Unlocking the Financial Potential of Your Home with Gulfside Mortgage.

What Is A Reverse Mortgage?

• A federally insured mortgage program for seniors, ages 62 and above
• No monthly payments
• No income or credit requirements
• Lets your home pay you back

What Are The Benefits?

• No monthly mortgage payments!
• The money received from the Reverse Mortgage is tax-free
• You will NEVER be forced to leave the security of your home
• You NEVER give up ownership and control of your home

What are the qualification requirements?

• You must be at least 62 years old
• Occupy the property as your primary residence
• Pay off any existing liens at the time of settlement, and
• Attend a free, informal session with a housing counselor.

 

What factors determine how much I can get?

• Your age
• The appraised value of your home
• Current interest rates

Our representatives will work with you to determine how much of your home equity is available.

              

How Can I Use     The Money?

 

You can use the money for any reason. Some of the most common uses include:

• Pay off credit card debts,
• Do home improvements
• Supplement income
• Pay for in-home health care, and
• Travel

              

How Do I Get    The Money?

   

There are 4 payment options:

• Lump Sum
• Line of Credit
• Monthly "Income" Payments
• A Combination of the above

 

What Are My Responsibilities?

 

When you participate in the Reverse Mortgage, you have three responsibilities:

 

• Occupy the home as your primary residence
• Pay homeowner's insurance, and
• Pay property taxes

        

Will I Ever Have     To Leave My Home?

   

As long as you fulfill these obligations, you can NEVER be forced from your home. Even if you have used all of the funds, you can NEVER be forced to leave your home.

                    

How Is The Reverse      Mortgage Repaid?

   

The loan becomes due when you no longer live in the property. You or your estate may settle the loan by either selling the property, or refinancing the mortgage.

             

 What's The Catch?

 

We get this question a lot. The answer is, very little. Your name remains on the title, you are free from a monthly mortgage payment and repayment is only due when you no longer live in the home. You are responsible only for money taken up to the value of your property. Repayment cannot exceed the value of the home.

 

Reverse Mortgage Example

Mrs. Jones (age 72)  Home Value: $200,000 Current Mortgage:  $45,000 Current Income $1,800 per month Current Mortgage Payment:  $600 Available Income:  $1,200 per month  

What can a Reverse Mortgage do for Mrs. Jones?

    Pay off existing mortgage saving her $600 per month PLUS Provide $78,212 in a lump sum or as a line of credit                             OR receive monthly "income" payments of $475 for the rest of her life  

Reverse Mortgage Example

  Before Reverse Mortgage  Income:   $1,800 - Mortgage Pmt:     $600   Available Income  $1,200    After Reverse Mortgage  Income   $1,800 -  Mortgage Pmt         $0 + RM Income     $475 Available Income $2,275      

Reverse Mortgage Benefits:

  Pay off existing loan and eliminate monthly payment of $600 "Income" from loan of $475 per month Increase cash flow by $1075 per month, or $12,900 per year. 89.5% increase in monthly income   Reverse Mortgage Example  Before Reverse Mortgage  Income:   $1,800 - Mortgage Pmt:     $600   Available Income  $1,200  After Reverse Mortgage  Income   $1,800 - Mortgage Pmt         $0 Available Income $1,800 plus Creditline of $78,212  

Reverse Mortgage Benefits:

Pay off existing loan and eliminate monthly payment of $600 Increase cash flow by $600 per month, or $7,200 per year Available creditline of $78,212 50% increase in monthly income