Enjoy Life with Less Financial Worry
If you are 62 or older and have equity in your home, we can help you find greater peace of mind by easing your financial burden. Designed to meet your specific needs, our reverse mortgage program converts the equity in your home into cash, giving you safe and reliable access to additional income to help you relax and live your life without financial worries.
This is not a second mortgage or equity line. Our reverse mortgage program actually “reverses” the mortgage payment stream, so the mortgage payments that would otherwise go to the lender, will now go to you. You continue to enjoy owning your home and title while accessing the cash from the investment you have made in your home through the years.
You May Be Ready
- Are you 62 years of age or older?
- Do you own your own home and have a low mortgage balance?
- Do you live in your home?
If You Answered “Yes” to These Questions, Here’s How It Will Work for You
The size of the reverse mortgage payment plan depends on your age at the time you apply for the loan, the type of reverse mortgage you choose, the value of your home, current interest rates, and your home’s rate of appreciation. We will help you determine what’s right for you.
You can choose to receive a lump sum, fixed monthly payments, a line of credit, or a combination of these options.
The costs associated with obtaining a reverse mortgage are similar to those you would pay for a traditional mortgage program, including an origination fee, an appraisal fee and other charges that would be reviewed by your SouthPoint advisor during the qualification process. All associated costs can be financed as part of the reverse mortgage loan.
The money provided to you from a reverse mortgage is “tax-free” and does not affect regular Social Security or Medicare benefits. However, the funds received from a reverse mortgage may affect your eligibility for certain kinds of government assistance, such as Medicaid or state assistance programs. A SouthPoint advisor can help you determine any prohibitive implications during the qualification process.
No payments are due on a reverse mortgage, while it is outstanding. The loan becomes due and payable when you no longer occupy your home as a principal residence. The home does not have to be sold to pay off the loan. You (or your heirs) can pay off the reverse mortgage and keep the home at any time you choose to do so.
SouthPoint Financial Services has always been and continues to be a committed advocate for seniors like you. Our team of knowledgeable planners is available to guide you through all available financial planning options to determine the most appropriate solution for your circumstances. Additionally, there are a number of safeguards built into the qualification process to ensure the reverse mortgage program is best for you.
- The Department of Housing and Urban Development (HUD) requires applicants for any reverse mortgage product to receive counseling from an approved, independent, third-party.
- Reverse mortgage loans are insured by the Federal Housing Administration (FHA).
- SouthPoint Financial Services recommends a variety of nationally recognized resource providers who can give you additional information on reverse mortgages.
The Department of Housing and Urban Development (www.hud.gov)
The Fannie Mae Foundation (www.fanniemae.com)
National Reverse Mortgage Lenders Association (www.nrmla.com)
- Access more cash for vital expenses
- Get Relief from heavy financial burden
- Stay in your home without making mortgage payments
- Enjoy greater independence
- Get practical guidance from a trusted mortgage banker
For personal assistance to learn how you can qualify for SouthPoint Financial Services’ Reverse Mortgage Program, please call (800) 573-6247, ext. 302 today.