Page 26 - AreaNewsletters "Dec 2021" issue

CALF Donate
Many ask, “is a reverse mortgage a good idea?” While there can be speculation, our hope is that you become fully informed of this unique mortgage loan and make the appropriate decision for you and your family given your unique situation.
Local
B US I NE S S & F I NA NCE
Give Yourself the Gift of a
Reverse Mortgage
Areversemortgageisauniqueloanthatallowshomeowner(s) 62 years of age and older to draw on the value of their home, which is paid to the homeowner(s) in a variety of payout options or used as a line of credit. One of the unique features of a reverse mortgage loan is that it does not require mortgage repayment until the homeow ner(s) no longer reside in the residence.
Types of Reverse Mortgages
There are different types of reverse mortgages. The two most popular are the HECM (Home Equity Conversion Mortgage, insured by the FHA, Age 62 +) and Jumbo or Proprietary reverse mortgages for high value homes and borrowers age 55 and older.
Quali cations for HECM Reverse Mortgage
To qualify for a reverse mortgage loan there are some basic requirements, such as:
• At least one borrower (that will be on title) must be at least
62 years old.
• The home must be lived in and be the primary residence of
the borrower/s.
• There must be suf cient equity in the home. While there is
no speci c amount of equity required - as a general rule of thumb - you’d want at least 50% equity in your home since you will need to pay off your existing mortgage with the loan proceeds. The more equity you have the more loan proceeds you will have access to.
• ForaHECMloan,allapplicantsaresubjecttoa nancialas- sessmenttodeterminetheir nancialcapacityandwillingness to pay the loan obligations, such as taxes and insurance.
We at Fit Lending are reverse mortgage specialists and are here to assist you as you explore your options and whether a reverse mortgage solution is right for you. Our goal is that as you learn more about the reverse mortgage you have all the information you need to make the best decision for you and your family. We aim to provide world class service from start to nish.
Local
expertise
Allsta
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Tamm
expertise
you can
you can
trust.
trust.
y Lopez
tammylopez@allstate.com
wwTwA.aMllstMatYe.cLomO/PtaEmZmylopez
720-733-1331
CASTLE PINES
tammylopez@allstate.com
As your local Allstate Agent, I understand
As your local Allstate Agent, I understand
the unique coverage needed for the homes andthceaursninquoeurccoovmermaguenintye,eadneddwfhoircthhe homes covaenrdagcearysoiunmouarycnomt nmeuendi.tYy,oauncdouwldhiscahy
I’m an expert at getting you the protection
coverage you may not need. You could say
you want with the savings you deserve. Call,
I’m an expert at getting you the protection
email or stop by my office for a free quote
t o dy ao yu . w a n t w i t h t h e s a v i n g s y o u d e s e r v e . C a l l ,
email or stop by my office for a free quote TAMMY LOPEZ today.
720-733-1331
Get a Quote
www.allstate.com/tammylopez
One place to help with all your insurance needs.
CASTLE PINES
Prices vary based on how you buy. Not applicable in CA. Subject to terms, conditions and availability. Allstate Fire and Casualty Insurance Co. © 2019 Allstate Insurance Co.
One place to help with all your insurance needs.
Prices vary based on how you buy. Not applicable in CA. Subject to terms, conditions and availability. Allstate Fire and Casualty Insurance Co. © 2019 Allstate Insurance Co.
December 2021 • Castle Rock “AreaNewsletters” 26
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13734883