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We Buy Notes*! If you have a real estate note to sell we want to hear from you. Please e-mail us at Al@AlBailleres.com to request a submission worksheet for you to complete. Once received, we will review and respond quickly. *We buy first, second or third position performing or non-performing notes. |
| What is a Reverse Mortgage? No Monthly Payments For Life Pay off All Mortgages and Bills Extra Monthly Income Officially it is called a Home Equity Conversion Mortgage or “HECM” for short. This is a unique loan designed for seniors 62 years of age and older. It allows you to get equity out of your home to provide current income or any other goal you may have, without ever having to make a payment on the loan as long as you live in your home. If you live in your home until your death, your heirs will have the choice to payoff the loan or sell your home and keep any equity that is left. The mortgage company pays you, instead of you paying them! With the Reverse Mortgage: You must be age 62 or older Have enough equity in your home Plan to keep home as your primary residence Need or want extra cash or income Receive HUD counseling Pay for an appraisal and pest inspection (approximately $650.00) ADVANTAGES We know the advantages of a Reverse Mortgage from the Terramar Team and we would like to share them with you!! • Government Sponsored • Federally Insured! Give us a call at: 239-498-6885 or send us an email |
A federally insured “Purchase Reverse Mortgage” is a revolutionary way for seniors to purchase Real Estate.
Recent changes in legislation allow for seniors to purchase a home with NO monthly mortgage payments.
Eligible property types include:
Single family residence
Condo
Townhomes
1-4 Units Multi-Family
Manufactured Homes (meeting strict guidelines)
Qualifications:
Must be 62 or older (all applicants)
Must occupy as primary residence
No income or credit scores required
Examples:
1. Purchase $350K
a. *Approximate Down Payment Required:
i. Age 62: $157K
ii. Age 72: $127K
iii. Age 82: $95K
iv. Age 92: $65K
2. Purchase $250K
a. *Approximate Down Payment Required:
i. Age 62: $115K
ii. Age 72: $93K
iii. Age 82: $69K
iv. Age 92: $46K
*Shown for illustration purposes. Principal limit may vary with rate changes. Allowable funds for down payment include:
Proceeds from sale of current residence, Savings, 401K, IRA, Retirement Funds
Recent changes in legislation allow for seniors to purchase a home with NO monthly mortgage payments.
Eligible property types include:
Single family residence
Condo
Townhomes
1-4 Units Multi-Family
Manufactured Homes (meeting strict guidelines)
Qualifications:
Must be 62 or older (all applicants)
Must occupy as primary residence
No income or credit scores required
Examples:
1. Purchase $350K
a. *Approximate Down Payment Required:
i. Age 62: $157K
ii. Age 72: $127K
iii. Age 82: $95K
iv. Age 92: $65K
2. Purchase $250K
a. *Approximate Down Payment Required:
i. Age 62: $115K
ii. Age 72: $93K
iii. Age 82: $69K
iv. Age 92: $46K
*Shown for illustration purposes. Principal limit may vary with rate changes. Allowable funds for down payment include:
Proceeds from sale of current residence, Savings, 401K, IRA, Retirement Funds
| Purchase Your Next Home with NO MONTHLY MORTGAGE PAYMENTS. |