Reverse Mortgage Fast Facts
1.- At least one of the borrowers must be 62 years
and older
2.-No repayment is made until the home is sold or the owner
3.-permanently moves
out or passes away
4.-You will never owe more than the value of your home (This is a non-recourse
loan program)
5.-No income qualification, no credit qualification, no employment qualification
6.-Interest
is paid at the time the loan is repaid
7.-When the loan is due, your heirs have choices - they can repay
the loan and keep the house, or sell the home and repay the loan.
8.-Social Security benefits and
Medicare are generally not affected by a reverse mortgage - consult your tax advisor.
9.-You own your home and
title stays in your name
10.-Interest rates are adjustable and can change periodically
11.-Closing
costs and fees incurred can be financed as part of the loan; there is zero to minimal out of pocket costs to you
12.-All closing costs are
regulated by FHA-HUD
Receiving your Reverse
Mortgage Proceeds
1.- All at once, in a single lump sum of cash.
2.- As a regular monthly cash annuity
3.-As a “credit line”
account that lets you decide when and how much of your available cash is paid to you.
4.- Or As a combination of these payment methods.
No matter how this loan is paid out to you, you
don’t have to pay anything back until you pass away, sell your home, or permanently move out of your home.
Retirement
should be a time for Enjoyment. Reverse
Mortgages are designed to help you achieve your goals by providing you extra tax-free cash flow to live your retirement years
without the stress of worrying about money. If you own your home, a reverse mortgage may be right for you.
Our Reverse Mortgage Consultants, are here to help answer any questions and assist you through the process. We will
gladly prepare a free analysis and loan comparison for you with no obligation
or restrictions.
Reached your CONSULTANT...
OEO LENDING CORP.
Mia/Rep: HECTOR
A SAENZ SR. MTG/BKR
CALL OUR MORTGAGE DEPARTMENT TOLL FREE: 1-800-465-8317
eCell: 1-786-273-8761 / FAX: 1-877-204-7753 or
ASK FOR HECTOR A. SAENZ SR.
