Reverse Mortgage Benefits For You!

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Frequently Asked Questions

FACT: Many seniors, living on Social Security income, and possibly a small pension or savings, are experiencing difficulty in meeting the ever increasing cost of living. Being able to take cash out of the equity in their home, without requiring monthly payments, has solved many seniors’ financial problems.

3) Am I elegible for a Reverse Mortgage? 

FACT: You are elegible if all owners on Title are 62 years of age or older. 

Any owner on Title younger than 62 (or 60 for 60+ Plan), must come off Title. 

You can start the process by applying 3 months prior to your qualifying birthday.

My Home: it can be single family, duplex, triplex, fourplex, some approved condos, townhouse, Co-ops (not yet approved for Florida), some manufactured home built after 1976.  

4) What other qualifications must I meet?

FACT: Easy qualification. NO income verification and NO credit required to qualify!

5) How much money can I get?

FACT: The older you are the more money you get. Benefits are based on the age of the youngest owner on Title, the value of the home and current interest rate. Any value home qualifies. You may determine how much you can get by clicking here How Much Can I Get?, or submit the form provided at the bottom of this page or call me at 786-262-6486 for a more complete estimate and information. 

6) Are there any monthly payments I will have to make?

FACT: NO More Monthly Payments. If you have a mortgage, you pay-off your present mortgage and you eliminate monthly payments. There are NO Mortgage Payments, ever, as long as one of the Borrowers live in the home!

7) Why is a Reverse Mortgage (REM) better than a regular Mortgage or a Home Equity Line of Credit?

FACT: A REM is far superior to a regular mortgage or Home Equity Line of Credit for Seniors.

• No Credit or Income qualification are required.
• Banks are cancelling or decreasing regular HELOC (line of credit) on most homes. A Reverse Mortgage can NOT be cancelled or decreased.
• In this stage of your life, you don’t deserve the recurring torture of having to make monthly payments!

8) Will the Bank ever own my home?

FACT: Ownership of the home is 100% yours.

• You do NOT loose the home.
• The bank will NOT take your home.
• You are NOT selling the home to the bank or to the Government.
• You can sell or refinance it anytime without penalty.
• You can NOT outlive the loan agreement.
• You or your heirs pay-off the loan and the total remaining balance of the equity belongs to you or to your heirs.

9) Can I refinance or sell my home at anytime?

FACT: Yes, you can refinance with a regular mortgage or even with another REM as the value of your home and your age increase.  You can sell at any time. There is no pre-payment penalty.

10) What am I responsible for?

 FACT: You are responsible for ongoing maintenance of the home, pay taxes, Insurance & Condo/Homeowners fees.

11) When do I have to pay-off the REM?

FACT: You or your heirs will pay off the loan:

• when the property is refinanced, sold, or
• up to 12 months after the last borrower on Title passes away, or
• 12 months after the last borrower moves out permanently due to health.

12) What happens to my home's equity when I sell?

FACT: When you or your heirs sell the property, the mortgage is paid and the total remaining equity goes to you or your heirs

13) How am I Protected?

FACT: Built-In Protection:

• You complete a short telephone or face-to-face HUD approved Counseling  before processing may begin. The Counselor will explain the program and see that you understand if this program suits your needs. They do not approve or reject you. You receive a non binding, Certificate from HUD for the FHA Program.
• The loans are Non-Recourse loans and the bank can not collect from you any amount over the balance of the loan or the value of the home whichever is less. Call us at 786-262-6486 to get you started.

14) Should I tell my children or Advisors what I am considering doing?

FACT: Absolutely yes! I recomend that your children or advisors take part in your review of the Program and see how it can improve your financial security, needs and desires in the future. If possible, we suggest we all meet in your home, our office or through a conference call.

15) Who is Juan Luis Rodriguez-Kohly?

FACT: Born in 1940, Juan Luis has been a Licensed Mortgage Broker and Loan Officer specializing in Reverse Mortgages for since 2005. As a senior and a REM borrower, he understands the needs and situation of many seniors face today. Unlike many offering Reverse Mortgages, he has a Reverse Mortgage on his own home and sincerely believes that, for many, a REM is a safe and trustworthy solution. Many times, it can be a blessing.

 16) Will a REM affect my Social Security or Medicare Benefits*:

FACT: Social Security or Medicare: Proceeds from a REM Loan are not considered income. It does not affect benefits*.

17) Will a REM affect my Suplemental Security Income Benefits**: 

Proceeds from a REM Loan are not considered income. If the proceeds are retained into the following month, they could be evaluated as an asset if it exceeds the amount allowed**.

18) Will a REM affect my Medicaid Benefits**:

FACT: Proceeds from a REM Loan are not considered income. If the proceeds are retained into the following month, they could be evaluated as an asset if it exceeds the amount allowed. See Rule #1840.1010. Call Your Medicaid, Social Security or Dept of Children & Families Representative. Call me at 786-262-6486 or email me at RodKohly@HappySeniorHomeOwners.com to get copy of the Rule**.

*We do not provide specific recommendations on tax, estate, financial or legal matters. Consult with your tax, financial or legal counsel. Provide us with their telephone so that we can provide the information they will require.

**Medicaid and/or SSI Beneficiaries: Consult your Medicaid, Dept. of Children & Families and/or Social Security Representative. Consult with your tax , financial or legal counsel.

Act today, there is NO cost or obligation.

Juan Luis Rodriguez-Kohly

Your Trusted Reverse Mortgage Specialist

Tel: 786-262-6486

RodKohly@HappySeniorHomeOwners.com