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Local Voices

Reverse Mortgages

Rob Shea, Neighbor

Northeast Financial- Reverse Mortgages

Reverse mortgages were originally designed so that seniors who own their homes or have considerable equity in their homes can free up cash for living expenses without selling their homes.

Northeast Financial Mortgage offers reverse mortgages for senior citizens in Connecticut. Unlike a traditional mortgage that you pay on every month a reverse mortgage can give you a lump sum or make payments to you each month. You can choose the method of payment for whatever suits your needs. We offer reverse mortgages that require no repayment as long as your home is your principal residence and you maintain the property. All property taxes and hazard insurance must be kept up to date. If you were to pass away, the loan is due, but the amount due will always be the lesser of your loan balance or the market value of your home. Even if the amount owed exceeds the value of your home you or your heirs will never owe more than the value of your home. All proceeds in excess of what you owe belong to your estate., which means the remaining equity in your home can be passed on to your heirs.

Unlike the loan balance of a conventional mortgage, which becomes smaller with each monthly payment, the loan balance of a reverse mortgage grows larger over time.

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If you own your home free and clear or if you have very little mortgage principal oustanding, a reverse mortgage may be a good option for you.

 

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Borrower Requirements:-62 Years of age or older
-Own a property
-Occupy the property as a primary residence

 

Payments Options:-Lump Sum
-Regular monthly payments as long as at least one borrower lives and occupies your home
-Regular monthly payments for a fixed period of time
-A line of credit paid at your discretion

 

Before you can close on a reverse mortgage you will be required to take counseling at the local office of the US Department of Housing and Urban Development (HUD) or a HUD approved housing counseling agency. This is a free service of HUD and it will give you a good education regarding the various types of reverse mortgages and whether a reverse mortgage is right for you.

 

Rob Shea 

Senior Loan Officer

Northeast Financial

210 South Main St. 1st Flr

Middletown,Ct 06457

860-324-6265

203-413-6240 (fax)

NMLS # 899445

rshea@northeast-mortgage.com

http://www.northeast-mortgage.com/

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