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Is A Reverse Mortgage Right For You?

Get a FREE quote on A Reverse Mortgage & find out how much you qualify for!

Reverse Mortgage

 

What a reverse mortgage can do for you

  • A reverse mortgage can pay off your existing mortgage, leaving you with more money each month.
  • You still own your home and you remain on title.  The bank DOES NOT own your home.
  • You can use the money to fulfill an immediate need or to use in the future.

You are still responsible for paying property taxes, homeowners insurance, and HOA if any.

Benefits of Getting Your Reverse Mortgage With Emmett Dempsey

  • Personalized service from one of Florida’s top rated lenders.
  • Balance of online tools and technology with a human client touch.
  • Clarity of mortgage options and financial benefits through a Mortgage Coach Total Cost Analysis.
  • Continued Annual Reviews of your mortgage and personal finances.

Learn more about the reverse mortgage:

Reverse mortgage qualification requirements

  • You must be a homeowner who is at least 62 years old.
  • You can own your home free and clear or still have an existing mortgage on the home.
  • You must have enough equity in the home.

How a reverse mortgage works

  • You borrow money based on value of your home, your age, and current interest rates.
  • The loan will first pay off your existing mortgage (if you have one). The rest of the money is yours to use however you want.
  • You can make payments if you want, but it is not required.
  • You can choose to receive your proceeds in the form of a lump sum, monthly payments, a line of credit, or any combination of the three.
  • You are still responsible for paying property taxes, homeowners insurance, and home maintenance costs.

Reverse Mortgage Products:

Fixed rate

  • The fixed rate loan has an interest rate that does not change. The rate is locked in at the time of closing and will remain the same throughout the life of the loan. The fixed rate option pays one lump sum amount.

Adjustable rate

  • The adjustable rate loan has an interest that changes throughout the life of the loan. Clients may receive their proceeds in the form of one lump sum, monthly disbursements, a line of credit, or any combination of the three.

The reverse mortgage line of credit as a retirement tool

  • The line of credit is an adjustable rate loan.
  • Available funds in the line can grow in value over time.
  • You can live off funds from the line of credit while allowing other retirement assets more time to grow in value.
  • The line of credit gives you the flexibility of a traditional home equity line of credit (HELOC) without the monthly mortgage payment. However, you are still required to pay your property taxes, homeowners insurance, and property maintenance costs.

Purchase

  • The reverse mortgage for purchase allows you to purchase a home with a reverse mortgage and not make a monthly payment for as long as you live in the home.

Reverse Mortgage

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