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Michael Thomas

Reverse Mortgage Specialist

Your Peoria Reverse Mortgage Expert!

As your reverse mortgage professional, I take a hands on approach in educating my clients on the benefits of a reverse mortgage and how it can become an important part of your retirement strategy. Whether you use the reverse mortgage to increase your monthly income, help preserve your existing retirement portfolio, lower your taxable income or use it to purchase a new home – the New Reverse Mortgage can significantly change your lifestyle and I would like to assist you through this process and help you to achieve your retirement goals.

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Popular Reverse Mortgage Questions

What is HECM for Purchase?

HECM for Purchase allows seniors, age 62 and older, to purchase a new principal residence using loan proceeds from the reverse mortgage.

What is the purpose of the program?

The program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing.

What property types are eligible?

Existing one-to-four unit properties where construction has been completed and the property is habitable. See ML 2007-06.

Can a HECM for purchase be used to satisfy outstanding payment obligations associated with a land contract?

Yes. If the property will be used as collateral for the HECM and the mortgage will be held in fee simple, or on a leasehold under a lease for not less than 99 years which is renewable, or under a lease having the remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest mortgagor.

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Popular Reverse Mortgage Myths

If I get a reverse mortgage, the bank will own my home.

NOT TRUE - This is just a mortgage loan and you retain ownership for as long as you live. Then your estate determines its fate.

My home must be free and clear to get a reverse mortgage.

NOT TRUE - While you must have equity in your home, we can pay off the current mortgage with the reverse mtg. We do this frequently.

When a reverse mortgage comes due, the bank will sell my home.

NOT TRUE - When it comes time for you or your heirs to pay off your loan, it can be paid in full, refinance or sell – it's your choice.

Reverse Mortgages are only for desperate seniors who are house rich and cash poor.

NOT TRUE - I personally work with a lot of Financial Planners to increase financial stability in different ways. Many senior are concerned about outliving their assets, using their home equity will help preserve their liquid assets which is critical in our current economic environment.

My Social Security and Medicare benefits will be affected.

NOT TRUE - These are considered loan proceeds and not income, so they do not affect your benefits. It's tax free income.

More Reverse Mortgage Myths

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