|
A reverse mortgage is a unique financial tool that lets homeowners 62+ years of age use the equity they have accumulated in their homes by turning it into extra cash or monthly income with no re-payments. By converting equity into income, a reverse mortgage can give you cash for any purpose– whether you want it for living expenses, paying off existing debt, healthcare, learning new skills, getting a college degree, or even seeing the world with family and friends. And best of all, you retain the title and remain living in your own home!
 Facts About Reverse Mortgages:
• You must be a homeowner 62+ years of age
• You own your home and retain the title
• You can live in your home for as long as you choose
• No repayment is made until the home is sold, or the owner permanently moves out or passes away
• You will never owe more than the value of your home
• No income, credit, or employment qualification
• Interest is paid at the time the loan is repaid
• When the loan is due, your heirs have choices — they can repay the loan and keep the house, or sell the home and repay the loan
• You can fund estate taxes and maximize legacy asset transfer*
• Social Security benefits and Medicare are generally not affected by a reverse mortgage; however, please consult appropriate government agencies regarding your situation
• Closing costs can be financed as part of the loan
A reverse mortgage offers you these benefits:
• Eliminates existing mortgage payments
• Delivers increased tax-free monthly income
• Provides a cushion against unexpected expenses
• Allows for long-term care or home healthcare planning
• Unlocks money to fund home repairs or renovations
• Establishes a financial resource to help grandchildren or loved ones
• Reduces or could even pay off debt
• Enables you to keep the title and live in your home for as long as you choose
• Helps you to remain financially independent
• Gives you more options as an estate planning tool that can fund estate taxes, maximize legacy asset transfer, and pay for healthcare
• Provides the security of a U.S. Government Guarantee
*Consult your tax advisor.
|
Gateway Funding Diversified Mortgage Services L.P. NMLS #1071 d/b/a Arlington Capital Mortgage is licensed by the PA Dept of Banking; Licensed by the Dept of Corporations under the CA Residential Mortgage Lending Act; Licensed by the CT Department of Banking; Licensed by the Delaware Office of the State Bank Commissioner; Correspondent Mortgage Lender License in FL (CL0701952) GA Residential Mortgage Licensee (#15499); Licensed Mortgage Lender in MD (5769); Licensed by the NJ Dept of Banking & Insurance; Licensed Mortgage Lender NC (ML-3443); Gateway Funding d/b/a Arlington Capital Mortgage is exempt as a mortgage banker in TX. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation, Rates, Terms, Fees and Equity requirements are subject to change without notice. Products and programs are subject to change without notice.