{"id":7199,"date":"2024-10-11T14:48:17","date_gmt":"2024-10-11T18:48:17","guid":{"rendered":"https:\/\/mortgageequitypartners.com\/providence-ri\/?page_id=7199"},"modified":"2024-10-11T14:48:17","modified_gmt":"2024-10-11T18:48:17","slug":"reverse-mortgages","status":"publish","type":"page","link":"https:\/\/mortgageequitypartners.com\/providence-ri\/reverse-mortgages\/","title":{"rendered":"Reverse Mortgages"},"content":{"rendered":"<div class=\"gca-column one-half first\"><h2>Reverse Mortgages<\/h2>\n<p>A Home Equity Conversion Mortgage (<a href=\"https:\/\/www.hud.gov\/program_offices\/housing\/sfh\/hecm\/hecmhome\" target=\"_blank\" rel=\"noopener\">HECM<\/a>), or a reverse mortgage as it is more commonly known, enables homeowners to access a portion of their home\u2019s equity without making monthly mortgage payments.\u00a0Those who are 62 or older and have enough equity in their home may be eligible to get a cash payout from their equity.<\/p>\n<p>A HECM\/reverse mortgage is an excellent retirement solution for homeowners looking to access the money they have accumulated in their home as they continue to live there.<\/p>\n<p><strong>Types of HECM\/reverse mortgages we offer:<\/strong><\/p>\n<ul>\n<li>A HECM with a lump sum payout.<\/li>\n<li>A HECM with payment over time.<\/li>\n<li>A Reverse Second Mortgage first mortgage stays in place, and the second is completed with a lump sum payout.<br \/><\/div><div class=\"gca-column one-half\"><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof 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Even with careful planning, saving, and investing, many people do not have enough funds to live comfortably.<\/p>\n<p><strong>Here are some benefits of a HECM\/reverse mortgage:<\/strong><\/p>\n<ul>\n<li>Eliminates monthly mortgage payments, and repayment is deferred until you leave the house.<\/li>\n<li>Allows you to remain in your home as you age.<\/li>\n<li>Loan proceeds are tax-free and can be used as you wish.*<\/li>\n<li>Any remaining equity can be passed down to your heirs after paying off the HECM loan.<\/li>\n<li>Funds can be used to pay medical bills, other loans, and unsecured debt.<\/li>\n<li>Improve our monthly cash flow.<\/li>\n<li>Build a safety net.<\/li>\n<li>Pay for improvement of renovations.<\/li>\n<\/ul>\n<p><strong>Eligibility Requirements:<\/strong><\/p>\n<ul>\n<li>Borrowers must meet the age requirement of 62 years.<\/li>\n<li>Borrowers must live in the home as their primary residence and have sufficient equity.<\/li>\n<li>Borrowers must be able to pay off their existing mortgage using the HECM loan proceeds.<\/li>\n<li>Borrowers must be financially able to pay their property taxes and homeowners insurance.<\/li>\n<li>Borrowers must have enough income to keep up the general maintenance of the property.<\/li>\n<li>Borrowers must meet financial eligibility criteria as established by HUD and meet with a reverse mortgage counselor.<\/li>\n<\/ul>\n<p>HECM\/reverse mortgages have evolved and are now considered a safe, secure method of using home equity as a financial tool for retirement. Contact our\u00a0<a href=\"https:\/\/mortgageequitypartners.com\/providence-ri\/our-team\/\">HECM\/reverse mortgage specialists<\/a>\u00a0for a consultation today.<\/p>\n<p><em>*For tax advice, please contact a tax professional.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For many homeowners who are approaching retirement or have already retired, A HECM\/reverse mortgage is a great way to achieve their ideal retirement lifestyle. Even with careful planning, saving, and investing, many people do not have enough funds to live comfortably. Here are some benefits of a HECM\/reverse mortgage: Eliminates monthly mortgage payments, and repayment [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"profile","_genesis_custom_post_class":"","_genesis_layout":"full-width-content","footnotes":""},"class_list":{"0":"post-7199","1":"page","2":"type-page","3":"status-publish","5":"entry"},"_links":{"self":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages\/7199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/comments?post=7199"}],"version-history":[{"count":0,"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/pages\/7199\/revisions"}],"wp:attachment":[{"href":"https:\/\/mortgageequitypartners.com\/providence-ri\/wp-json\/wp\/v2\/media?parent=7199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}