HECM reverse mortgages in Mahwah, New Jersey are still considered a loan, though the interest does not increase on the amount already disbursed. The decision to take reverse mortgage sounds very appealing but, is it the right one? You need to consider that the responsibility for taxes, insurance premiums and maintenance remains with you as the home owner.
HECM is used to get a new home. This may help you relocate to a more favorable address or acquire a house that is more usable or accessible to family members. You may also use it to acquire a house or property that best fits the needs of your family at the present or in future.
HECM is used to get a new home. This may help you relocate to a more favorable address or acquire a house that is more usable or accessible to family members. You may also use it to acquire a house or property that best fits the needs of your family at the present or in future.
What benefits do you get from HECM compared to other loans?
• The product is designed and guaranteed by the US federal government. This is an assurance that your rights as a borrower are adequately protected. The terms of borrowing will never be violated.
• The amount you receive is tax-free. Since this is a loan, you are not required to declare it as income during your annual filing. This increases your disposable income.
• Qualification is not based on income or credit. Many financial institutions will deny you cash based on your credit score and income available. This has locked many people from accessing finances. The criterion for HECM does not focus on this, which increases your chances of getting the funds.
• No monthly repayment. Though this is a loan, you are not required to make monthly repayments. In fact, by the time most contracts expire, there is still some equity left to revert to the estate.
• You still occupy the home. Despite receiving the money, you continue to occupy the home. You will not be charged any rent for using the property. This is, therefore, a win-win situation.
• The option of receiving lump-sum or monthly installments. You are at the liberty to negotiate with the lender so that your money is released in installments. This will suit the needs that drove you to take the reverse mortgage.
• It does not affect your medical benefits or social security. Your life continues normally, only with more money.
At the expiry of the contract, the remaining equity goes to family members or your estate. To get more information on HECM, contact a reliable consultant. Having a personalized package enables you to enjoy all benefits. Experts in HECM reverse mortgages in Mahwah, New Jersey will support you with information and evaluation to enable you to make an informed decision.
What benefits do you get from HECM compared to other loans?
• The product is designed and guaranteed by the US federal government. This is an assurance that your rights as a borrower are adequately protected. The terms of borrowing will never be violated.
• The amount you receive is tax-free. Since this is a loan, you are not required to declare it as income during your annual filing. This increases your disposable income.
• Qualification is not based on income or credit. Many financial institutions will deny you cash based on your credit score and income available. This has locked many people from accessing finances. The criterion for HECM does not focus on this, which increases your chances of getting the funds.
• No monthly repayment. Though this is a loan, you are not required to make monthly repayments. In fact, by the time most contracts expire, there is still some equity left to revert to the estate.
• You still occupy the home. Despite receiving the money, you continue to occupy the home. You will not be charged any rent for using the property. This is, therefore, a win-win situation.
• The option of receiving lump-sum or monthly installments. You are at the liberty to negotiate with the lender so that your money is released in installments. This will suit the needs that drove you to take the reverse mortgage.
• It does not affect your medical benefits or social security. Your life continues normally, only with more money.
At the expiry of the contract, the remaining equity goes to family members or your estate. To get more information on HECM, contact a reliable consultant. Having a personalized package enables you to enjoy all benefits. Experts in HECM reverse mortgages in Mahwah, New Jersey will support you with information and evaluation to enable you to make an informed decision.
