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Reverse Mortgages

You have lived in your home for a long time and you’ve spent years building equity. Due to a number of factors, you need access to cash — and while selling is always an option, you love where you live and would prefer to stay in your home.

First Integrity Mortgage Services, Inc. Reverse Mortgage Loans are the solution. A Reverse Mortgage gives you the ability to use your equity while staying in your home — instead of paying the lender, the lender pays you. The best part? The cash you take from your home is tax-free. There are a number of ways you can collect the cash proceeds from your home equity including taking a line of credit, monthly advances for a set time period, a lump sum, or a combination of these options.

Why Consider a Reverse Mortgage?

Reverse Mortgage Loans are often associated with complexity, confusion, and scams. Let us change your mind on that! With the right Loan Officer handling the process, Reverse Mortgages can allow you to convert your home equity into cash you may need for everyday expenses. But remember: you still own your home and you can stay as long as you want. If you decide to move, you can sell your home and receive a payout for any remaining cash equity after the loan is paid off.

Reverse Mortgage Highlights

  • Supplements your retirement income
  • Provides funds that can reduce your monthly obligations
  • Pays for medical expenses or costs associated with long-term care
  • Establishes a “stand-by” line of credit that you can use as needed— unlike a traditional home equity line of credit (HELOC), a reverse mortgage line of credit cannot be reduced or revoked, as long as the terms of the loan are met and the unused line of credit grows over time
  • You keep the title to your home and are responsible for property taxes, insurance, utilities, maintenance, etc
  • Generally speaking, you will not need to pay any of the money back as long as you live in your home

Reverse Mortgage Requirements

  • Must be 62 years or older and a homeowner.
  • You must live in your home as your primary residence for the life of the reverse mortgage.
  • You must meet with a HUD approved reverse mortgage counselor before applying for a reverse mortgage loan.
  • Generally speaking, you will not need to pay any of the money back as long as you live in your home.
  • Your home must be a single family home or a 4-unit maximum multiple family home (duplex, small apartment building) with one unit as your primary residence.

Get Started on Your Reverse Mortgage Today

At First Integrity Mortgage Services Inc., we understand the common issues that homebuyers face: Competitive housing markets, confusing financial lingo, an over-saturation of options, and uncertainty of qualifications. This can leave folks feeling overwhelmed and discouraged. Thankfully, our incredible team of experienced mortgage professionals will help you navigate the home financing process, answer questions, and empower you with the tools you need to purchase the home of your dreams.

To apply or learn more about a reverse mortgage, contact us at 314-878-7900 or apply online today.

An older couple holding each others hands in their home.