Amston Mortgage Company, President's Message

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WHAT IS A REVERSE MORTGAGE
...and is it right for you?

Are you 62 or older?
Do you have debt that you would like to eliminate?
Would you like to supplement your fixed income?
Would you like to improve the quality of your life by having additional financial independence?
Do you want to stay in your home but are finding it difficult to keep up with monthly expenses?
Would you like to make repairs to your home?
Would you like to have additional funds to just enjoy life?

If you answered YES to any or all of these questions, a reverse mortgage may be for you.

A reverse mortgage is a special type of mortgage that enables you, as a home owner, to tap the equity you have in your home while giving you the maximum amount of flexibility to address your particular financial needs. Whether it is in a lump sum to pay an unexpected hospital bill or a stream of regular payments to supplement your monthly income. Unlike traditional home equity loans, no repayment of the loan is required until you no longer occupy the home as your principal residence.

With a reverse mortgage, you borrow against the value of your home and receive loan proceeds according to the payment plan that you select. CLICK HERE to see a description of these plans.

As a borrower, you are permitted to change payment plans at any time after origination. You may change payment plans as many times as you wish.

When you sell your home or vacate it for any reason, the accrued interest plus what the lender has lent you through the years is due.

The only requirements for a reverse mortgage are that you be 62 or older, you own your own home, and that the lender can pay off any liens or mortgages that are on your home.

Who Qualifies for a Reverse Mortgage

All Seniors must be age 62 or older and occupy the property. The deed does not have to be in your name, (please call us for details about this).
You can own other properties, including a vacation home, as long as the property the reverse mortgage is on is your primary residence.
You must live in the home for at least one month each year and it must be your primary residence.
The home must be owned free and clear or only a small remaining balance (mortgage) exists (The reverse mortgage may be used to pay off the balance on an existing loan).
The home must be one of these types:
- single family home
- condominium or townhouse
- duplex, triplex or 4-plex where you live in one of the units
- some permanent mobile homes (second homes and non-permanent mobile homes don't qualify)

Contact Amston Mortgage and let us show you how a reverse mortgage program can benefit you.

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updated October 2, 2006