HUD-Insured reverse mortgages For Seniors

Convert your Equity into

Tax-Free CASH or INCOME!

Dear Friend,

You may be like many seniors that find themselves in a situation where you are struggling to keep up with rising costs of gasoline, utilities, property taxes and insurance but yet you own a home that is either paid for or has a significant amount of equity. You have probably been in your home for years, have raised your family and have a lifetime of memories in your home thereby making the option of selling your home to realize the equity out of it not something you would consider.

A Reverse Mortgage may be a "best of both worlds" alternative. A chance to get some of the equity out of your home in order to help with your living expense or to meet an emergency or unexpected expenses, without giving up the ownership of your home and without the risk of losing your home.

I look forward to helping you with your mortgage needs.

Tom Carter, Certified Senior Advisor (CAS)
President,
Carter Lending

5960 Howdershell Rd
Hazelwood, MO 63042
(phone)314-731-2211
(toll-free) 888-560-2211

Contact Me Via Email

So what exactly is a Reverse Mortgage?

A "Reverse Mortgage" is a mortgage which enables you to withdraw some of the equity in your home in a manner that best suits your needs. The program we utilize is the Home Equity Conversion Mortgage (HECM) which is FHA's reverse mortgage program.

What are the requirements of the borrower to qualify for a Home Equity Conversion Mortgage (Reverse Mortgage)?

• Be 62 years of age or older
• Own the property outright or have a small mortgage balance
• Occupy the property as your principal residence
• Not be delinquent on any federal debt
• Participate in a consumer information session given by an approved Home Equity Conversion Mortgage counselor

What factors will determine what the mortgage amount is?

• Age of the youngest borrower
• Current interest rate
• Lesser of appraised value or the HECM FHA mortgage limit which is currenlty $625,500

What are the financial requirements?

• No income or credit qualifications are required of the borrower
• You don't make payments or any repayment as long as the property is your principal residence
• All costs of doing the HECM can be financed in the mortgage

What are the property requirements?

• Your property must be a single family home or a 1-4 unit multi-family as loong as you occupy one of the units
• Condominium as long as it is in a HUD-approved development
• Manufactured homes that meet FHA requirements

How does the program work?

If you are a homeowner 62 years of age or older and have paid off your mortgage or have only a small mortgage balance remaining, and are currently living in the home, you are eligible to participate in FHA's reverse mortgage program. The program allows you to borrow against the equity in your home. You can select from five different methods in order to receive the equity from your home:

• Tenure-equal monthly payments will be paid to you as long as at least one borrower lives and continues to occupay the property as a principal residence
• Term-equal monthly payments will be paid to you for a fixed number of months that you select
• Line of Credit-you receive payments when, and in the amount you wish, when you request them until the loan amount has been exhausted
• Modified Tenure-combination of line of credit plus scheduled monthly payments to you for as long as you remain in the home
• Modified Term-combination of line of credit plus monthly payments to you for a fixed number of months you select

Unlike ordinary home equity loans, a FHA reverse mortgage HECM does not require repayment as long as the home is your principal residence. Lenders recover their principal, plus interest, when the home is sold. The remaining value of the home goes to you or your heirs. You can never owe more than your home's value.