• Home
  • HOW DOES IT WORK?
  • HOW DO I QUALIFY?
  • DETERMINING YOUR NEEDS
  • ABOUT JAMIE
  • More
    • Home
    • HOW DOES IT WORK?
    • HOW DO I QUALIFY?
    • DETERMINING YOUR NEEDS
    • ABOUT JAMIE
  • Home
  • HOW DOES IT WORK?
  • HOW DO I QUALIFY?
  • DETERMINING YOUR NEEDS
  • ABOUT JAMIE

IN GOD WE TRUST

HOW DO I QUALIFY?

  

The amount of money you can get from your home varies for every borrower and depends on the following factors:

 
 

● Age of the youngest borrower or eligible non-borrowing spouse.

● The current interest rate plus the margin set by the lender.

● Lesser of appraised value or the FHA lending limit of $822,375.

● Your current mortgage balance and/or any outstanding liens.

There are several ways you can choose to receive payments from a reverse mortgage. Here are the different options:

For adjustable interest rate mortgages, you can select one of the following payment plans:

 
 

● Tenure:equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.

● Term:equal monthly payments for a fixed period of months selected.

● Line of Credit: unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.

● Modified Tenure: combination of line of credit and scheduled monthly payments for as long as you remain in the home.

● Modified Term: combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

For fixed interest rate mortgages, you will receive the Single Disbursement Lump Sum payment plan:

 
 

● Single Disbursement Lump Sum: a single lump sum disbursement at mortgage closing

1-800-968-3762

29221 Heathercliff Rd Suite 6

Malibu, CA 90265

 - All Rights Reserved.


Powered by GoDaddy