iReverse Home Loans
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Reverse Mortgage Austin - iReverse Mortgage
Reverse Mortgage Lender

First Name * Property Address *
Last Name * City*               State*         Zip*

Phone Number*

Home Value*

Email * Mortgage Balance*
Date of Birth *

Age*

Spouse Name*

Date of Birth *


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iReverse Home Loans as your Reverse Mortgage Specialist ... Straight Up Facts!

We are SeniorChecked!click to review

What is SeniorChecked?
SeniorChecked is the trusted local business network for seniors and their families.  It is a network of screened and verified local businesses.  They conduct the industry’s most comprehensive set of background checks on each member business.  SeniorChecked requires every member business to undergo and pass more than two dozen local and national checks each year.  Not everyone who applies to be SeniorChecked passes.  So when you see our SeniorChecked seal you can know that our company has passed the rigorous verification standards and feels confident that our business has been verified.

Seniors are the #1 target of fraud and financial abuse in the country. Every 1 and 5 seniors have been victims to fraud or financial abuse.  Seniors are victim to at least $2.6 billion annually.  We know this and that is why it is so important for you to understand how trustworthy our company, iReverse Home Loans, really is.

When you see the Seal you can feel confident that our reverse mortgage business has been verified.

Financial Breakdown of a Reverse Mortgage

These costs break down into 3 categories:

1. Mortgage Insurance Premium - 1/3 of the total cost
Insures that the value of the house is worth at least the amount of the loan at the time. This amount is paid to the FHA.

2. Loan Origination Fee - 1/3 of the total cost
The fee that is paid to the Lender to help you do the Reverse Mortgage.

3. Various Title Company Expenses - 1/3 of the total cost

Costs include:
    Title policy
    Appraisal
    Survey (existing survey may be used)
    Document Preparation Charges
    Attorney Fees
    Compensation to the Title Company

You should consider one thing while evaluating the fees. If you plan to stay in your home, the closing costs will be spread out over a number of years.

The loan is not due and/or payable until the borrower no longer occupies the home as a principal residence.

Fixed rate loans are available.

Usually this interest is covered by approximately the first 4% of appreciation that you accrued on your home. Just to note, in 2004, the average house appreciated by 8%.

*Fees and cost of a reverse mortgage may vary, but remember, the interest rates are generally lower than a conventional loan.  Reverse Mortgages are FHA insured and capped by the U.S. Government, which guarantees borrowers that there are no excessive fees. Most borrowers elect to roll all fees and costs into the loan.

Isn't this Reverse Mortgage program GREAT?!?

Reverse Mortgage Lender

Frequently Asked Reverse Mortgage Questions

Are there any income / credit requirements?

Absolutely not! Your credit history and income are not factors in qualifying for a Reverse Mortgage.

Do I have to pay taxes on this money?

No! The money from the Reverse Mortgage is considered loan proceeds and therefore is not considered income.

Can I ever owe more on the property than it's worth?

It's possible, but you or your children will not be held responsible. the Reverse Mortgage is insured by the Federal Housing Administration. This means the loan is non-recourse, so in the event you owe more than the house is worth, the F.H.A. picks up the tab.

Do my spouse and I both have to be 62?

No. But this may add some risk. So please be sure to inform your loan officer if your spouse is under 62.


Would you like to speak to a knowledgeable Reverse Mortgage Specialist?

Contact A Reverse Mortgage Specialist

Reverse Mortgage Lender

 

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iReverse Home Loans provides Reverse Mortgages services for Austin, Texas and Communities Nationwide.
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100 Congress Ave. Ste. 2000 - Austin, TX 78701
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