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Contact Info: |
John L Ruybalid
Reverse Mortgage Specialist
Phone: 505-690-1029
Other: 800-758-6115
Fax: 505-984-8664 |
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Frequently Asked Questions
With a reverse mortgage, you do not have to repay the loan for as long as you live in the home; you will never owe more than your home is worth; and most importantly, payments from a reverse mortgage are guaranteed.
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There are several options available for receiving your equity: - Lump Sum
- Monthly payments for as long as you live in your home
- Monthly payments for a fixed number of years
- A line of credit you can draw upon as you need
- Or a combination of these options that best meet your needs
To qualify, you and any co-borrower must be at least 62 years-of-age and own a home. This home must be your primary residence. The best part of the program is there are no income requirements and only minimal credit requirements to satisfy.
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There are several reverse mortgage programs available, including the FHA-Insured "Home Equity Conversion Mortgage (HECM)", the Fannie Mae "Home Keeper", and Financial Freedom's "Cash Advantage Account".
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How much money you can receive is based upon the age and number of borrowers, the value of the house, current interest rates, the maximum loan amount and the program you select. To receive your free, no obligation reverse mortgage analysis, please contact me at (505)690-1029 or (800)758-6115 ext. 236.
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Closing costs and fees will be incurred when you obtain a reverse mortgage. Closings costs include the appraisal, title insurance, origination fee and recording fees. These items can be included in your loan so you do not have to pay for them up front. I will be happy to provide you with a Good Faith Estimate of closing costs when we meet.
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Your reverse mortgage must be repaid when you either sell your home or permanently leave the residence. In the event of death, your heirs will have the choice of keeping the house and repaying the loan with liquid assets or a conventional mortgage, or selling the house and using the proceeds to repay the loan.
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Payments received from a reverse mortgage are considered to be a loan, not income. Therefore, the funds received are NOT subject to income tax and do not affect Social Security Benefits. Borrowers receiving Medicaid or SSI may not be affected if the funds from the reverse mortgage are spent in the month they are received. As always, we recommend you consult your own tax advisor for further details. To ensure that the reverse mortgage is appropriate for your situation, during the application process reverse mortgage borrowers are required to receive counseling from a third-party counseling agency. I have a list of counselors and can refer you to one.
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