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  • Reverse Mortgages
    • Are All Reverse Mortgages HECMs?
    • How It Works
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    • The Reverse Mortgage Process
    • Top 10 Reverse Mortgage Questions
    • Reverse Mortgage Myths
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    • Intro to Reverse Mortgages
    • History of Reverse Mortgages
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    • Seniors
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Reverse Mortgage Myths

Reverse Mortgage Myths
  • You immediately sign over ownership to your home
  • It’s only for broke people
  • It’s free money
Reverse Mortgage Facts
  • You retain title to your home as long as you meet the loan guidelines & requirements such as: maintaining the property, paying all property charges such as property taxes, homeowners insurance, flood insurance, and homeowners association dues (if applicable), and avoiding extended absences from the home longer than six months.*
  • Many retirees use a reverse mortgage.
  • It’s a specialized loan. However, program rates, fees, terms, and conditions are not available in all states and are subject to change.
  • Failure to comply with the loan terms could result in a foreclosure.*
  • Reverse mortgages that are FHA-insured (Home Equity Conversion Mortgages) are insured by the Federal Housing Administration providing protection for both borrowers and lenders.

 

* There are some circumstances that will cause the loan to mature and the balance to become due and payable.* The borrower is still responsible for paying property taxes, homeowner’s insurance and maintaining the property to HUD standards. Failure to do so could make the loan due and payable.* Credit is subject to age, income standards, credit history, and property qualifications.* Program rates, fees, terms, and conditions are not available in all states and subject to change.* Borrowers should seek professional tax advice regarding reverse mortgage proceeds. 

How Does It Work?
Learn how a reverse mortgage could provide you more cash.
How It Works
What Do Family Members Need To Know?
Get informed about how everyone is affected by a reverse mortgage.
Adult Children
How Much Can You Get?
Use our free calculator that will help you see how much you could qualify for.
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Is It Right For You?
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NMLS#: 400261
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CRMP Affiliation Equal Housing Lender Affiliation

This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

Jeff Flanery, CRMP
NMLS #400261
Phone: (612) 240-9517
Work Phone: (952) 486-6114
Cell Phone: (612) 240-9517
Cambria Mortgage

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  • About Me
    • About Me
    • Disclosures & Licensing
  • Reverse Mortgages
    • Are All Reverse Mortgages HECMs?
    • How It Works
    • FAQs
    • HECM For Purchase Guidelines
    • The Reverse Mortgage Process
    • Top 10 Reverse Mortgage Questions
    • Reverse Mortgage Myths
    • Reverse Mortgage Resources
    • FHA-Insured
    • Choosing a Loan Originator
    • Intro to Reverse Mortgages
    • History of Reverse Mortgages
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors