WHAT IS A REVERSE HOW CAN I QUALIFY? ARE...
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WHAT IS A REVERSE MORTGAGE? • A reverse mortgage allows homeowners who are 62 years or older to convert a portion of the equity in their homes into cash. • No repayment is required as long as the borrower owns and lives in the home. • There are limited income, asset, employment and credit requirements. • The homeowner retains title and ownership of the home. • Cash advances can be used for any purpose. WHAT CAN I USE THE MONEY FOR? The money from a Reverse Mortgage is commonly used for: • Every day living expenses • Pay off debts or mortgage • Property taxes/home insurance • Medical expenses or in-home care • Home repairs • Financial/retirement planning * Supplemental Security Income and Medicaid benefits may be affected. Get professional advice. HOW CAN I QUALIFY? • Any homeowner who is 62 years or older • Homeowner must be living in the home HOW MUCH MONEY CAN I GET? The amount you can get depends on: • Your age • The value of your home • Current interest rates • The HUD loan limit in your area HOW IS IT PAID TO ME? Y ou can choose how to receive your money. It can be taken: • As a Lump Sum at the closing of the loan • As a Monthly Cash Advance • As a Line of Credit -OR- • Any combination of the above three options WHEN DO I PAY IT BACK? When the last surviving spouse dies, sells the home, or permanently moves away for 12 months in a row. ARE REVERSE MORTGAGES SAFE? • Reverse Mortgages are insured by the U.S. Department of HUD. • Payments to borrowers are guaranteed by the U.S. Government . • Available through HUD Approved lenders. • Independent HUD Approved counseling is required prior to application. • Does not affect Social Security or Medicare benefits* HOW DO I APPLY FOR A REVERSE MORTGAGE? First, you must obtain a counseling certificate from a HUD Approved Counseling Agency. (We can supply you with a list of local counselors.) WHO DO I CONTACT FIRST? If you would like more information about Reverse Mortgages, or if you would like an appointment to make an application call 248.763.1438 For more info call David at: 248.763.1438 After receiving your counseling certificate, you can make an application with David Blatt. Under normal circumstances, the entire process should take approximately 30 days. DAVID J. BLATT
Transcript of WHAT IS A REVERSE HOW CAN I QUALIFY? ARE...
WHAT IS A REVERSE MORTGAGE?• A reverse mortgage allows homeowners
who are 62 years or older to convert a portion of the equity in their homes into cash.
• No repayment is required as long as the borrower owns and lives in the home.
• There are limited income, asset, employment and credit requirements.
• The homeowner retains title and ownership of the home.
• Cash advances can be used for any purpose.
WHAT CAN I USE THE MONEY FOR?The money from a Reverse Mortgage is commonly used for:
• Every day living expenses
• Pay off debts or mortgage
• Property taxes/home insurance
• Medical expenses or in-home care
• Home repairs
• Financial/retirement planning
* Supplemental Security Income and Medicaid benefits may be affected. Get professional advice.
HOW CAN I QUALIFY?• Any homeowner who is 62 years or older
• Homeowner must be living in the home
HOW MUCH MONEY CAN I GET?The amount you can get depends on:
• Your age
• The value of your home
• Current interest rates
• The HUD loan limit in your area
HOW IS IT PAID TO ME?You can choose how to receive your money. It can be taken:
• As a Lump Sum at the closing of the loan
• As a Monthly Cash Advance
• As a Line of Credit
-OR-
• Any combination of the above three options
WHEN DO I PAY IT BACK?When the last surviving spouse dies, sells the home, or permanently moves away for 12 months in a row.
ARE REVERSE MORTGAGES SAFE?• Reverse Mortgages are insured by the U.S.
Department of HUD.
• Payments to borrowers are guaranteed by the U.S. Government.
• Available through HUD Approved lenders.
• Independent HUD Approved counseling is required prior to application.
• Does not affect Social Security or Medicare benefits*
HOW DO I APPLY FOR A REVERSE MORTGAGE?First, you must obtain a counseling certificate from a HUD Approved Counseling Agency. (We can supply you with a list of local counselors.)
WHO DO I CONTACT FIRST?If you would like more information about Reverse Mortgages, or if you would like an appointment to make an application call 248.763.1438
For more info call David at:
248.763.1438
After receiving your counseling certificate, you can make an application withDavid Blatt.
Under normal circumstances, the entire process should take approximately 30 days.
DAVID J. BLATT
ABOUT DAVID BLATT1st Financial was founded in 1991. Since that time, we have educated thousands of senior clients, elder law attorneys, financial professionals, health professionals, government agencies, and non-profits about the effective use of Reverse Mortgages.
At 1st Financial, we only do Reverse Mortgages, and we are proud to be one of America’s oldest and most respected Reverse Mortgage lenders.
As a team, we share a passion for seniors and we are deeply committed to their needs. We pride ourselves in delivering honest, valuable advice to our clients, as if they were our own family.
We will always do business this way.
1st Financial is an U.S. Department of HUD Approved Reverse Mortgage lender, and is currently an active member of the National Reverse Mortgage Lenders Association.
Our mission is to create awareness and a better understanding of Reverse Mortgages throughout the senior community as well as the professional community. Our goal is to educate people completely, accurately and honestly about the pros and cons of Reverse Mortgages. Through this effort, we hope to make a difference in the lives of many American seniors. www.davidjblatt.com
248.763.1438
DAVID J. BLATTMortgage ConsultantReal Estate BrokerNMLS #114358
248.763.1438 direct/cellFax: [email protected]
DAVID J. BLATT
Specializing in all aspects of residential mortgages and lending, located in Bloomfield Hills, covering the state of Michigan. David Blatt has been practicing for over 20 years and has been on the board of directors of the Michigan Brokers Association. David has a federal and state license #114358 and is an experienced real estate broker.
David was president and founder of First Alliance Mortgage Company in Bingham Farms, Michigan. During that time First Alliance closed over 2 billion dollars and facilitated loans for thousands of customers.
LOAN OPTIONS:PURCHASEREFINANCE
CONVENTIONALGOVERNMENT—FHA—203K
CONSTRUCTIONREVERSEJUMBO
INVESTMENT PROPERTYPRIVATE PORTFOLIO LENDING
COMMERCIAL LENDINGAPARTMENTS, OFFICE, RETAIL, SBA
NMLS #130290
