I am totally focused on
my client's needs, and I
work to realize their
dreams as if they were
my own.
Ryan Salo
my client's needs, and I
work to realize their
dreams as if they were
my own.
Ryan Salo
Ryan Salo
About Reverse Mortgages
A reverse mortgage enables older homeowners (62+) to convert part of the equity in
their homes into tax-free income without having to sell the home, give up title, or take on
a new monthly mortgage payment. The reverse mortgage is named so because the
payment stream is “reversed.” Instead of making monthly payments to a lender, as with a
regular mortgage, a lender makes payments to you or you receive a lump sum.
How Much Money Can I Get?
The amount of funds you are eligible to receive depends on your age (or the age of the
youngest spouse in the case of couples), the appraised home value, interest rates, and
in the case of the government program, the lending limit in your area. In general, the
older you are and the more valuable your home (and the less you owe on your home),
the more money you can get.
Online Reverse Mortgage Calculator (not exact - but close)
Does My Home Qualify?
Eligible property types include single-family homes, 2-4 unit properties, manufactured
homes (built after June 1976), condominiums, and townhouses.
What are My Payment Plan Options?
You can choose to receive the money from a reverse mortgage all at once as a lump
sum, fixed monthly payments either for a set term or for as long as you live in the home,
as a line of credit, or a combination of these. The most commonly used option is the line
of credit, which allows you to draw on the loan proceeds at any time. The money in the
line of credit can also grow at a higher interest rate that the loan depending on the
mortgage type.
How Can I Use the Proceeds from a Reverse Mortgage?
The reverse mortgage is extremely flexible. The money received can be used for
anything, to help pay for living expenses, medical expenses, housing repairs or anything
you would like. Borrowers should allows consult a financial expert on how to best use the
funds.
Are There Any Special Requirements to Get a Reverse Mortgage?
As long as you own a home, are at least 62, and have enough equity in your home, you
can get a reverse mortgage. There are no income or medical requirements.
What If I Have An Existing Mortgage?
You may qualify for a reverse mortgage even if you still owe money on an existing
mortgage. However any existing indebtedness must be paid off. You can pay off the
existing mortgage with a reverse mortgage, money from your savings, or assistance from
a family member or friend.
Will I Lose My Government Assistance If I Get a Reverse Mortgage?
If you receive a lump sum option or retain your monthly payments you may interfere with
Medicare or SSI. To be safe, you should contact the local Area Agency on Aging or a
Medicaid expert.
Why Do I Need to Get Counseling?
Counseling is one of the most important consumer protections built into the program. It
requires an independent third-party to make sure you understand the program, and
review alternative options, before you apply for a reverse mortgage.
You can seek counseling from a national counseling agency, such as AARP (800-209-
8085),
When Do I Pay Back My Loan?
No monthly payments are due on a reverse mortgage while it is outstanding. The loan is
repaid when you cease to occupy your home as a principal residence, whether you (the
last remaining spouse, in cases of couples) pass away, sell the home, or permanently
move out. The amount owed can never exceed the value of your home. Furthermore, if
the home is sold and the sales proceeds exceed the amount owed on the reverse
mortgage, the excess money goes to you or your estate.
Helpful link
http://www.aarp.org/money/revmort/
More Questions?
Call 866-295-9339 ext 711 today.
A reverse mortgage enables older homeowners (62+) to convert part of the equity in
their homes into tax-free income without having to sell the home, give up title, or take on
a new monthly mortgage payment. The reverse mortgage is named so because the
payment stream is “reversed.” Instead of making monthly payments to a lender, as with a
regular mortgage, a lender makes payments to you or you receive a lump sum.
How Much Money Can I Get?
The amount of funds you are eligible to receive depends on your age (or the age of the
youngest spouse in the case of couples), the appraised home value, interest rates, and
in the case of the government program, the lending limit in your area. In general, the
older you are and the more valuable your home (and the less you owe on your home),
the more money you can get.
Online Reverse Mortgage Calculator (not exact - but close)
Does My Home Qualify?
Eligible property types include single-family homes, 2-4 unit properties, manufactured
homes (built after June 1976), condominiums, and townhouses.
What are My Payment Plan Options?
You can choose to receive the money from a reverse mortgage all at once as a lump
sum, fixed monthly payments either for a set term or for as long as you live in the home,
as a line of credit, or a combination of these. The most commonly used option is the line
of credit, which allows you to draw on the loan proceeds at any time. The money in the
line of credit can also grow at a higher interest rate that the loan depending on the
mortgage type.
How Can I Use the Proceeds from a Reverse Mortgage?
The reverse mortgage is extremely flexible. The money received can be used for
anything, to help pay for living expenses, medical expenses, housing repairs or anything
you would like. Borrowers should allows consult a financial expert on how to best use the
funds.
Are There Any Special Requirements to Get a Reverse Mortgage?
As long as you own a home, are at least 62, and have enough equity in your home, you
can get a reverse mortgage. There are no income or medical requirements.
What If I Have An Existing Mortgage?
You may qualify for a reverse mortgage even if you still owe money on an existing
mortgage. However any existing indebtedness must be paid off. You can pay off the
existing mortgage with a reverse mortgage, money from your savings, or assistance from
a family member or friend.
Will I Lose My Government Assistance If I Get a Reverse Mortgage?
If you receive a lump sum option or retain your monthly payments you may interfere with
Medicare or SSI. To be safe, you should contact the local Area Agency on Aging or a
Medicaid expert.
Why Do I Need to Get Counseling?
Counseling is one of the most important consumer protections built into the program. It
requires an independent third-party to make sure you understand the program, and
review alternative options, before you apply for a reverse mortgage.
You can seek counseling from a national counseling agency, such as AARP (800-209-
8085),
When Do I Pay Back My Loan?
No monthly payments are due on a reverse mortgage while it is outstanding. The loan is
repaid when you cease to occupy your home as a principal residence, whether you (the
last remaining spouse, in cases of couples) pass away, sell the home, or permanently
move out. The amount owed can never exceed the value of your home. Furthermore, if
the home is sold and the sales proceeds exceed the amount owed on the reverse
mortgage, the excess money goes to you or your estate.
Helpful link
http://www.aarp.org/money/revmort/
More Questions?
Call 866-295-9339 ext 711 today.
| 440.328.4213 rsalo@ohioallied.net |
CONTACT ME NOW
"Thank you for your great service and fast
closing of the loan! We were able to move
in faster than expected."
closing of the loan! We were able to move
in faster than expected."
| C & M Biddy |
welcome to:
Allied Home Mortgage Capital Corporation
Allied Home Mortgage Capital Corporation
 |
 |
 |
 |
 |
 |
Allied Home Mortgage Capital Corporation, 5077 Waterford Dr Suite 301 Elyria OH 44035 MB 5976 *Certain Restrictions Apply
Fair Lending Policy
Privacy Statement
Click here to place your number on the Do Not Call list
Some products may not be available in all states.
State Licensing Information
Fair Lending Policy
Privacy Statement
Click here to place your number on the Do Not Call list
Some products may not be available in all states.
State Licensing Information
Reverse Mortgage Information