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A Reliance First Capital, LLC Reverse Mortgage may be Just What You Need

Just about everyone knows what a mortgage is. But what about a reverse mortgage, also known as The Home Equity Conversion Mortgage (HECM)? Although this type of mortgage is lesser known, it can be just as beneficial, and it is an option worth considering. A HECM or reverse mortgage is a loan that lets you convert a portion of the equity in your home into cash, with no repayment required until the borrower(s) no longer uses the home as their principal residence. It is a mortgage option that is chosen later in life. With a HECM, you don’t make monthly principal and interest payments, but the lender pays you according to the payment plan you select (you still are required to pay your real estate taxes, insurance and other customary payments such as utilities). As such, you cannot be foreclosed or forced to vacate your house because you “missed your mortgage payment.”

How it Works – The Reliance First Capital Reverse Mortgage

To be eligible for a Reliance First Capital reverse mortgage, the requirements are few – you simply must be 62 or older and have a qualifying primary residence with sufficient equity. You are also required to receive consumer information free or at very low cost from a HECM counselor. The amount of the mortgage is determined based on factors such as the lesser of the appraised value of your home, the HECM FHA mortgage limit for your area or the sales price if a purchase, the current interest rate, and age of the youngest borrower. The mortgage offers numerous payment options, including equal monthly payments as long as at least one borrower continues to occupy the property as a principal residence (tenure), equal monthly payments for a fixed period of months selected (term); a lump sum, and a line of credit. The loan is repaid when you move, sell your home or after your death.

Secure Your Future with a Reliance First Capital, LLC Reverse Mortgage

If you believe a reverse mortgage may be right for you, turn to Reliance First Capital to get the answers and the help you need. What better way to help ensure your future than with the assurance a Reliance First Capital reverse mortgage can bring!

Reliance First Capital, LLC; 270 South Service Road, Suite 25, Melville, NY 11747 NMLS #: 58775. Company’s complete licensing information available at http://www.reliancefirstcapital.com/licenses.html. Equal Housing Opportunity Lender. Restrictions and qualifications may apply. Loan products offered apply to qualified applicants only. This document should not be considered as a commitment to lend.

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