DESCRIPTION OF PRODUCTS & SERVICES
How Reverse Mortgage Solutions Can Help You?
Make Reverse Mortgage Solutions (“RMS”), a recognized leader in reverse mortgages, the first stop on your journey to financial freedom. We want to understand your goals and needs and to tailor a loan program designed specifically for you! Our highly trained and experienced mortgage specialists will take time to get to know you, to understand your personal situation and to provide options to accomplish your goals.
We will also provide you with a FREE Home Valuation just for calling us at 1-866-503-5559.
Why Choose Reverse Mortgage Solutions?
Reverse Mortgage Solutions (“RMS”) is the 4th largest servicer of reverse mortgages in the United States. What does that mean to you? It means we can help you get your reverse mortgage and we will also be with you after closing.
We have a Standard and Poor’s rating of “STRONG” and a Better Business Bureau rating of “A”. Reverse Mortgage Solutions is approved by U. S. Government’s Federal Housing Administration (FHA) and by the Department of Housing and Urban Development (HUD). We are also a member of the National Reverse Mortgage Lenders Association (NRMLA) and abide by their code of ethics.
What is a Reverse Mortgage?
Simply put, a reverse mortgage is a way to access the equity in your home. Unlike a home equity loan, there are no monthly mortgage payments. You may take the cash you receive from a reverse mortgage in a lump sum, monthly payments, as a line of credit, or any combination of these. People use a reverse mortgage for a variety of reasons:
to continue living in their home
to remain independent while supplementing their income
to enjoy freedom from monthly mortgage payments
to pay for necessities
to pay for prescription medicine or health care
to take a long-awaited vacation
to plan for the unexpected
· Homeowners who are age 62 and live in the home as their primary residence are eligible for a reverse mortgage.
· The home must meet the criteria set forth by the U.S. Department of Housing and Urban Development (“HUD”).
· Existing loans, liens and judgments on title must be paid by the loan proceeds.
· HUD approved counseling is required.
· You retain ownership of the home.
· You maintain property tax and homeowner’s insurance payments.
· The lender cannot seek additional assets to repay the loan.
· You can live in your home for as long as you want. The reverse mortgage will not require repayment unless you decide to move, sell the home, or fail to live in the house for a minimum of 186 consecutive days.
· The loan program is insured by the Federal Government.
Protection for your Heirs
· A reverse mortgage is a non-recourse loan, meaning only the property can be used to repay the loan.
· If the fair market value of the property is less than the reverse mortgage balance, the lender must accept the sale proceeds as sufficient payment and cannot seek to recover additional payment from other assets or from their heirs. Of course, if the fair market value of the home exceeds the reverse mortgage balance, then the excess equity belongs to the borrower or their heirs.
· Funds from a reverse mortgage generally do not affect the borrower’s ability to obtain Social Security and Medicare.
· Needs-based benefits, such as Medicaid and Supplemental Security
Income (SSI) may be affected.
For a specific situation, we recommend consulting your tax or financial advisor.
Competitive Interest Rates
Reverse Mortgage Solutions offers both fixed rate and adjustable interest rate reverse mortgages.
· A Fixed Rate Mortgage has an interest rate that is fixed for the life of the loan.
· An Adjustable Rate Mortgage has an interest rate that can adjust monthly or annually.
· A Fixed Rate Mortgage distributes proceeds in a lump sum.
· An Adjustable Rate Mortgage can distribute proceeds as a monthly check, a line of credit or a combination of the two.
Frequently Asked Questions
1. How do I qualify?
You must be a homeowner age 62 or older. Generally, the older you are, the more money you may qualify for.
2. Can I get a reverse mortgage if I already have a mortgage on my home?
Yes; however, any existing mortgages and liens on the property will need to be paid from the loan proceeds.
3. Can I get a reverse mortgage if my home is in foreclosure?
Yes! In fact, a reverse mortgage is one option that may be able to save you from foreclosure proceedings.
4. Does the lender take my home?
No! You, as the borrower, retain title to your property.
5. When is the loan due?
The loan must be repaid when the last surviving borrower sells the home or no longer lives in the home for a minimum of 186 consecutive days.
6. What needs to be repaid when the loan is due?
The loan balance needs to be repaid, which includes interest and fees. This is typically paid by either selling or refinancing the home.
7. I am ready to get started, what do I do next?
Call us at 1-866-503-5559 to speak with a licensed reverse mortgage specialist and to receive your FREE Home Valuation.
Reverse Mortgage Solutions is ready to help you and your
loved ones take steps to gain financial independence
and to improve your quality of life. Call us today at 1-800-503-5559 and let us help you move forward in reverse.
Reverse Mortgage Solutions, Inc., 2727 Spring Creek Drive Spring, TX 77373. NMLS #107636. Equal Housing Lender. RMS conducts business in the following states: AK, AL, AR , CA (Loans will be arranged pursuant to Department of Corporations California Finance Residential Mortgage Lending Act License #4131074), CO ( to check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm),DC, FL, IA, ID, IL (Illinois Residential Mortgage Licensee), KS (Kansas Licensed Mortgage Company MC.0025042), KY, LA, MD, ME, MI, MS (Licensed by the Mississippi Department of Banking and Consumer Finance), MT, NC, ND, NE,OH, OK, OR (ML-4950), SC, TN, TX (Mortgage Banker Registration 2727 Spring Creek Drive Spring, TX 77373), WV, WI, WY. This is not a commitment to lend. Rates are subject to change without notice.