Find Out if A Reverse Mortgage is Right For You
Talk with a reverse mortgage specialist now!
How Reverse Mortgages Work
Your home is your greatest asset. Why not use the equity from your home to increase your cash flow?
A reverse mortgage is also known as a Home Equity Conversion Mortgage (HECM).
The program was created by the Federal Housing Administration (FHA) specifically to help homeowners, aged 62 years and older. A HECM can provide seniors the means to enjoy home ownership through retirement.
It may help reduce financial stress by using the equity from the home to eliminate monthly mortgage payments.
The funds from a reverse mortgage loan can help seniors supplement retirement income, pay off debt, pay for medical care and in-home services, make home improvements and repairs, or simply pay for daily living expenses.
Because there are many factors to consider before deciding if a reverse mortgage is right for you or your aging parents, it’s important to find an honest mortgage lender to help you fully understand the benefits and risks of this type of loan.
On Q Financial Reverse Mortgage Consultants advocate for you and take your financial needs into account to find the best path for your financial retirement objectives.
It’s time to take charge of your future and live your dream because this is your life.
Loan Proceeds From a Reverse Mortgage
Perhaps the best part of a reverse mortgage is that there are no house payments to pay out each month.
Instead, the lender makes payments to the borrower against the equity of the home until the property is sold, or the homeowners move or pass away.
Here are some options for how loan proceeds from a reverse mortgage can be distributed:
A lump sum of cash at closing*
Equal monthly payments as long as the homeowner lives in the home
Equal monthly payments for a fixed period
Growing line of credit that the homeowner may draw any amount at any time until the line of credit is exhausted
Or any combination of the above
With a reverse mortgage home loan the amount is determined by a formula that considers the borrower’s age, current interest rate, and the lesser of the appraised value of the home, sale price or lending limit.
"A few years ago I was living in a house that did not suit my needs. With the assistance of Samantha Alspaugh, I signed up for my first Reverse Mortgage line of credit. Using this relatively low interest loan for construction funds enabled me to build a new house appropriate for my stage in life.
When my new house was completed, I sold the prior house and paid off my first Reverse Mortgage. I moved into my new home and then contacted Samantha for my second Reverse Mortgage Line of credit. My new home has some title and ongoing quirks. In spite of these issues a determined Samantha stuck with it and ultimately arranged my second Reverse Mortgage Line of Credit.
I first used this loan as a bridge loan, then I paid it almost off (not quite zero to keep the loan open). Now thanks to the financial flexibility offered by a Reverse Mortgage Line of Credit, I live in my dream home debt free and watch the line of credit funds available to me increase on a regular basis. Most importantly, I have peace of mind knowing that I have emergency funds available to me anytime just a phone call away.
Life is good"
"I am very grateful to have been able to work with you and your associates in obtaining a reverse mortgage. My financial planner said that I was the perfect candidate and recommended using you to expedite everything. It went very smoothly and my income stream provided a preservation of my portfolio which has eased my mind. Thank you so much."
"Thank you for taking care of this for my mom, this is just what she needed to give her some financial breathing room."
"We selected On Q Financial Services after a recommendation from our financial advisor. We received a thorough education in not only the process but the important nuances that should be considered before making a final decision. On Q respected our need for detailed communication and also provided an understanding and insight into the process. We look forwards to recommending On Q Financial Services to our professional and personal associates, not only for your firm’s expertise but more importantly, the terrific personnel with whom we dealt along the way."
"It is never too early to think about your future financial security and retirement. Many couples and single citizens have seen their financial security reduced or lost, either due to financial down fall, job loss, or issues. Please do not be afraid to look at a Reverse Mortgage. Getting a reverse mortgage was a lifeline for me. It allowed me to stay in my home, pay off some debt. It gave me a peace of mind that the title to my home remains in my name. My reverse mortgage specialist Shari Crook, was very informative, courteous and professional. She made getting the Reverse Mortgage as satisfactory as one could expect. With my grateful thanks and appreciation to Shari and her staff."
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