1st Continental Mortgage
10451 Mill Run Circle
Suite 400
Owings Mills, Maryland 21117
Phone: (410) 356-8831
Toll Free: (888) 363-6080
A reverse mortgage goes well beyond a home equity loan to work to your advantage
- A reverse mortgage is only available to homeowners 62 years or older.
- There are no income qualifications.
- The borrowers retain title to the property and can continue to live in and own the home for as long as they choose.
- There are no monthly mortgage payments during the life of the loan.
- Proceeds are tax-free** and can be used for any purpose; they may be paid out as a lump sum, in monthly payments, as a line of credit, or a combination.*
- The loan amount depends on the borrower’s age, appraised value of the home, current interest rates and the type of reverse mortgage selected. It’s good to know that lending limits have just gone up at the beginning of 2005 and interest rates have stayed surprisingly low.
- A reverse mortgage isn’t repaid until the borrower moves out of the house permanently.
- The repayment amount cannot exceed the value of the home, regardless of the loan balance.
- Once the loan is repaid, any remaining equity is distributed to the borrower or the borrower’s heirs/estate. Note: This is a great way to reduce the estate tax burden on your heirs.**
- The home doesn’t have to be owned free and clear to qualify for a reverse mortgage.
*Not all products and options are available in all states.
**Consult your tax adviser.
With benefits like these, it’s no surprise that reverse mortgages continue to grow by leaps and bounds.
If you think a reverse mortgage may just be what you need to make your retirement years more enjoyable, call toll-free (888) 363-6080. We’ll give you an estimate of how much tax-free cash may be available to you.
A reverse mortgage could be an ideal way for your parents to benefit from the wise investment they made in real estate perhaps decades ago. If you are a son or daughter of a senior who is age 62 or older, you should understand the facts about reverse mortgages.
- Get money without moving. A reverse mortgage can help your parent(s) create a new source of tax-free* money without having to sell their home. In fact, they can stay in the home they love for as long as they’d like.
- Financial independence. A reverse mortgage allows seniors to tap into money they’ve earned in the form of home equity, and avoid having to depend on relatives for financial assistance.
- Keep title to the house. Your parents retain full title to their home and have no risk of losing the home to the lender. And no matter what happens to the housing market, your parents can never owe more than the value of their home when it is sold.
- Proven safe. Over 150,000 Americans have already benefited from reverse mortgage. The fact is that HECM reverse mortgages are government-protected loans and many safeguards are in place to protect seniors from unethical lending practices.
- Repayment options. If your last-remaining parent passes away while living in the home, you, as the heir(s), simply pay off the reverse mortgage principle plus accrued interest. If you – or a sibling or other relative – want to keep the home in the family, you can take out a new traditional mortgage or use other assets to pay for it. If no one in the family is interested in keeping the home, it can be sold to repay the loan. Any money left over goes to the estate to be shared according to your parents’ last wishes.
CASH ACCOUNT: The next generation of reverse mortgages
If you are a senior, age 62 or older, and own a higher-value home, we now offer a unique reverse mortgage that should be of special interest to you. We now offer a proprietary product specifically designed to meet the need of older Americans with high-value homes: the Cash Account. Other reverse mortgage products have maximum lending limits. As a result, the amount of money available to homeowners is limited. Our Cash Account plan has virtually no loan limits; therefore, the amount of money available may be considerably greater. With "The Cash Account", seniors have a number of ways to access significant home equity opportunities. The benefit is a function of the home value and age. Contact us for the availability of a Cash Account reverse mortgage in your state.
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