A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
all at once, in a single lump sum of cash;
as a regular monthly cash advance;
as a "credit line" account that lets you decide when and how much of your available cash is paid to you; or
as a combination of these payment methods.
No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.
Benefits if a Reverse Mortgage
No payments are required as long as you live in your home.
Income received from your Reverse Mortgage is usually tax-exempt (consult your tax advisor) and does not affect regular Social Security or Medicare benefits, but may affect eligibility for other types of government assistance.
You retain ownership of your home
You can use the proceeds to pay off an existing mortgage and eliminate your monthly mortgage payments.
Reverse Mortgages are insured by the Federal Housing Authority (FHA) or backed by Fannie Mae.
Reverse Mortgages provide you with a source of income that can be used to improve your standard of living and maintain your independence.
You can fill out our Online Application for a free quote and an FHA specialist will contact you within 24 hours. We will give you professional advice and explain the pros and cons of your purchase transaction. We are here to assist you on all your questions about FHA insured Loans and properly educate you, for you to make the best possible financial decision.
We are a direct lender mortgage bank with lending authorization in the following states for Conventional, HUD, FHA, VA, USDA, Reverse, and Commercial lending.
We are a direct lender with offices in various locations focusing on providing home loans to the people in the communities we serve throughout the United States. We are here to help borrowers achieve the dream of home ownership and help them take advantage of today’s real estate investment opportunities.
Our loan professionals are highly trained in all of the various loan products currently available. We are well prepared to answer any questions you may have about buying a home or to assist you with analyzing your current home loan. Simply put, they are here to help you make informed right-fit mortgage decisions.
The customer experience is our number one priority. Communication is a very important part of our business model and our unique loan process, and our investment in technology reflects just that. We have mastered the ability to effectively communicate with all parties involved on each and every transaction keeping everyone up-to-date from the first phone call through funding. Our goal is to use all of our resources to make your transaction as smooth and efficient as possible.
With the experience, resources and exceptional service standards, you will see why we deliver…simply better home loans as we are working to expand our lending in other states as well.
Alliance Financial Resources, LLC Attn: Korene Clopine-Seaman 14635 N. Kierland Blvd. Suite 120 Scottsdale, AZ 85245
