572 Kearny Avenue

Kearny, NJ 07032

(201) 991-5719

homes@midrealty.com

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“Lets Talk Real Estate! “Reverse Mortgages” November 16th, 2022

Mid Realty officeJarlynn Hyde

“Reverse Mortgages

FHA reverse mortgages, which are tailored for homeowners age 62 and over, are increasing in popularity.  They are designed for those who have equity in their income.  The only reverse mortgage insured by the U.S Federal Government is called a Home Equity Conversion Mortgage, or HECM.  It is available through an FHA-approved lending institution .  The equity  amount available to withdraw from the home varies by the borrower.  It depends on factors such as the current interest rate and the age of the youngest borrower or eligible non-borrowing spouse.  There are no income or credit qualifications for this type of loan, and the borrower must own and live on the property as the primary residence.  There are all kinds of mortgages, loans, lending programs, etc. available to help finance dreams, projects and future endeavors.  We may not be specialists in reverse mortgages, but we can certainly point you in the right direction to find the professionals who are.  We are experts, however, in buying or selling real estate, and you can rest assured that we will be with you all the way in your next real estate adventure requiring considerable experience.  “OUR SUCCESS HAS BEEN BUILT ONE SATISIFIED CUSTOMER AT A TIME.”

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