We at Senior Reverse Mortgage Group focus exclusively on just that....catering to the needs of seniors seeking the loan instituted to enjoy the golden years when traditional mortgages are not available due to lack of sufficient income. Ability to make payments.Income, assets, monthly living expenses and credit history will be verified. This is all we do, so we are able to be knowledgeable of trends, guidelines, new products and ways to serve the senior community at our best. We have 20 years experience in the mortgage industry, and always strive to be current within the ever changing industry. We have a great deal of experience guiding clients through the process, and want you to be confident in understanding clearly all that is available to you and to understand what is reverse mortgage and how does it work. There is a misunderstanding of reverse mortgage information, and how does it work. We will answer all your questions!
If you are a senior with equity in your primary residence, you may be able to use that equity as a financial tool enabling you to truly be able to pay medical expenses, desire not to be a burden on loved ones, nor to use up all your savings, or to have to sell your beloved home.
There is no need to downsize! New homes can be purchased with DOUBLE YOUR PURCHASE DOLLARS using a reverse mortgage loan, allowing the purchase and the upgrades you desire.
Borrowers are responsible for paying property taxes, home maintenance, insurance and homeowners association dues, if applicable. There is no repayment required until death of youngest borrower, or leaving the home as the primary residence.There are products which can be used as lump sum payments to you,monthly payments to you, lines of credit used when needed, or even purchases of new homes. THE PROCEEDS ARE TAX FREE AND DO NOT AFFECT YOUR SOCIAL SECURITY PAYMENTS! Loan proceeds are paid tax free. Consult your tax advisor. A borrower's benefits will not be impacted. HECM loan funds are considered loan proceeds and not income. However, Medicaid and other need-based benefits may possibly be affected. What's more the longer you wait to access Social Security benefits, the more you may receive each month. A HECM can help delay accessing Social Security and may boost your lifetime retirement income.
Senior Reverse Mortgage Group is local, not an online, Illinois based company. Since we are located in the area, we are able to meet face to face in your home, or in our office. Closings may be arranged to be conducted in your home.
Please contact us for a free consultation so all your options can be discussed, allowing you to make the choice to best meet your needs.