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Why get a reverse mortgage loan*
Legacy Mortgage powered by Guild Mortgage is your lender for life. As such, we offer a robust menu of mortgage home loans and services in New Mexico, Texas, Colorado, and Arizona. Rest easy knowing you’re in good hands with us!
Reverse Mortgage Line of Credit
The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower, an age expectancy projection and the current reverse mortgage interest rate. This loan amount can be set up as a line of credit (LOC). The homeowner has the option to withdraw funds as needed. Interest is not charged on the balance in the LOC. Once the homeowner withdraws funds out of the LOC, that balance is added to the reverse mortgage loan balance and is charged interest at that time.
The balance of funds in the LOC or unused funds does expands at the current interest rate of the reverse mortgage loan.
Reverse Mortgage Monthly Payment
The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower, an age expectancy projection and the current reverse mortgage interest rate.
The reverse mortgage loan amount can be converted to a monthly payment automatically deposited in the homeowners account. This option helps increase the homeowner’s monthly cash flow to meet monthly financial needs.
Reverse Mortgage Replacing and Paying Off an Existing Mortgage
The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower, an age expectancy projection, and the current reverse mortgage interest rate.
The reverse mortgage can pay off an existing mortgage. This creates monthly cash flow for the homeowner as there is no monthly PI payment. The homeowner will need to pay property taxes, homeowners insurance, HOA dues
and maintain the property.
Reverse Mortgage Purchase
The reverse mortgage loan amount is calculated by a program managed by FHA/HUD using the home value, the age of the youngest homeowner or borrower, an age expectancy projection and the current reverse mortgage interest rate.
In 2009, a reverse mortgage purchase program was added. Seniors can buy a home with a reverse mortgage by coming in with a down payment of 35-50% depending on the age of the youngest borrower.
This gives Seniors plenty of options when downsizing or moving closer to family. This is the only program that will allow seniors to buy a home with no monthly payment other than paying cash for the home. The homeowner will need to pay property taxes, homeowners insurance, HOA dues and maintain the property.
Also, its possible senior homebuyers may be able buy a larger home to fit their needs if they can’t find a house within their cash budget.
Alternative Reverse Mortgage Purchase
This reverse mortgage loan amount is calculated by a program managed by a Reverse Mortgage Company (not FHA/HUD not a HECM) using the home value, the age of the youngest homeowner or borrower, an age expectancy projection and the current reverse mortgage interest rate.
These programs are for higher end homes up to $5 million dollars and other homes that may not fit into the FHA/HUD, HECM program. The minimum age for this program is 60 years of age or less.
This program offers cash out, exiting mortgage payoffs and a purchase program. The LOC or line of credit option will vary by State.
For more detailed information, please contact Bruce Anderson, CRMP® at 505-858-3825
Frequently Asked Questions
The Legacy team has put together some of the most frequently asked questions so you can better understand the process. Of course, if you have any additional questions you can always call and ask!
What is the minimum age?
Can you buy a home with the reverse mortgage program?
When is a reverse mortgage paid back?
What entity manages and insures most reverse mortgages?
Is there special training for reverse mortgage loan officers?
Do I have choices on how I receive my funds?
Is there a monthly mortgage payment?
What homeowner responsibilities will continue after you have set up a reverse mortgage?
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Customer reviews
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Meet Bruce Anderson: Your Trusted Guide to Unlocking Retirement Potential through Reverse Mortgages
With a passion for empowering seniors, Bruce Anderson stands at the forefront of the mortgage landscape, enlightening countless individuals about the transformative power of Reverse Mortgages. Recognized as a pioneering authority in this dynamic field, Bruce achieved the distinction of being the inaugural CRMP®, Certified Reverse Mortgage Professional®, not only in his state but also as a trailblazer in the nationwide CRMP® inaugural class of 2010.
The coveted CRMP® designation is an emblem of unrivaled expertise, signifying Bruce’s unwavering commitment to mastery in Reverse Mortgage lending. Rooted in the values of ethical conduct and professional excellence, CRMP® holders represent the zenith of competence and knowledge, setting new benchmarks in the industry.
Membership in the esteemed National Reverse Mortgage Lenders Association (NRMLA) affords Bruce the privilege of offering the CRMP® credential, an accolade synonymous with ethics and integrity in the realm of Reverse Mortgage lending. As the premier industry standard-bearer, the CRMP® serves as the pinnacle credential for Reverse Mortgage Professionals, symbolizing unwavering dedication to the craft.
For over a decade, Bruce has been a steadfast ally to seniors and their families, illuminating the path to financial liberation through Reverse Mortgages since 2006. His sphere of influence extends beyond the individual realm, as he extends his expertise to financial planners, accountants, insurance agents, legal professionals, and realtors. Bruce equips these advisors with comprehensive insights, enriching their ability to guide clients wisely.
Embark on a journey to amplify your retirement experience with Bruce Anderson, where he demonstrates the art of harnessing home equity to fortify your retirement years. Discover the potential of unlocking your home’s value to enhance your quality of life, all under the seasoned guidance of a true luminary in the field.
Contact Us
Legacy Mortgage powered by Guild Mortgage | Reverse Mortgage Team
Open: Monday-Friday 9am-5pm
Headquarters Location
6723 Academy Rd, NE
Professional, CRMP®
Albuquerque, NM 87109
PHONE: