Urban Financial Group - Reverse Mortgage

 
A Reverse Mortgage is a special type of loan exclusively for seniors 62 and older. A Reverse Mortgage allows you to convert the equity in your home into cash providing financial security to fully enjoy your retirement years. Instead of making monthly payments to a lender, a lender lets you access some of the equity in your home through either a lump sum payment, monthly payments or through a line of credit – whichever you prefer. While a reverse mortgage loan is outstanding, you continue to own the home and hold title to it.
EDUCATE: Meet with a loan officer to assess your needs and explain benefits, options and costs associated with a Reverse Mortgage.
COUNSEL: The government requires unbiased counseling for all borrowers to be sure you understand all aspects of your Reverse Mortgage. Usually this takes about 30 minutes of your time.
APPLY: If you’re at least 62, and own a home, you probably qualify because there are no income or credit score requirements. We’ll even help you gather all the documents for your Reverse Mortgage.
APPROVE: After we gather all the completed paperwork, we set a date with you to close the loan.
FUND: After the rescission period, you get your well-deserved money so you can breathe easier and enjoy your golden years.
Do I HAVE to go through HUD Counseling?
Yes. And that’s a GOOD thing. We, and the government, want you to know exactly what to expect with a Reverse Mortgage. Counseling can be done in person or over the phone, and it only takes about 30 minutes.
Are there limits to how I use the proceeds?
No. Use the money for whatever you want: medical bills or other outstanding debt, long-term health care, travel, home improvements. The options are as limitless as your imagination.
What if I own a condo or mobile home?
Even if you don't have a “traditional” house, there are options if you own and live in a manufactured home built after June 15, 1976 or a condo.
Am I giving up my home to a bank?
Certainly not. You continue to own your home. This is only a loan secured by your home.
How does this affect the future sale of my home?
After the last surviving spouse dies, the heirs typically either pay off the loan and keep the home or sell the property and keep any profit that exists after the reverse mortgage is paid off.
How do I receive my proceeds?
You can get your money through a lump sum at closing, through a line of credit or through monthly payments to you. Aren't options great?
What Is Mortgage Insurance Premium?
This is a required part of your loan and it protects you so that you will not owe more money in the event sale of the property brings an amount insufficient to pay off the loan.
When do I have to pay back the loan?
The loan is usually paid back through sale of the home after the last surviving spouse passes away or moves out for one year or longer. You never have to make principal and interest payments while you live in the home - no matter how long you live.
Do I have to pay taxes on this money?
No! The money from the Reverse Mortgage is considered loan proceeds and therefore is not considered income, but you should consult with your tax advisor about your specific situation.
Do my spouse and I both have to be 62?
Not necessarily. But this may add some risk. So please be sure to inform your loan officer if your spouse is under 62.
What if I owe more than the home when I die?
The loan balance is due after the last surviving spouse passes, but because Reverse Mortgages are federally insured loans, it will not affect your heirs if the home fails to sell for enough to satisfy the loan.
Will this affect my Social Security or Medicare?
Reverse Mortgages typically don't impact these or pension benefits, but since programs vary from state to state, be sure to consult your trusted financial advisor.
 
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Urban Financial Group is a lender specializing in reverse mortgages and ranks among the top three originators in the United States. We specialize in this business, allowing homeowners 62 and older to unlock a portion of their home’s equity to use for their needs. We are a trusted resource; our goal is matching customers with the right product empowering them with the financial independence they’ve earned. Our retail division is licensed in 42 states. Urban Financial Group is a proud member of the National Reverse Mortgages Lenders Association (NRMLA) — which works to strengthen and safeguard reverse mortgages.

Reverse it! is a division of Urban Financial Group Inc. and is consistently recognized as a top 10 lender in the country for reverse mortgages. We give our correspondents personalized service, lightning fast turn times, and all the tools you need to grow your business.

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NMLS #2285; Corporate Office: 8909 South Yale Avenue, Tulsa, OK 74137; Licensed by the California Department of Corporations under the California Residential Mortgage Lending Act; Licensed under the California Department of Corporations under the California Finance Lenders Law; Colorado: To check the status of your Colorado loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; Georgia Residential Mortgage Licensee #23647, 8909 South Yale Avenue, Tulsa, OK 74137; Illinois Residential Mortgage Lender License #MB6759657; Kansas Licensed Mortgage Company #MC0002210; Massachusetts Lender/Broker License MC2285; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the Missouri Division of Finance as a Mortgage Broker, 450 West 46th Street, Kansas City, MO 64111; Licensed by the New Hampshire Banking Department; Oregon License #ML-4805; Licensed by the New Jersey Department of Banking and Insurance; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; Licensed By the Virginia State Corporation Commission #MC-5413; Washington Consumer Loan Company License #50202.  Also conduct business in AL, AR, CT, FL, ID, IN, KY, LA, ME, MD, MI, NE, NM, NC, OH, OK, PR, SC, TN, TX, UT, VT, WV, WI, and WY. Urban Financial Group, Inc. may do business under the name REVERSE IT! , which is a DBA, or division of Urban Financial Group, Inc. Not all products and options are available in all states. Terms subject to change without notice. Copyright 2011 Urban Financial Group, Inc. All Rights Reserved.