Watch the following video to learn about a new type of home loan, backed by the government for people aged 62 and above that provides the opportunity to own a home with no mortgage.
Benefits of a Reverse Mortgage
– Designed and insured by the U.S. Government
– Tax-Free Cash
– No credit of income qualifications
– No repay,ents while you occupy your home
– You OWN your home
– Social Security and Medicare Benefits are NOT affected
– Upon repayment ALL remaining equity is paid to your heirs
J. Thomas Builders Freedom Plan
4157 Silverleaf Drive
To view this Listing, CLICK HERE
Sale Price: $339,000
Cash Paid: $145,00.00 **Mo Monthly Payments thereafter**
So the customer is getting the full ownership of a $339,000.00 home for $145,000.00 cash as long as they live in their home
- What if we outlive our equity?
- It doesn’t matter. FHA allows lifetime ownership regardless. You cannot loser your home based on Longevity for you or your spouse.
- What if after the home becomes the property of my heirs there is a negative equity position?
- It doesn’t matter. FHA will be responsible to pay the bank. It is part of their Mortgage Insurance Premium.
- Yes, but we want to leave our home free and clear to our heirs or our surviving spouse.
- You can purchase term life insurance to cover the balance of the mortgage upon your passing. Your spouse can ten own the home free and clear of mortgage debt.
- Can the bank ever take our home?
- No, but you are responsible for paying property taxes, insurance and maintenance.
- What if I go into a nursing home, what happens to my spouse?
- Does not affect the ownership or use whatsoever as long as the spouse uses the home as their primary residence.
For more information from the mortgage specialists, contact:
1131 Military Cutoff Road
Wilmington, NC 28405