Reverse Mortgages Explained

Let your Home Work for You!

If you are at least 62 years old and own your own home, a reverse mortgage may be a useful financial tool. There’s no limitations to how you use the money, so you can cover medical expenses, fund education for your grandchildren, or any other reason.

With a reverse mortgage, you can access the equity in your home, without having to make monthly mortgage payments. The loan would come due when you sell the home, move out permanently, pass away or fail to keeping current on property taxes and insurance, and making sure the house is properly maintained.

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Want to buy a new home that meets your changing needs or lifestyle? Maybe you’d like to live closer to family – or to the golf course? If you are at least 62 years old, now you can buy a home without having to deplete your entire retirement savings and without having to make monthly mortgage payments.

• No monthly mortgage payments. 

• The loan would come due when you sell the home, move out permanently, pass away or fail to keeping current on property taxes and insurance, and making sure the house is properly maintained.
• Down payment would be between 34% and 47.4% (plus closing costs), depending on your age
• Non-recourse: never owe more than what the home is worth. If the heirs choose not to repay the loan and the home is foreclosed, they will not be liable for any deficiency.

The minimum stipulations include maintaining primary residence, keeping current on property taxes and insurance, and making sure the house is properly maintained.

Call me today to see if you qualify @  630-529-8686
As part of the process, you will work with an independent reverse mortgage counselor, who can help you evaluate all the risks and benefits.

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Here are Some of the Western Suburbs we are serving today:
Bartlett, Addison, Elmhurst,
Carol Stream, Itasca, Lombard, Streamwood,
Roselle, Bloomingdale,
South Elgin

MORTGAGE MARKET CORP NMLS# 206107 
An Illinois Residential Mortgage Licensee, MB.0000962 Is Regulated by the State of Illinois Department of Financial and Professional Regulation, Division of Banking located at 100 West Randolph Street 9th Floor, Chicago IL 60601,  Mortgage Banking Examinations Phone 312-793-3000.