January 4th, 2022 9:44 AM by Juan Luis Rodriguez-Kohly
The FHA HECM Reverse Mortgage Fabulous Growing CreditLine!!!
Many Seniors are not aware of one of the most attractive and valuable advantages of this Program and is insured for the life of the Loan. The Lender can NOT eliminate or change it!!!
Available only on the Adjustable Rate Plans. The Program allows you to withdraw up to 60% of the Loan amount at Closing, including closing Costs and any existing Mortgage or lien.
The Balance of the Loan Amount is deposited in a Growing CreditLine and will be available for withdrawal after one (1) Year. During the time the funds are in that Creditline, they are growing Tax Free at a Growth rate of .50% higher than the Interest rate charged for the funds owed that you withdrew at Closing. (ie: if the Interest rate for the funds owed is 2.415% annual, for one period, the Growth Rate for the funds in the growing Creditline will be 2.951% for that same period). Tax Free!!!
Any funds available at Closing, not withdrawn will be deposited in the growing Creditline and will be available for withdrawal within the 1st year.
The funds deposited in the growing Creditline are not owed nor is interest charged on them, until withdrawn. They are a Growing Tax Free Cash Reserve!!!
Another fabulous advantage is that If at anytime you decide to make a payment (x$) to lower the debt, the debt will be decreased by (x$) and, the same amount of (x$) will be credited to the growing Creditline and be available immediately for withdrawal if needed.
Don’t waste the opportunity to change your life with a Reverse Mortgage. We offer both FHA Insured as well as Proprietary Programs up to a maximum Loan amount of $4,000,000 for houses, townhouses and Condos!
Note: The information is provided for informational purposes only. It is subject to errors and /or omissions and to change without prior notice.
Fabulous Growing CreditLine!!!