Farris Mortgage

REVERSE MORTGAGE

INNOVATIVE PROGRAM PROVIDES FINANCIAL SECURITY TO SENIORS

All across the country, homeowners over the age of 61 are enjoying financial security through participation in the FHA-Insured reverse mortgage program. This innovative program allows homeowners to draw tax-free income from their home equity without requiring monthly repayment. No longer do older homeowners need to compromise their standard of living in order to keep up with rising expenses.

For many Americans, the “golden years” are not very golden. Health care costs, home maintenance expenses and property taxes keep going up! For someone on a fixed income, it’s often a challenge to keep up with the pace. Now, thanks to the support of your elected representatives and with the backing of the U.S. Department of Housing and Urban Development (HUD), the reverse mortgage program provides a way to supplement their income.

A reverse mortgage is a safe financial alternative enabling older homeowners to remain in their homes for years and enjoy a secure retirement. Reverse mortgages enable older homeowners to access built up home equity in their home with repayment of the loan deferred until they no longer live in the home. Proceeds from the program are tax-free and can be received monthly in cash or a credit line can be established.

Historically, income qualifications have prevented many older adults from qualifying for traditional loans. Until recently, many of these homeowners were forced to sell their homes and move in order to cover their expenses. The reverse mortgage program does not have any income, asset, credit or employment standards.

While there is no restriction on the use of the money, quite often the cash is used to payoff a current mortgage, to pay off some credit cards, to pay the property taxes and insurance, and, of course, to travel.

Seniors often worry that the expenses of homeownership will force them to lower their standard of living. This is a choice that older homeowners should not have to make. With the reverse mortgage program, participants now have access to additional cash resources without having to use their fixed monthly income.