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Reverse Mortgages

What is a Reverse Mortgage?

 

A reverse mortgage is a mortgage that enables elder homeowners (62 and older) to convert part of the equity in their home into tax-free cash without having to sell the home, give up title, or take on a new monthly mortgage payment. With a reverse mortgage the payment stream is “reversed.” Instead of your making monthly payments to a lender, as with a traditional mortgage, a lender makes payments to you. 

 

It's simple. With a traditional mortgage you make monthly payments and your loan balance slowly decreases.  With a reverse mortgage, you receive monthly payments and your loan balance slowly increases. Yes, you still remain on title.  No, you are not signing your home over to the bank. It’s simply a lien against the property, just like any other mortgage. 

 

The program was created to help you remain in the comfort of your home as long as you choose. If you choose to sell your home, the proceeds from the sale are used to pay off the loan balance and the remaining equity is yours to keep. If you should pass, your estate will be settled in the normal way with the property being passed on in accordance with your wishes or in the absence of a Will, as the law provides. Your heir, charity or other recipient of the property can refinance out of the reverse mortgage, pay off the loan and retain the home for their use. Alternatively, they can sell the home, pay off the reverse mortgage with the sales proceeds and keep the remaining sales proceeds to use as they desire. Best of all, you can never owe more than the property is worth.

 

Reverse mortgages make the most of the equity you have acquired in your home. Instead of making monthly mortgage payments, you receive them. This popular home loan allows senior homeowners age 62 and older to borrow against the equity established in their home.

 

  • Turn your home's value into cash without moving
  • Closing costs and other fees can be paid with loan proceeds
  • Use cash for any purpose
  • No monthly checks (You must continue to pay property taxes and homeowners insurance and keep up with the maintenance of your home.)
  • Title to the home remains with the borrower
  • A reverse mortgage could help you avoid foreclosure, pay high medical bills, or just increase your income
  • Homeowner must pay insurance and taxes, live in and maintain the home.

 

Our mission at Vanguard Funding LLC is to be the best and most respected lender of reverse mortgage products and services to the seniors who choose us. We are both a direct mortgage and a reverse mortgage lender. Our highly trained and experienced Reverse Mortgage Professionals will guide you throughout the process.

 

For further information about reverse mortgages please contact:

 

Robert Jayne

Vice President

Certified Reverse Mortgage Professional

NMLS#3378

Vanguard Funding LLC

300 Garden City Plaza Suite 170 | Garden City, NY 11530

Direct: 516-824-3262| Fax: 516-908-4373

Rjayne@vanguardfunding.net

Vanguard Funding LLC, NMLS# 2675
300 Garden City Plaza, Garden City, NY  11530
Toll Free:  (877) 881-0010
Office:  (516) 403-9100
information@vanguardfunding.net
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NY – Licensed Mortgage Banker: New York State Department of Financial Services, License # LMBC No:107065
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