Find Out How Much Tax-Free Cash You Can Get, While Making NO Payments For The Rest Of Your Life
The Reverse Mortgage loans don't have to be paid back during your lifetime as long as you own your home as your primary residence. It's as simple as that. All loan costs, principle and interest are paid after the last person on title passes away, sells their home, or decides to no longer keep their home as their primary residence.
With the Reverse Mortgage loans from Homestar Reverse Mortgage, there are no costs or deposits to apply for the loan, and you won't have to pay any money out of pocket, ever. And there is no obligation to complete the loan after you apply, so you have absolutely nothing to lose. All of the costs of the loan, as well as the loan itself and interest to be paid, are paid after you pass away. To find out how much money you may be eligible to receive, click here.
The only actual out of pocket payments you will be obligated for are your property taxes and your homeowners insurance, and if you live in a condo you still have to pay your own homeowners' association dues.
You Continue To Own Title To Your Home Completely
As in a regular home equity loan, or any normal forward mortgage on your home, you keep the title or deed to your home. The only difference is that you don't have the regular monthly mortgage payments to make during your lifetime.
Because there are no payments or financial obligations with the Homestar reverse mortgages, you can't lose ownership or title of your home because of foreclosure. This means that your ownership of your home is secure and your home can not be taken away.
Title or deed ownership is important, because it gives you, the home owner the benefits when your home goes up in value. If you decide to sell your home, even with a reverse mortgage, you make the profits on your home, not the bank.
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There are some misconceptions that when a reverse mortgage ends, the house goes to the lender or the government. This is only true if you have no heirs to inherit your home, and don't designate who should receive title to your home in your will or living trust.
The lender doesn't want your home, and the government doesn't want your home. They want the loan to be paid back when the loan ends.
Your Heirs Can Inherit Your Home
Because you own title to your home completely while you have a reverse mortgage, your home will transfer to your heirs according to your will or living trust.
But as in any mortgage situation, the estate will have the responsibility of paying the loan. Usually your heirs will have at least 6 months to decide whether they want to repay the loan, or refinance the loan to keep the house in the family, or maybe they want to sell the house which would repay the loan and then enjoy whatever profit from the remaining equity.
When a reverse mortgage is repaid, only the loan costs, principle and interest are paid. Whatever profit that comes from the sale of a home beyond that amount belongs to the owners or heirs.
Remember, your heirs can never be responsible for more than the actual value of your home at the end of the loan. If for some reason your home devalues over time and is worth less than the amount of money to be repaid for a reverse mortgage, the HUD/FHA insurance is in place to make sure the lender receives their money, and that you and your heirs can't be responsible for more than the actual sellable value of the home.
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We Pay Off Your Mortgage If You Have One
Think of a Reverse Mortgage as a refinance. If you have an existing mortgage, you can still have a reverse mortgage. We simply pay off the existing mortgage you have and then give you additional money if available.
Works With A Living Trust
There is a common misconception that if you take a reverse mortgage, then you can't have a living trust, or have your home within the trust. This is not true. The majority of our borrowers have a living trust to protect their assets and their family's best interests.
Having a Homestar Reverse Mortgage does not affect a living trust, and in fact, in many cases we recommend that our borrowers consider having them.
You May Get More Money Every Year
The Federal government, through HUD / FHA insures Homestar's Reverse Mortgages, and there is a Maximum Claim Amount for each loan depending upon the county and state your home is located in.
If your appraised home value exceeds the current Maximum Claim Amount, then this is great for you, as you and your family have that much more equity in your home. The government's Maximum Claim Amount for the HUD / FHA insurance increases every January.
Many borrowers find that after normal home value appreciation and with the increase in the Maximum Claim Amount, they are entitled to refinance their reverse mortgage with us and we are able to get them more money for the things that they need.
We have borrowers who are eligible for increased and additional funds each and every year.
Does Not Affect Social Security Or Medicare
Normal Social Security and Medicare benefits are not affected by a Homestar Reverse Mortgage. There are millions of Americans who receive Social Security benefits and Medicare benefits and they still have mortgages on their homes. A Homestar Reverse Mortgage is just like having a regular mortgage in terms of lifestyle.
However, those individuals who are receiving SSI and / or Medical payments and have a limit to the monthly income they are allowed before their benefits are affected are still eligible for a Homestar Reverse Mortgage in most cases. We handle these on a case by case basis, working directly with the Social Security Administration to ensure that our payment plan will benefit our borrowers without affecting their income.