Reverse Mortgages are an excellent way to access the equity in your home to pay off your existing mortgage and enjoy financial stability for your retirement years. You can use your proceeds for anything you want to; home improvements, pay bills, reduce debt or buy gifts for grand children.
With a reverse mortgage, you continue to own your home, with no monthly payments. This program, guaranteed by the Federal Housing Administration and funded by Fanny Mae, is a safe solution for your needs. With this FHA regulated program you are required to receive free independent counseling and provide a certificate of completion for your approved mortgage lender.
Frequently Asked Questions:
Q: What happens to my house when I pass away?
A: If your spouse is listed on the title to your home, he/she can continue to reside in the home and receive the benefits of the reverse mortgage. If you do not have a surviving spouse, all equity remaining in the home will pass to your heirs. Your heirs can choose to sell the house or keep the home and apply for a traditional mortgage to finance the outstanding balance. The lender will work with your heirs to help them decide how to proceed.
Q: Will I continue to own my home?
A: Yes. You still own your home since you retain the title. Like conventional mortgages, as long as you continue to live in your home, keep up repairs, pay property taxes and maintain homeowner's insurance, you can stay in your home as long as you choose.
Q: Do I need to make any ongoing payments?
A: No. Unlike traditional mortgages or home equity lines of credit, you do not need to make mortgage payments.
Q: What are my-of-pocket expenses associated with applying for a reverse mortgage?
A: Absolutely none! All closing costs can be financed with the proceeds from the reverse mortgage.
Q: Are there any income requirements?
A: No, unlike a home equity line of credit, there are no income requirements. Credit is not an issue either. The only financially related requirement is that you cannot owe the federal government money. Otherwise, the mortgage is based on the equity in your home and your age.
Q: Do I lose any of my federal benefits by selecting a reverse mortgage?
A: Social Security and Medicare benefits are not affected. Supplemental Security Income (SSI) and Medicaid are not affected either, as long as all monthly advances are fully spent each month. Financial Freedom Senior Funding Corporation is happy to assist you in selecting the plan that will work best for your financial needs.
Q: Can I pay back the equity I've borrowed?
A: Yes. At any time you choose to increase the equity in your home, you can do so by paying all or a portion of your reverse mortgage.
Ted Lewicki, president of Pillar Mortgage Corporation, specializes in reverse mortgages and financial planning for seniors. Ted offers a unique plan called the senior care package which includes financial planning for long-term care. Find out more and fill out a preliminary reverse mortgage application at http://www.pillarmortgage.com/
Contact:
Ted Lewicki
Pillar Financial Corporation
3129 Dixie Hwy
Waterford, MI 48328
Phone: 248-674-8171
Email: tlewicki@pillarmortgage.com
Website: http://www.pillarmortgage.com/
Servicing: Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak,
Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom
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Pillar Financial Corporation offers more than just mortgages. We offer assurance through finance, investment and retirement product-solutions that can help make sure things you expect to happen, will.
