Reverse Mortgage Specialist for New Mexico and Texas!

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Why a Reverse Mortgage?

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New Mexico Reverse Mortgages

We can show you how to use your home equity to enhance your retirement!

Reverse Mortgage (also known as a HECM, a Home Equity Conversion Mortgage) is a mortgage loan, insured by FHA and HUD, that enables homeowners over 62 to convert part of their home into tax-free payments or draws without having to sell, give up the title or take on new mortgage payments.

Seniors Are Using Reverse Mortgages To:

  • Have no mortgage payments
  • Create cash flow by paying off existing mortgages and debt
  • Add to existing retirement income
  • Plan for future retirement
  • Create cash reserves for emergencies
  • Pay for health care
  • Pay for home improvements
  • Downsize and buy smaller homes

 

Reverse Mortgage Qualifications:

  • At least one homeowner must be over the age of 62
  • The home must have at least 55-60% equity in home available for use
  • The home must be owner-occupied and the borrower’s primary residence
  • All mortgages and liens must be paid off with the Reverse Mortgage
  • Property taxes, homeowners insurance, and property maintenance are paid by the homeowner
  • Reverse Mortgage homeowners are required to complete FHA/HUD counseling for Reverse Mortgages
  • Homes require an FHA appraisal by an approved licensed appraisal

Reverse Mortgage Features:

  • No mortgage payments are required as long as the homeowner occupies the home
  • This loan is attached only to the primary residence and is a non-recourse loan
  • Mortgage insurance provided by FHA/HUD is required on all FHA reverse mortgages
  • Mortgage insurance provides protection for the homeowner and their heirs by never having to pay back more the value of the home
  • The Reverse Mortgage loan balance does grow and accrues interest over time. The loan growth rate depends on how the homeowner accesses funds available and program chosen
  • Loans costs will vary depending on loan program chosen

For more detailed information, please contact Bruce Anderson, CRMP® at 505-858-3825 or Gordon Mitchell at 5058-293-1567


Bruce Anderson – (CRMP) NMLS#237538 -Certified Reverse Mortgage Professional providing seniors with Reverse Mortgages in all areas of New Mexico and Texas! www.AndersonReverseMortgage.com or Call (888) 296-4747.


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