officer will contact you to discuss your loan options.

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