What is a Reverse Mortgage?

A Reverse Mortgage is a special, FHA/HUD, government-backed loan that allows you to utilize the equity in your home and receive cash, a *tax-free monthly income, lump sum, monthly advancements and/or a line of credit.*Consult your personal tax advisor.

 

Who can qualify for a Reverse Mortgage?

To qualify for a Reverse Mortgage you must be a homeowner at least *62 years of age or better, occupying your home as your primary residence, with substantial equity in your home. *There is a select program for senior homeowners age 60+. Please call 888-500-5024 for details.

 

Are there any income requirements or credit qualifications?

No, there are no income or credit requirements and no monthly payments to make while you remain in your home as your primary residence. A reverse mortgage loan is not due and payable until you no longer reside in your home as your permanent residence.

 

If there are no monthly payments, what are my responsibilities as a Borrower?

The Borrower is required to pay yearly property taxes, provide proper homeowners' insurance, maintain the home and notify the lender if you will be away from the property for an extended length of time. (Over 9 months)

 

What if I already have a current mortgage on my home?

An existing mortgage must be paid off at closing. The proceeds from your Reverse Mortgage can be used for this purpose. Any funds remaining after your existing mortgage is paid off will be the cash available to you.

 

What else can I do with the money?

You may supplement your income, finance home improvements, pay for medical expenses, pay off debt, purchase a new car, travel….The choice is yours!

 

How much money will I receive?

This is determined by your appraised home value, age of the youngest Borrower (at least 62) and the current interest rate. One of our representatives will be happy to assist you in calculating the maximum money available to you. You may contact Jeanine directly at the local Illinois phone number of (847) 540-5024 or toll free at 888-500-5024.

 

What costs are associated with a Reverse Mortgage?

Majority of the costs can be financed as part of your initial loan advance, meaning no out of pocket costs to you. Expenses typically associated with your loan include the cost of the appraisal, title insurance, loan origination, escrow and recording fees, and , depending on the counseling agency, the required *HECM Counseling session. We will be happy to provide you with a Good Faith Estimate (GFE) of related costs. *You may be required to pay the HECM Counselor up front. Please discuss your options with the counselor you select.

 

Do I pay taxes on Reverse Mortgage loan proceeds?

Monies received from a Reverse Mortgage, according to the Internal Revenue Service, are considered a loan advance and are not a source of taxable income. It is recommended you consult with your personal tax advisor.

 

How is interest charged?

The interest on a Reverse Mortgage is adjustable and is tied to readily available market indexes. The initial rate is determined at loan closing and adjusts either monthly or annually. Interest charges do not affect the amount of your monthly check. You are only charged interest on your loan balance, which consists of the cash you receive and the financed closing costs. A fixed rate program is also available. For details please call Jeanine locally at (847) 540-5024 or toll free at 888-500-5024.

 

Can I deduct the interest charged on the loan principal?

When you permanently leave the property and no longer reside in the home, the accrued interest is then deductible once the loan balance and interest is repaid.

 

When does the Reverse Mortgage need to be paid?

Your Reverse Mortgage becomes due and payable when you permanently leave the home, whether you move, sell or pass away.

 

What happens then?

Reverse Mortgages are typically repaid from the proceeds of the sale of the home, with any remaining equity staying with the homeowner or heirs.

 

What if my heirs wish to keep the home?

They may do so by refinancing the home with a conventional loan.

 

What if there is a remaining spouse in the home?

If a spouse passes away, the surviving spouse continues to receive the full benefits of the Reverse Mortgage, with no repayment until the last remaining spouse no longer permanently resides in the home.

 

What if I own more than the house is worth?

Reverse Mortgages are non-recourse loans. The Borrower can never owe more than the value of the home, regardless of the loan balance.

 

Do I still own my home with a Reverse Mortgage or does the lender take the house?

You absolutely do own your home! You retain full ownership of your home. A Reverse mortgage is merely a lien against the property typical of standard mortgage lending. The property title remains in the name(s) of the Borrower(s).

 

Can a Reverse Mortgage be closed in a Living Trust?

Generally this is acceptable, however, the complete trust documents will need to be reviewed before a determination can be made and an attorney opinion letter obtained from your legal counsel.

 

What if I have a Land Trust? Can I still qualify for a Reverse Mortgage?

Yes. A copy of the trust will need to be provided along with all related documents and contact numbers.

 

Will a Reverse Mortgage affect my Social Security, Medicare or pension benefits?

No. Proceeds from a Reverse Mortgage do not affect these benefits.

 

What is a HECM Counseling Certificate?

This is a HUD required counseling session designed to assist you in determining if a Reverse Mortgage is right for you. The HUD approved counselors serve as a third party consultant to allow you the opportunity to ask questions outside of Lender interest. The Lender/Counselor relationship is designed to be neutral, thus allowing the homeowner the ability to obtain unbiased counsel. Lenders do not refer to specific counselors and counselors are prohibited from steering a homeowner to any specific Lender. This always puts the choice in your hands! The counseling session can be done either in person (face-to-face) or by phone. If you will be using a Power of Attorney in your transaction you will need the individual as well as a copy of the Power of Attorney available at the time of counseling. At the end of the session you will receive a Certificate of *HECM Counseling to provide your Lender. This signed, dated certificate is required prior to the Lender ordering any services (appraisal, title commitment, etc.). The typical cost for this session is $125.00 and can sometimes be included in your financed costs. You will need to check with the individual counselor/agency to determine if the counseling session can be financed or if payment is required at the time of the session. We will be happy to supply you with a list of counselors to choose from. Simply call us at 888-500-5024 for this list. *HECM=Home Equity Conversion Mortgage.

 

Are their any homes that do not qualify for a Reverse Mortgage?

Yes. Mobile and manufactured homes, not attached to a permanent foundation, rental properties of more than four units, homes on leased land, vacation homes or any other secondary residences do not qualify.

 

What items will I need to apply?

The following is a list of items and/or documents you will need to have available at the time of your application:

• A Smile. We also bring a pocket full of smiles to share!

• Original, signed and dated HECM Counseling Certificate as discussed above.

• Photocopy of your Drivers License and Social Security Card. If available, a copy of your Birth Certificate.

• Copy of your most recent Property Tax statement.

• Copy of your Homeowners Insurance Declaration (detail) page.

• ORIGINAL death certificate of spouse if a widow(er). This is needed if the deceased spouse has not been removed from title.

• Name, address, account number and statement from any current mortgage debt or any other liens on the property.

• If the property is held in a Living Trust, a complete copy of the trust, including all pages and amendments is required, as well as an Attorney Opinion letter. (We will provide the letter to you)

• If in a Land Trust, a complete copy of the trust and the contact information for the Trust holder.

• If Borrower has a Power of Attorney signing, a complete copy of the Illinois Statutory Short Form Power of Attorney documentation is required, and the ORIGINAL will be required at closing so that it can be recorded.

 

Why should I choose Seniors Reverse Mortgage?

Seniors Reverse Mortgage is committed to going the extra mile for you, ensuring your loan, its processing, underwriting and closing go smoothly. Seniors Reverse represents many Lenders (Bank of America, MetLife, Wells Fargo, just to name a few) and will work to find the program that is personally right for you. With a focus on detail, excellence and friendly service, you can sit back, relax and let us go to work for you.

 

Why should I choose Jeanine M Weintz as My Reverse Mortgage Specialist?

Having been in the reverse mortgage industry for nearly a decade, you can rely on the many years of experience and integrity Jeanine provides. Jeanine M Weintz's commitment to customer care and personal attention to each individuals specific circumstances and situation have earned her a place of recognition as a top Loan Originator and senior advocate. A people person who really cares about her clients, you can rest assured your experience with Jeanine will be a pleasant and caring one. Committed to excellence, care and serving you for years to come. Jeanine provides reverse mortgages.... with that personal touch!

 

When I call 888-500-5024 will I be put on hold or routed out of the country?

I know what it is like to be instructed to press a numerical choice, listen to the following 112 options as they may have recently changed, transfer here, be put on hold, listen to overly loud, poor choice music, only to be disconnected or routed to the wrong person. I, Jeanine M Weintz, am committed to answering all my calls personally. I do not pass you along to someone else or transfer your call out of state. Your call will come directly to my personal desk. And because it is so important to me that I speak with each caller directly, insuring they receive the time and attention deserved, you may, at times, be placed in voicemail, which I know many people dislike. I am willing to take the risk that you may hang up and not leave a message, however, I kindly encourage you to let me know you called and as soon as I check my secure voicemail, I will be happy to contact you and devote all the time necessary to insure your questions are answered. While it is true you may get voicemail to start, rest assured you will also get me to finish. I thank you in advance for your kind patience and I look forward to assisting you.

 

This sounds great! What is the next step?

You may contact Jeanine M. Weintz directly, in Illinois, at (847) 540-5024 or Toll Free at 888-500-5024. Jeanine will be happy to provide the tools and educational materials you may need when making an informed decision. Thank you for visiting us today and we look forward to serving you.