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Reverse mortgage calculator of texas professional#
Reverse mortgage calculator of texas free#

Talk to 7th Level Mortgage about your New Jersey, Pennsylvania, Virginia, New York, Delaware, Maryland, Florida, Tennessee, Oklahoma, Texas, Ohio, Georgia or Colorado Reverse Mortgage Loan today!Our Reverse Mortgage process is pretty straightforward and simple!ġ. The only requirements are that the home must be your primary residence, you must be at least 62 years old, and you must have sufficient equity in your home. Unlike traditional “forward” home loans or second mortgages, there are currently no income or credit requirements.

live more comfortably with no monthly mortgage payments.allow them to afford and continue to own their own home.gain relief from the stress of monthly bills or increased medical expenses.

pay off their current mortgage (if they have one) and use any remaining tax-free cash for anything.

Also known as a HECM (Home Equity Conversion Mortgage) is a financial tool that was created specifically for homeowners 62 or older to allow them to: Interested in a reverse mortgage in New Jersey, New York, Pennsylvania, Virginia, Delaware, Maryland, Minnesota, Colorado, Florida, Tennessee, Oklahoma, South Carolina, Texas, Ohio, Connecticut and Georgia? Ask one of our NJ Reverse Mortgage specialists about our Reverse Mortgage program for seniors.

You must receive consumer information from a HUD-approved counseling source prior to participating in this program.

Although your mortgage and other debts are paid off, you still are required to pay your real estate taxes and other conventional payments like utilities for as long as you own your home.

The amount of money available to you is based on the value of your home and your age.

Your home must be your primary residence.

This HUD program is limited to homeowners age 62 and above.

These funds are limited and may not be available in the future.

Program funds are authorized by Congress annually.

There are no restrictions on the use of your money.

Reverse mortgage calculator of texas free#

This money is tax free and it does not affect your Social Security, Medicare or private retirement benefits. This federally insured program allows you to receive up to $400,000 in one lump sum payment or as monthly payments for the rest of your life.This includes credit cards, auto loans and any other debts you may hold. All of your other debts can be paid off immediately.In addition, you can still pass your home on to your children and/or beneficiaries. Your home is secured by Federal law and you and/or your spouse can stay in your home for the rest of your live(s). You will no longer have any mortgage payment. Your current mortgage will be paid off.You may be eligible for this Federally Insured HECM Program from 7th Level Mortgage, LLC. There are no minimum income or credit requirements to participate. This HUD program is designed to benefit seniors age 62 and above with their financial needs. Department of Housing and Urban Development (HUD) Home Benefit Program, reverse mortgage loan. You may be eligible to participate in the U.S. Mutual of Omaha Mortgage does not guarantee any of the information obtained by this calculator.Get A Reverse Mortgage Loan NJ, NY, PA, VA, DE, MD, MN, CO, FL, TN, OK, SC, TX, OH and GA Today!įederally Insured Benefit HECM (Reverse Mortgage loan) Program Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator.

This calculator does not have the ability to pre-qualify you for any loan program.

Reverse mortgage calculator of texas professional#

Be sure to consult a licensed reverse mortgage professional prior to relying on the results. The default figures shown are hypothetical and may not be applicable to your individual situation. The information provided by this calculator is for illustrative purposes only and accuracy is not guaranteed. This calculator will then present you with an estimate when it comes to what you may qualify for. Simply provide an estimate of your homes current value, what you owe on the home of your remaining mortgages (1st and 2nd if applicable) as well as the age of the youngest borrower on title. This calculator was designed with ease of use in mind.