A person who arranges mortgage loans through mortgage bankers. This person acts as a middleman and is not limited to the restrictions of having to go through only one lender. This person can “shop” your loan to get you the best rate and term available. In an effort to provide resources to help meet our client’s needs and financial goals, CFG Wealth Management has developed a relationship with a professional mortgage consultant in our area.
Reverse mortgages enable eligible homeowners to access the money they have built up as equity in their homes. They are primarily designed to strengthen seniors’ personal and financial independence by providing funds without a monthly payment burden during their lifetime in the home. The major eligibility requirements are that the applicant must be at least 62 years of age and own and occupy a home whose mortgage has been paid in full (or with only a very low mortgage balance remaining). Reverse mortgages can be a powerful tool to help eligible homeowners obtain tax-free cash flow.
The Benefits of a Reverse Mortgage include:
- Tax-free funds for as long as you live in your home
- No loan repayment for as long as you live in your home
- No income, medical or credit requirements
- Retain ownership of your home for life; this is guaranteed as long as you maintain your home, and pay insurance and real estate taxes
- Choose a cash flow plan tailored to your needs
- No restrictions on how you may use the funds
- A tax-advantaged way to pass on part of your estate today
To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age and must occupy the property as their principal residence. There are no minimum income or credit requirements because no payments are required on the mortgage. The proceeds from the loan may be used at the discretion of the borrower and are not subject to income tax payment. While credit is not part of the qualification process a current or pending bankruptcy will require court approval prior to closing. Reverse mortgages follow FHA standards for property types, meaning most 1-4 family dwellings, FHA approved condominiums and PUD’s will qualify. Manufactured housing qualify based on standard FHA guidelines.
CFG Wealth Management, the Securities America companies and their representatives do not provide mortgage or refinancing services. Please consult the appropriate professional for these services.