Kentucky Reverse Mortgage

When I contacted one of my Kentucky mortgage clients he was concerned about his adjustable rate mortgage going up. He was self employed and did not have enough income on his tax return to qualify for a regular mortgage. He had been told by other lenders that with the mortgage mess all underwriters now require proof of income. They wanted to see his last two years of tax returns. Since he was 62 years old I told him about options available with a reverse mortgage. I would not need proof of income since he would never be required to make a payment. The reverse is based on date of birth, value of your home, and interest rates. The reverse was perfect for his situation. We paid off a high interest rate loan and gave him peace of mind. Now he can continue to be self employed without worrying about money.

Clermont County Ohio Reverse Mortgage

When I was contacted by a couple east of Cincinnati in Clermont County, they knew exactly what they wanted. They wanted to meet face to face. He was old school and wanted to look someone in the eye. They talked to several national reverse mortgage lenders and everyone mailed him information. He used their quotes to test me. I drove to their home to meet with them. After showing them my proposal they signed and we closed three weeks later. The husband later told me our rate was identical and total closing costs were less than the other companies.

Columbus Ohio Reverse Mortgage

One example of a reverse mortgage I personally handled was a couple near Columbus Ohio. He planned on retiring soon and they wanted to reduce expenses. They had a small first mortgage and wanted some cash to replace the garage. They didn't want to have the additional expense of a payment. After researching the options available the couple decided on a reverse. I structured the reverse to payoff the existing mortgage, give them $15,000 cash after the closing, and leave $40,000 available on their line of credit. Now remember they won't have a mortgage payment and can live in the house as long as they like. When they both have moved out of the property or passed away all of the remaining equity goes to their heirs. As with all my clients in Ohio, Indiana, or Kentucky I can drive to meet with you face to face.

What is reverse mortgage counseling?

HUD requires that all people who want a FHA insured reverse mortgage must first complete counseling. The counseling can be completed over the phone or in person. The counselor will go over the terms, determine if you qualify, and answer questions. Typically the couseling is free. After completing the counseling you will receive a certificate in the mail. The certificate will need to be signed and sent in with your loan package.

Who would do a reverse mortgage?

Studies show just about anyone sixty two and older might do a reverse mortgage. Seniors of all income and asset levels are doing reverse mortages. They use the extra money for home repairs, paying off other debts, buying cars, or traveling. One couple wanted to buy a RV and travel at the same time while keeping their home, both without a monthly payment. It gives you peace of mind knowing you can stay in your home as long as you like without the financial burden of a mortgage payment.

What can I do with the money from my reverse mortgage?

You can do what ever you like with the money from your reverse. Some people want all the cash available after the closing. That is the lump sum option. Other people want a monthly check in their mail box. You an get a set amount for the rest of you life (called tenure) or a check sent every month for a certain amount of time. (that is known as term) Another option is a ine of credit to use when you like. David Viox can also design your reverse mortgage with a combination of all three.

Where do I find a reverse mortgage?

Through VanDykMortgage we compare the largest HUD insured reverse mortgage lenders in the country. Although most lenders have the same rates and costs, a small difference in terms can makes a big difference over time. David Viox will personally shop your reverse mortgage while educating you on the best terms for your situation. Being centrally located in Cincinnati Ohio David can meet face to face with anyone in Ohio, Indiana, or Kentucky.

What is a reverse mortgage?

A reverse mortgage is a loan for seniors 62 and older who want live in their home and convert some of the equity into cash. You have three different options or a combination of all three. You can get a lump sum of cash after the closing. You can have monthly payments for life or a set amount of time. Or we can set up a line of credit to draw at your will. All while living in your home without a mortgage payment. You can live in your home as long as you like without ever making a mortgage payment.

Will the bank take my home?

The home is always yours. Just like now, if you have a mortgage the house is yours. The bank has a lien on the house that must be paid off when you sell it. If the house is passed on to your heirs it is also the same. Your heirs have six to twelve months to decide what they want to do. They can put it on the market and sell, buy it themselves, or get a loan and pay off the reverse mortgage. The amount you owe is calculated the same way as if you had a regular mortgage.

When do I pay off my reverse mortgage?

If you move out for a year or no longer reside in the house the loan will need to be paid off. Your reverse mortgage is just like a forward in the sense that you pay it off when you move, sell, or transfer the deed. Just like with a traditional first mortgage you will have a payoff. But, as long as the house remains your (or your spouses) primary residence the loan remains open.