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    "Reverse Mortgage Originator: Scott O'Connell" Call: (209) 434-8333 or (775) 204-3390
    NMLS 1537122

    It takes money to maintain a long, comfortable and financially secure retirement. But you don’t need to count your penny’s and sacrifice the lifestyle you want. The solution is right under your roof! Give us a call and we will educate you on reverse mortgages. With a good understanding, you can make good decisions.

    What is a HECM Reverse Mortgage?

    What is a HECM Reverse Mortgage? It is home loan designed for older homeowners. It allows borrowers to tap into the equity in their home without having to make monthly mortgage payments. Simply put, it is a deferred payment loan.  Commonly known as the Home Equity Conversion Mortgage (HECM) it is insured by the FHA through the Department of Housing and Urban Development (HUD). The loan balance is repaid when the last remaining homeowner leaves the home permanently, sells the property or passes away. Homeowners maintain title and continue to pay their own property taxes, homeowner’s insurance and keep up the maintenance of the property. Just like regular mortgages, the reverse mortgage lender has a lien against the home. To be eligible, at least one borrower must be age 62 or older, must have title to the home and significant equity or the ability to bring in funds to create enough equity and the home must be the principal residence. With the HECM for Purchase program, equity is generated by bringing funds to closing. Eligible properties include Single Family Residence, 2-4 unit properties, townhouses, condos that meet the FHA spot condo approval and manufactured homes that meet FHA requirements including an acceptable foundation report.

    Home equity is often the most valuable asset for most Seniors and Boomers. By tapping into home equity and receiving tax free funds to boost retirement income, homeowner’s are able to live a more comfortable and financially secure lifestyle.

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