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A HOME EQUITY CONVERSION MORTGAGE LOAN: HOW MUCH CAN YOU QUALIFY FOR?
A Home Equity Conversion Mortgage (HECM) calculator is a useful tool for homeowners who are considering a reverse. With this calculator, you can estimate how much money you may be eligible to receive from a reverse mortgage, based on your age, home value, and other factors. This can help you make an informed decision about a reverse mortgage is right for you.
Loans Options Available
A reverse mortgage loan is a unique loan that allows homeowner(s) 62 years of age and older to draw on the value of their home, which is paid to the homeowner(s) in a variety of payout options. HECM (Home Equity Conversion Mortgage), is the most common type of reverse mortgage one aspect of this loan is that it does not require repayment until the homeowner(s) no longer reside in the residence, the last surviving borrower passes away or does not comply with the loan obligations such as paying property taxes and insurance, and maintaining the property to FHA guidelines.
Most but not all reverse mortgages are Home Equity Conversion Mortgages – HECMs and are only available through an FHA-approved lender. This advertisement talks about HECM loans only.
Download a FREE Home Equity Conversion Mortgage loan Information Kit
Like most Americans, you have probably been working years to build up the equity in your home. Why not let your home equity work for you! Download our FREE Reverse information kit and see if a Reverse Mortgage Loan is right for you!
What You'll Learn:
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What a Reverse Mortgage is and How Much You Could Qualify For
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The Most Common Uses of A Reverse Mortgage
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The Financial Power of a HECM Line of Credit
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How to use a Reverse Mortgage Loan to purchase your retirement home
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Would you like to remain in your home for as long as possible with no monthly mortgage payments, only paying taxes and insurance (and homeowners association dues, if applicable), and maintaining your home?
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Would you like to potentially have extra cash to spend as you please?
Register for one of our no-obligation informational seminars, we'll share important details about today's Reverse Mortgage Loans.
You’ll learn how this loan can help you:
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Convert a portion of the equity in your home into tax-free* cash to pay your bills and enhance your cash flow during retirement.
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Pay off your current mortgage (if you have one) provided the borrowing limit is high enough while retaining ownership of your home during the life of the loan.
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According to the U.S. Department of Housing and Urban Development, more than one million households are using an FHA-insured HECM reverse mortgage.
If you are a financial planner, realtor, or other professional interested in learning more about how a Reverse Mortgage Loan can help your client?
Register for one of our LIVE webinars or join our professional community and receive access to our ON DEMAND webinars and informational materials.
What to Expect at your First Reverse Mortgage Loan Appointment
Step 1
Get Acquainted
We’ll talk about you, your home, family, finances, assets, income in retirement, etc.
Step 2
Qualify
We’ll conduct a brief financial assessment; determine your and your home’s eligibility; and ensure that property taxes, homeowners insurance have been paid and are current.
Step 3
Loan Options
We will spend time discussing three different scenarios for your unique situation. A numbers analysis will indicate what options fit your needs and goals. Each loan option will be thoroughly explained so you have enough information to make a good decision.
Step 4
Ask Questions
We will take time to help you answer some important questions:
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It a reverse mortgage loan the right product for you?
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Is Fairway Mortgage the right company?
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Is your reverse mortgage loan specialist the right professional for you?
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Is this the right time for you to pursue a reverse mortgage loan?
Step 5
Talk About Retirement Hopes & Dreams
We will take some time to discuss your retirement plans and future.
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What are some of your retirement goals?
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How could accessing your home's equity help you to better your life and/ or plan for your future?
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Where would you like to live or what changes in your home could make it more comfortable?
Step 6
Next Steps
Once we know that a reverse mortgage loan is a right path to take, we will talk about and begin planning for your next steps in the process.
FIRST APPOINTMENT
Educational Materials & Blogs
At Fairway Reverse Mortgage you can find out more about what a reverse mortgage loan is and if one is a good fit for you and your family. Our blog is full of resources to help you navigate the path from evaluation to the reverse mortgage loan process to the final funding stage. We are here to help you!
Contact Us
Fill out the form below to request more information and to see if a Reverse Mortgage Loan will work for you! We will send you an email with some information about Reverse Mortgage Loans and send you news, updates and let you know when events are located in your area!
Download the Fairway Now App
The FairwayNow app is a mobile application that helps loan officers enhance relationships, stay ahead of the competition and close loans faster! Loan officers stay front and center with individually branded apps. FairwayNow facilitates communication with the borrower and Realtor®, and provides a variety of tools aimed at making the process easier and quicker for everyone involved.
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