What is a Reverse Mortgage?
Reverse Mortgage FACTS and FICTION
CMG Mortgage, Inc. dba CMG Home Loans, NMLS ID# 1820 (www.nmlsconsumeraccess.org), is an equal housing lender. Licensed by the Virginia State Corporation Commission #MC-5521. Registered Mortgage Banker with the Texas Department of Savings and Mortgage Lending. Licensed by the NJ Department of Banking and Insurance. Licensed by the New Hampshire Banking Department. Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance. Georgia Residential Mortgage Licensee #15438. Regulated by the Division of Real Estate (CO). AZ license #0903132. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing.
CareyAnn & MyMortgageTeam
Sr. Loan Officer, NMLS ID# 160055, GA# 40871
Are you 62 or older? Are you looking to retire better? Good news: you don’t have to rent or live with family to make it happen! With a Reverse Mortgage, you can eliminate monthly mortgage payments (borrower still responsible for taxes and insurance) and still own/live in your home.
This ad is not from HUD or the FHA and was not approved by HUD or any government agency
Let’s learn more below.
810 Crescent Centre Dr. Suite 320, Franklin, TN 37067 | Branch NMLS ID# 1093019
A Reverse Mortgage is a way for you or your family to turn some of your home equity into cash.
For homeowners aged 62 or older with equity in their home, a Reverse Mortgage can:
- Eliminate your monthly mortgage payment. (Borrower still responsible for taxes and insurance.)
- Provide access to cash that is nontaxable without affecting your Social Security or Medicare eligibility.
- Allows you to "age in place· as you continue to stay in your home.
- ALWAYS keep complete ownership
of your home! However, you will be
responsible for property taxes,
insurance and maintenance.
- CAN still pass on a sizeable amount
of equity and assets to your children
AND enjoy a more robust and comfy
retirement.
- MAKE retirement savings last longer AND supplement retirement income.
With a Reverse Mortgage, you:
FICTION:
A Reverse Mortgage will cause me to lose my home.
FACT:
If you live in your home as your primary residence, pay property taxes, homeowners' insurance, HOA dues (if applicable) and maintain the home, your home will not be foreclosed on.
FICTION:
Taking out a Reverse Mortgage means that my heirs won't inherit anything.
FACT:
Heirs have the opportunity to repay the loan to keep the home or sell the home and repay the loan. If the home sells for more than is owed, they keep the difference.
FICTION:
The income received from my Reverse Mortgage will affect my Social Security and other benefits*.
FACT:
It is a loan. and therefore is not considered taxable income. It will not lower important Social Security and Medicare benefits.
FICTION:
My children will be responsible for the repayment of the loan.
FACT:
Your heirs** or estate only pay back the balance on the Reverse Mortgage, which is the money you used in the program and the accrued interest on that amount.
FICTION:
If I get a Reverse Mortgage, the bank will own my home.
FACT:
With a Reverse Mortgage, you retain 100% ownership of
your home.
*Consult your financial advisor and appropriate government agencies for any effect on taxes or government benefits
**Heirs of consumers with reverse mortgages will not inherit the homes free and clear of any liens and will only be able to retain ownership of the home after the consumer’s death if they either repay the reverse mortgage or pay 95%, of the assessed value of the home
- Am I at least 62 years old?
- Do I live in my current home full-time (or plan to if looking to purchase)?
REACH OUT TO EXPLORE YOUR ELIGIBILITY AND LEARN MORE.
Are you eligible?
You can start by answering these questions:
These are just some of the questions that can help you determine your eligibility. If you answered “yes” to all, then you’re on the right track!
- Do I have acceptable credit?
- Am I a U.S. resident?
