Reverse Mortgages
This program is a Federally Insured Government (FHA) program for Seniors 62 years of age and over. You do not need to be qualified; you do not need to have good credit nor income. A reverse mortgage enables you to convert part of your existing equity into tax free income without having to sell your home or relinquish your Title.
1. We pay your existing mortgage off and you will no longer pay ANY mortgage payments as long as you live the property.
2. The equity is paid in any of the following options: a) Monthly Income, b) Cash Lump Sum, c) Credit Line or a combination of the three.
3. Since this is an equity program you need not qualify. Income and /or credit scores do not count.
4. You can still keep title of your home and leave ownership to your heirs.
5. These are NON-recourse loans, which mean that you will never owe more than your property is worth.
6. These Programs are insured by FHA, which means that should we default on making the payments, the program continues being paid by FHA.
BMS will simplify the process, by reviewing your current, short term and future financial expectations and presenting you with information to assist you in selecting the best plan.
Please answer the following few questions in the form provided below. Click “submit” and one of our loan originators will contact you shortly with detailed figures and information on your reverse mortgage. It will only take us a few minutes to calculate the numbers and get right back to you on the phone to discuss which plan is best suited for you.
