Simply stated, the loan is based on your age and the value of your home.  As an example, if your age is 75, and your home has a value of $362,790 or more, the program would give you a line of credit of approximately $224,704.  There are no payments required for as long as you remain in your home.  The loan is not due until you pass away or sell your home. The money can be used for any purpose such as paying off your current mortgage, which is required if one exists.  Here are some of the features:

• Borrower’s heirs receive 100% of the remaining equity after the loan payoff.
• Must be 62 and older.  Owner of a single family home, 1 to 4 unit complex (owner occupies one), or condo.
• Payments not required.  You can make payments if you wish.
• Income not necessary to qualify.  Loan is based on your age and home value.
• Interest only accrues on the portion of the line of credit used.
• Use the money for any purpose:  Credit card debt, repairs, loan payment burden.

It takes 4 to 6 weeks to fund the loan from the date of application.  This website provides some additional information to help you understand our new program better.  Please call me should you have any questions on how you can benefit from our new Reverse Mortgage Program.

Sincerely,

Tony Garcia