Taking a reverse mortgage on your home can be a scary option for baby boomers, but it does guarantee you can stay in your home. And now, according to Reverse Mortgage Space, a leading and knowledgeable reverse mortgage website, homeowners over 62 years of age have a new, innovative reverse mortgage option available through Urban Financial of America, LLC.
This new reverse mortgage option is called the HomeSafe Reverse Mortgage. Homeowners age 62 and above can now tap into more home equity and possibly more loan proceeds up front than conventional reverse mortgages allow.
“The new jumbo program gives thousands of seniors the ability to tap into their home’s equity,” said Donald Gigantino, Vice President for Reverse Mortgage Space. “This will be a real game changer to the market.”
Homeowners will benefit from an increased loan amount of up to $2.25 Million with competitive, fixed interest rates. Other features of the HomeSafe mortgages are no mortgage insurance premiums, no up-front mortgage origination fee and the opportunity to take the full amount of their available equity at the time of closing.
You can also purchase a new property with the HomeSafe Reverse Mortgage. Seller concessions and lender credits are permitted, as well. Add to this that condominiums appraised at $500,000 or greater no longer require FHA approval. These new features will make homeowners that may have been denied in the past eligible for a reverse mortgage.
Use the money for anything you want or need or simply put it in the bank against future expenses. Many homeowners use it to renovate their homes, go on vacation or pay off debt. It’s your choice.
So if you are a homeowner over 62 years of age, you can now get more of your equity up front with the HomeSafe Reverse Mortgage. To obtain any type of reverse mortgage, all parties on the deed must be 62 years or older and the home being mortgaged must be your primary residence. You must maintain homeowners insurance and pay the taxes on your property.
To find out if you quality for the new HomeSafe Reverse Mortgage, visit the Reverse Mortgage Space website by clicking HERE or call them at 800-745-2130 to speak to a knowledgeable Reverse Mortgage Space specialist. Reverse Mortgage Space is a leading reverse mortgage website, providing unbiased information about reverse mortgage programs.
The HomeSafe program is being initially offered in California, Florida, Hawaii, New Jersey and Texas. Expansion into more states across the U.S. is anticipated in the coming months.