FSI Mortgage provides trusted financial guidance and mortgage advice for seniors, specializing in reverse mortgages for homeowners seeking additional income.
In today’s tough economy, there are hundreds of thousands of older homeowners across the country getting by on less income than they would like. Strongly independent, they do not want to become a financial burden on their children or other family members— and they definitely don’t want to apply for government assistance. Rather, they want to be able to enjoy their retirement and still be self-sufficient. Still others simply want to take advantage of an additional source of income to enhance their retirement years. That’s where reverse mortgages come in.
Effective January 1, 2023, the lending limits for Reverse Mortgage (HECM) loans will be increased to $1,089,300. Now may be the time to look into refinancing your current reverse mortgage, or purchasing a new home. Please call today to see if this would benefit you.
How does a reverse mortgage work?
A reverse mortgage provides additional cash for homeowners age 62 and up, either as a line of credit, monthly income payment, or as a lump sum. The amount homeowners receive is based on their age and the value of the home. It is a special kind of loan for seniors that allows them to borrow against their home without making a house payment for as long as they own and live in the home. The homeowner is responsible for their own property taxes, homeowners insurance and property maintenance.
FSI Mortgage provides the Home Equity Conversion Mortgage (HECM), a reverse mortgage program insured by the US Federal Housing Administration (FHA). This type of reverse mortgage is safe and dependable. You can stay in your home as long as you like and you are insured that you and your heirs never owe more than your home is worth. Remember, you are responsible for payment of your property taxes, homeowners insurance and property maintenance in order to take advantage of this program.
The growing popularity of the reverse mortgage program is evidence of its benefits in a wide variety of financial circumstances. Why struggle in your golden years when you can significantly and safely increase your resources with a reverse mortgage?
Still have questions about reverse mortgages? Visit our FAQ page for more detailed information about reverse mortgages.
These materials are not from HUD or FHA and were not approved by HUD, FHA or any other federal government agency.