Frequently Asked Questions
A Reverse mortgage is similar to any other mortgage you have ever had, with 2 exceptions: you are not required to make a monthly mortgage payment and may allow you to receive money which you can take monthly or have it there and ready whenever you may wish to take it.
They charge you interest on your outstanding balance, just as any other mortgage does (so it is not a ‘free lunch’) and keep track of what you owe. You are required to pay the loan back when the last person on title no longer lives in the property.
You still own the home 100% and will receive a monthly statement just like you do with any other mortgage. Your heirs will still inherit your home upon your passing, just like with any other mortgage. Along the way, you may sell or refinance your home at any time. Because it is still your home, you must continue to pay your property taxes, homeowners insurance and maintain the home, which is much easier to do without having to pay a monthly payment and having greater access to additional cash the reverse may provide.
The amount of money available is based on a formula (which is the same for everybody across the nation). The formula is based on the age of the youngest person on title, the appraised home value and the current interest rate environment when you obtain your Reverse mortgage. Your current mortgage balance will also matter in how much net proceeds may be available to you after your current mortgage is paid off. The best way to determine how much money you may receive is to review your specific circumstances with us so that we input these into each of our programs to determine the best Reverse for you and the amount of money possibly available to you at close.
While most programs require the oldest person to be 62 years old, we also have programs that allow the oldest person to as young as 55 years old. Spouses or others on title can be younger than these requirements and the final loan amounts will be based upon the age of the youngest person.
Yes you can! Because homes usually increase in value over time, formulas change and an older age may mean that more money is available. If you have a Reverse mortgage now (no matter who you got it from) the best way to find out if you can get more money is to call us and we will run through each of our programs to determine how much additional money you may receive by refinancing.
Most people find that the majority of their wealth is stuck in their home. The Reverse mortgage is a great tool to gain access to a portion of their equity to supplement and improve their cashflow during retirement. Additionally, we have identified several retirement strategies where properly using a Reverse mortgage will make a significant improvement in decreasing tax liability, safeguarding and improving other retirement savings and plans.
Reverse mortgages are available for any residential property of 1-4 units that is owner occupied. If more than 1 unit, the other units may be rented out and that rent continues to go to the property owner.
This figure is built in and is not directly editable. We recommend using the FAR Illustrator or your reverse LOS to run calculations using different margins or options.
Your current mortgage will be paid off in full as part of this transaction, and no longer be active. You will receive proof of your current mortgage being paid off in full.
No. You may obtain a Reverse mortgage even if you currently have a 1st mortgage or 1st and 2nd mortgage.
A Reverse mortgage does not require a monthly payment but does charge you interest each month and adds this charge to your existing loan balance. Therefore your loan balance goes up over time.
You still own the home 100% and your heirs will still inherit your home with whatever mortgage balance you have at that time. Your heirs must settleup or payoff the mortgage balance because the Reverse is only good until the last person on title ceases to live in the home. Your heirs may refinance and obtain their own mortgage, they may pay it off in cash, and of course they can sell the home for whatever it is worth at that time, payoff the balance due on the Reverse and keep the proceeds from the sale.
We strongly recommend having your IT or dev team implement the iframe html code provided. This code is intended to be placed on a landing page hosted and maintained by your company.
The calculator widget uses the CMT maximum principal limit, which is the same as the FAR Illustrator. The rate will be shared weekly on our partner newsletter and can be found in Xcelerate on the marketing material page.
A Reverse mortgage is similar to any other mortgage you have ever had, with 2 exceptions: you are not required to make a monthly mortgage payment and may allow you to receive money which you can take monthly or have it there and ready whenever you may wish to take it.
They charge you interest on your outstanding balance, just as any other mortgage does (so it is not a ‘free lunch’) and keep track of what you owe. You are required to pay the loan back when the last person on title no longer lives in the property.
You still own the home 100% and will receive a monthly statement just like you do with any other mortgage. Your heirs will still inherit your home upon your passing, just like with any other mortgage. Along the way, you may sell or refinance your home at any time. Because it is still your home, you must continue to pay your property taxes, homeowners insurance and maintain the home, which is much easier to do without having to pay a monthly payment and having greater access to additional cash the reverse may provide.
The amount of money available is based on a formula (which is the same for everybody across the nation). The formula is based on the age of the youngest person on title, the appraised home value and the current interest rate environment when you obtain your Reverse mortgage. Your current mortgage balance will also matter in how much net proceeds may be available to you after your current mortgage is paid off. The best way to determine how much money you may receive is to review your specific circumstances with us so that we input these into each of our programs to determine the best Reverse for you and the amount of money possibly available to you at close.
While most programs require the oldest person to be 62 years old, we also have programs that allow the oldest person to as young as 55 years old. Spouses or others on title can be younger than these requirements and the final loan amounts will be based upon the age of the youngest person.
Yes you can! Because homes usually increase in value over time, formulas change and an older age may mean that more money is available. If you have a Reverse mortgage now (no matter who you got it from) the best way to find out if you can get more money is to call us and we will run through each of our programs to determine how much additional money you may receive by refinancing.
Most people find that the majority of their wealth is stuck in their home. The Reverse mortgage is a great tool to gain access to a portion of their equity to supplement and improve their cashflow during retirement. Additionally, we have identified several retirement strategies where properly using a Reverse mortgage will make a significant improvement in decreasing tax liability, safeguarding and improving other retirement savings and plans.
Reverse mortgages are available for any residential property of 1-4 units that is owner occupied. If more than 1 unit, the other units may be rented out and that rent continues to go to the property owner.
Your current mortgage will be paid off in full as part of this transaction, and no longer be active. You will receive proof of your current mortgage being paid off in full.
No. You may obtain a Reverse mortgage even if you currently have a 1st mortgage or 1st and 2nd mortgage.
A Reverse mortgage does not require a monthly payment but does charge you interest each month and adds this charge to your existing loan balance. Therefore your loan balance goes up over time.
You still own the home 100% and your heirs will still inherit your home with whatever mortgage balance you have at that time. Your heirs must settleup or payoff the mortgage balance because the Reverse is only good until the last person on title ceases to live in the home. Your heirs may refinance and obtain their own mortgage, they may pay it off in cash, and of course they can sell the home for whatever it is worth at that time, payoff the balance due on the Reverse and keep the proceeds from the sale.
We strongly recommend having your IT or dev team implement the iframe html code provided. This code is intended to be placed on a landing page hosted and maintained by your company.
A Reverse Mortgage is similar to any other mortgage you have ever had, with 2 exceptions: you are not required to make a monthly mortgage payment and may allow you to receive money which you can take monthly or have it there and ready whenever you may wish to take it.
They charge you interest on your outstanding balance, just as any other mortgage does (so it is not a ‘free lunch’) and keep track of what you owe. You are required to pay the loan back when the last person on title no longer lives in the property.
You still own the home 100% and will receive a monthly statement just like you do with any other mortgage. Your heirs will still inherit your home upon your passing, just like with any other mortgage. Along the way, you may sell or refinance your home at any time. Because it is still your home, you must continue to pay your property taxes, homeowners insurance and maintain the home, which is much easier to do without having to pay a monthly payment and having greater access to additional cash the reverse may provide.
The amount of money available is based on a formula (which is the same for everybody across the nation). The formula is based on the age of the youngest person on title, the appraised home value and the current interest rate environment when you obtain your Reverse Mortgage. Your current mortgage balance will also matter in how much net proceeds may be available to you after your current mortgage is paid off. The best way to determine how much money you may receive is to review your specific circumstances with us so that we input these into each of our programs to determine the best Reverse for you and the amount of money possibly available to you at close.
While most programs require the oldest person to be 62 years old, we also have programs that allow the oldest person to as young as 55 years old. Spouses or others on title can be younger than these requirements and the final loan amounts will be based upon the age of the youngest person.
Yes you can! Because homes usually increase in value over time, formulas change and an older age may mean that more money is available. If you have a Reverse mortgage now (no matter who you got it from) the best way to find out if you can get more money is to call us and we will run through each of our programs to determine how much additional money you may receive by refinancing.
Most people find that the majority of their wealth is stuck in their home. The Reverse Mortgage is a great tool to gain access to a portion of their equity to supplement and improve their cashflow during retirement. Additionally, we have identified several retirement strategies where properly using a Reverse mortgage will make a significant improvement in decreasing tax liability, safeguarding and improving other retirement savings and plans.
Reverse Mortgages are available for any residential property of 1-4 units that is owner occupied. If more than 1 unit, the other units may be rented out and that rent continues to go to the property owner.
Your current mortgage will be paid off in full as part of this transaction, and no longer be active. You will receive proof of your current mortgage being paid off in full.
No. You may obtain a Reverse mortgage even if you currently have a 1st mortgage or 1st and 2nd mortgage.
A Reverse mortgage does not require a monthly payment but does charge you interest each month and adds this charge to your existing loan balance. Therefore your loan balance goes up over time.
You still own the home 100% and your heirs will still inherit your home with whatever mortgage balance you have at that time. Your heirs must settleup or payoff the mortgage balance because the Reverse is only good until the last person on title ceases to live in the home. Your heirs may refinance and obtain their own mortgage, they may pay it off in cash, and of course they can sell the home for whatever it is worth at that time, payoff the balance due on the Reverse and keep the proceeds from the sale.
“A REVERSE MORTGAGE is far superior to a HELOCs for a number of reasons:
The rate cap on a Reverse Mortgage is as low as 5% over the start rate (currently that would top out at around 10-11%. A HELOCs can usually top out around 18-22% which is about double and could end up being extremely expensive.
A HELOCs has fine print that allows the lender to immediately revoke your HELOCs at any time. This can leave you stranded when you may need the money the most. The Reverse is much safer and not subject to be taken away as the HELOCs is.
You must make a monthly payment with a HELOCs, typically of interest only for the first 10 years, at which time the access to any credit line is closed and at the same time your interest only payment changes to interest and principal payments. This significantly increases your monthly payment while you lose access to any remaining amount at the same time.
Only a Reverse mortgage gives you the safety of not having to make a monthly payment. This is great amount of security and helps to ensure that you (and a surviving spouse) are in the very best retirement position possible both today and into the future. HELCOs may have some good uses, but it is a very poor choice during retirement and can get you into significant trouble and should be avoided.”
If you have questions please contact info@crossmarkfinancial.com / 866-897-0839
