Tim Murphy | Mortgage Loan Originator | NMLS# 1508452
Reverse Mortgages
A Home Equity Conversion Mortgage (HECM), or more commonly know as a Reverse Mortgage, is the powerful refinancing tool for adults 62 years old or older who own their home. A Reverse Mortgage can be an addition to your retirement income, support Aging in Place, cover Health Care Cost, and even help you Purchase a New Home.
To discuss your Reverse Mortgage options -- Call Tim Murphy Today: 843-471-1740 | Mortgage Loan Originator NMLS# 1508452
Cover your Health Care Cost with a Reverse Mortgage
Use Your Home Equity To:
-
Cover personal care at home on a short or long-term basis
-
Cover large medical bills
-
Make home modifications for safety and accessibility
-
Secure quality medical equipment necessary for your comfort
-
Purchase vehicle modifications for the mobility impaired
Support Your Retirement Income with a Reverse Mortgage
Use Your Home Equity To:
-
Pay off existing mortgage, monthly bills to increase cash flow
-
Replace taxable withdraws from 401(k) or other retirement plans with tax-free reverse mortgage proceeds
-
Take that dream vacation
-
Establish a line of credit for emergencies or occasional expenses
-
Help a child or grandchild with major expenses like a down payment on a home or college tuition
Age in Place with
a Reverse Mortgage
Use Your Home Equity To:
-
Eliminate your monthly mortgage payment while retaining ownership of your home
-
Make needed home repairs or modifications to live more comfortably
-
Fund short-term or long-term in-home health care
-
Have a line-or credit for emergencies or occasional expenses.
Purchase a New Home with a Reverse Mortgage
Use Your Home Equity To:
-
Purchase a home with no monthly mortgage payments
-
Downsize, upsize, move closer to family, or finally buy your dream home
-
Preserve more savings and retirement assets
-
Improve cash flow for unexpected expenses or new adventures
-
Typically requires a larger down payment than traditional mortgages
Key Advantages
to any Reverse Mortgage
01.
-
With a Reverse Mortgage Line of Credit, the unused amount in your credit line actually grows over time giving you access to more available funds.​
02.
No monthly payment is required with a Reverse Mortgage. However, it has a flexible repayment feature: you decide how much or how little to pay each month toward principle and interest if you so choose.
03.
A Reverse Mortgage cannot be canceled or reduced, as long as you meet your ongoing obligations and live in the home as your primary residence. The Borrower is responsible for for paying property taxes, insurance, HOA Fees and maintain the property.
04.
With an FHA-insured Reverse Mortgage, you are not responsible to pay the difference if the loan balance ever exceeds the value of your home when the loan becomes due.