We are totally focused on
Our client's needs, and
We work to realize their
dreams as if they were our
own.
John Cohen - CEO
Clarissa Cohen - CFO
Cohen Financial Group
Our client's needs, and
We work to realize their
dreams as if they were our
own.
John Cohen - CEO
Clarissa Cohen - CFO
Cohen Financial Group
"Cohen Financial Group was great...
They help me every step of the way."
They help me every step of the way."
| Josette Rice |
About:
Reverse Mortgage
Reverse Mortgage
About Reverse Mortgage Call 1-800-928-6154
Common Questions:
What is a reverse mortgage or senior citizen
mortgage?
- A Reverse Mortgage is a loan that enables a
"senior" homeowner, having attained the age of 62
or older, to convert part of the equity in their home
to tax free income without having to give up title or
take on a monthly payment.
How do I qualify for a reverse mortgage?
- You must be at least 62 years of age, own, and
have equity in your home and it must be your
primary residence. There are no income, credit or
health requirements to qualify.
What if I already have a mortgage or other debt on
my home?
- The mortgage and or debt will be paid off from the
proceeds of the Reverse Mortgage loan. Your
Reverse Mortgage will then be based upon the
remaining equity in your home.
How will the income from the Reverse Mortgage
affect my taxes, social security or other benefits?
- Proceeds from a Reverse Mortgage are not
taxable, it's your money (equity), not taxable
income. Nor will your regular Social Security or
Medicare be affected. The impact, if any, on other
federal, state or local assistance programs should
be discussed with your financial advisor or the
program sponsor.
How much money can I borrow?
- This depends upon borrower's age, market value
and equity in the home and the interest rate at the
time of origination.
Are there payment options?
- Yes. You can choose to receive fixed monthly
payments for as long as the home is your primary
residence or, a lump sum payment, a line of credit
or any combination of the above.
Research Trend: Reserve Mortgage
THE REVERSE MORTGAGE PROCESS
Who will own my home after I get a Reverse
Mortgage?
- You will continue to own and have title to your
home just as with a regular mortgage.
How much will it cost to get a Reverse Mortgage
loan?
- Many of the same costs of a regular home
mortgage apply to the senior citizen Reverse
Mortgage. The charges will include an appraisal and
credit report fee, termite inspection, origination fee,
mortgage insurance fee (for FHA/HUD Home Equity
Conversion Mortgages (HEMC), lender, broker fees,
monthly servicing fee and other standard recording
or closing costs. In most instances these fees are
capped, financed as part of the Reverse Mortgage
and taken out of the loan proceeds at the closing.
Will a formal appraisal be required to get a Reverse
Mortgage?
- Yes. The value of your home is one of the factors
which will determine how much money you can
receive. We will order the appraisal which is
normally paid for by the borrower upon application.
Will I need an attorney to get a reverse mortgage?
- An attorney is not required but we encourage the
borrower to seek advice from a family member
and/or legal, tax or financial advisor before
committing to a Reverse Mortgage.
Will I be required to receive counseling before I can
get a Reverse Mortgage?
- Yes. Counseling is required and this educational
session is designed to inform you and reconfirm the
mechanics of Reverse Mortgage. We will provide
you the name and phone number of an approved
Reverse Mortgage counselor.
THE REVERSE MORTGAGE PHASE
Will I be required to make any payments when I
have a Reverse Mortgage?
- No. The lending institution pays you. You are
responsible for real estate taxes, homeowners
insurance and the upkeep of the property.
Are there any restrictions on the use of the money
from the Reverse Mortgage loan?
- None whatsoever. You can use the proceeds to
pay off medical bills, purchase or pay for health
insurance or health care, life insurance, repair your
home, purchase a second home, pay for college
tuition for your grandchildren, travel, put it in the
bank or use it anyway you choose.
Must I make monthly mortgage payments?
- No. There are no payments so long as the
owner(s) continue(s) to occupy the home as their
primary residence. The homeowner is only
responsible to maintain the home, pay for insurance
and property taxes.
Can one of the owners remain in the house if the
other moves out or passes away?
- Yes. The last primary resident to vacate the home
triggers repayment of the loan.
Will a temporary non-occupancy cause the Reverse
Mortgage to become due?
- Non-occupancy of your principal residence for
more than one year will cause the Reverse
Mortgage to become due.
AT THE END OF THE REVERSE MORTGAGE
When must the loan be paid off?
- When the home is no longer the primary residence
of the owner, the owner sells the home, or the
owner dies.
Do my heirs have to sell the house to repay the
Reverse Mortgage?
- No. They can repay the balance due on the
Reverse Mortgage and keep the home. If they
choose to sell the home they keep the excess
proceeds of the sale after satisfying the mortgage.
Are my heirs responsible for the Reverse Mortgage
if it exceeds the value of the home?
- No. Your estate is not responsible for this
mortgage. This is a non- recourse loan.
Will my estate have to pay taxes on the proceeds I
received from the Reverse Mortgage?
- No. The proceeds are tax free. (But please consult
with your tax advisor).
How much will be owed at the end of the Reverse
Mortgage?
- The amount borrowed, the accrued interest, the
mortgage insurance premiums accrued, services
fees and any of the costs or fees financed as part of
the Reverse Mortgage. There are no prepayment
penalty fees.
THE REVERSE MORTGAGE AS AN ESTATE
PLANNING TOOL
Can a Living Trust or other form of trust take out a
Reverse Mortgage?
- Yes, but subject to the conditions of the trust
document. The entire trust document must be made
available to the lender in order to approve the
Reverse Mortgage loan and in a manner that
maintains the integrity of the trust.
Will any other part of the homeowner's estate be
responsible for the Reverse Mortgage debt?
- No. The Reverse Mortgage loan is non-recourse
even if the equity is less than the amount due.
Can the accrued interest be used to benefit the
estate?
- Yes. In many instances this may be the case but
you should consult with your legal or tax advisor
regarding these or other tax implications.
Are the proceeds of the Reverse Mortgage tax free,
even if taken as one lump sum?
- Yes. But please consult with your financial advisor.
Can the proceeds be used as a retirement or estate
planning tool to purchase annuities, life insurance,
prepaid health insurance, etc. or any combination
thereof?
- Yes. The use of the proceeds is at the discretion
of the borrower and/or the direction of the
borrower's financial or legal advisors. The use of the
proceeds of the Reverse Mortgage is limited to the
creativity and needs of the borrower.
General Comments.
- The Reverse Mortgage may be used to provide
funding for healthcare or medical treatment.
- It may reduce the impact of estate taxes through
the purchase of various other insurance products.
- It may maximize the legacy of estate transfer.
- It may lower the total estate value subject to taxes.
- It may create estate deductions thereby enhancing
the net value of the estate.
- It could provide an added element of control to the
estate plan.
- The proceeds of the Reverse Mortgage are tax
free. (Consult your financial advisor or tax attorney).
COSTS ASSOCIATED WITH THE REVERSE
MORTGAGE
How much will it cost to get a Reverse Mortgage
loan?
- Many of the same costs of a home purchase
mortgage apply to the Reverse Mortgage. The
charges will include an appraisal fee, termite
inspection, origination fee, mortgage insurance fee
(for FHA/HUD Home Equity Conversion Mortgages
(HEMC), monthly servicing fee and other standard
recording or closing costs. In most instances these
fees are capped, financed as part of the Reverse
Mortgage and taken out of the loan proceeds at the
closing.
- An appraisal fee may be charged at the time of the
application process.
- No "junk" fees
What is a reverse mortgage or senior citizen
mortgage?
- A Reverse Mortgage is a loan that enables a
"senior" homeowner, having attained the age of 62
or older, to convert part of the equity in their home
to tax free income without having to give up title or
take on a monthly payment.
How do I qualify for a reverse mortgage?
- You must be at least 62 years of age, own, and
have equity in your home and it must be your
primary residence. There are no income, credit or
health requirements to qualify.
What if I already have a mortgage or other debt on
my home?
- The mortgage and or debt will be paid off from the
proceeds of the Reverse Mortgage loan. Your
Reverse Mortgage will then be based upon the
remaining equity in your home.
How will the income from the Reverse Mortgage
affect my taxes, social security or other benefits?
- Proceeds from a Reverse Mortgage are not
taxable, it's your money (equity), not taxable
income. Nor will your regular Social Security or
Medicare be affected. The impact, if any, on other
federal, state or local assistance programs should
be discussed with your financial advisor or the
program sponsor.
How much money can I borrow?
- This depends upon borrower's age, market value
and equity in the home and the interest rate at the
time of origination.
Are there payment options?
- Yes. You can choose to receive fixed monthly
payments for as long as the home is your primary
residence or, a lump sum payment, a line of credit
or any combination of the above.
Research Trend: Reserve Mortgage
THE REVERSE MORTGAGE PROCESS
Who will own my home after I get a Reverse
Mortgage?
- You will continue to own and have title to your
home just as with a regular mortgage.
How much will it cost to get a Reverse Mortgage
loan?
- Many of the same costs of a regular home
mortgage apply to the senior citizen Reverse
Mortgage. The charges will include an appraisal and
credit report fee, termite inspection, origination fee,
mortgage insurance fee (for FHA/HUD Home Equity
Conversion Mortgages (HEMC), lender, broker fees,
monthly servicing fee and other standard recording
or closing costs. In most instances these fees are
capped, financed as part of the Reverse Mortgage
and taken out of the loan proceeds at the closing.
Will a formal appraisal be required to get a Reverse
Mortgage?
- Yes. The value of your home is one of the factors
which will determine how much money you can
receive. We will order the appraisal which is
normally paid for by the borrower upon application.
Will I need an attorney to get a reverse mortgage?
- An attorney is not required but we encourage the
borrower to seek advice from a family member
and/or legal, tax or financial advisor before
committing to a Reverse Mortgage.
Will I be required to receive counseling before I can
get a Reverse Mortgage?
- Yes. Counseling is required and this educational
session is designed to inform you and reconfirm the
mechanics of Reverse Mortgage. We will provide
you the name and phone number of an approved
Reverse Mortgage counselor.
THE REVERSE MORTGAGE PHASE
Will I be required to make any payments when I
have a Reverse Mortgage?
- No. The lending institution pays you. You are
responsible for real estate taxes, homeowners
insurance and the upkeep of the property.
Are there any restrictions on the use of the money
from the Reverse Mortgage loan?
- None whatsoever. You can use the proceeds to
pay off medical bills, purchase or pay for health
insurance or health care, life insurance, repair your
home, purchase a second home, pay for college
tuition for your grandchildren, travel, put it in the
bank or use it anyway you choose.
Must I make monthly mortgage payments?
- No. There are no payments so long as the
owner(s) continue(s) to occupy the home as their
primary residence. The homeowner is only
responsible to maintain the home, pay for insurance
and property taxes.
Can one of the owners remain in the house if the
other moves out or passes away?
- Yes. The last primary resident to vacate the home
triggers repayment of the loan.
Will a temporary non-occupancy cause the Reverse
Mortgage to become due?
- Non-occupancy of your principal residence for
more than one year will cause the Reverse
Mortgage to become due.
AT THE END OF THE REVERSE MORTGAGE
When must the loan be paid off?
- When the home is no longer the primary residence
of the owner, the owner sells the home, or the
owner dies.
Do my heirs have to sell the house to repay the
Reverse Mortgage?
- No. They can repay the balance due on the
Reverse Mortgage and keep the home. If they
choose to sell the home they keep the excess
proceeds of the sale after satisfying the mortgage.
Are my heirs responsible for the Reverse Mortgage
if it exceeds the value of the home?
- No. Your estate is not responsible for this
mortgage. This is a non- recourse loan.
Will my estate have to pay taxes on the proceeds I
received from the Reverse Mortgage?
- No. The proceeds are tax free. (But please consult
with your tax advisor).
How much will be owed at the end of the Reverse
Mortgage?
- The amount borrowed, the accrued interest, the
mortgage insurance premiums accrued, services
fees and any of the costs or fees financed as part of
the Reverse Mortgage. There are no prepayment
penalty fees.
THE REVERSE MORTGAGE AS AN ESTATE
PLANNING TOOL
Can a Living Trust or other form of trust take out a
Reverse Mortgage?
- Yes, but subject to the conditions of the trust
document. The entire trust document must be made
available to the lender in order to approve the
Reverse Mortgage loan and in a manner that
maintains the integrity of the trust.
Will any other part of the homeowner's estate be
responsible for the Reverse Mortgage debt?
- No. The Reverse Mortgage loan is non-recourse
even if the equity is less than the amount due.
Can the accrued interest be used to benefit the
estate?
- Yes. In many instances this may be the case but
you should consult with your legal or tax advisor
regarding these or other tax implications.
Are the proceeds of the Reverse Mortgage tax free,
even if taken as one lump sum?
- Yes. But please consult with your financial advisor.
Can the proceeds be used as a retirement or estate
planning tool to purchase annuities, life insurance,
prepaid health insurance, etc. or any combination
thereof?
- Yes. The use of the proceeds is at the discretion
of the borrower and/or the direction of the
borrower's financial or legal advisors. The use of the
proceeds of the Reverse Mortgage is limited to the
creativity and needs of the borrower.
General Comments.
- The Reverse Mortgage may be used to provide
funding for healthcare or medical treatment.
- It may reduce the impact of estate taxes through
the purchase of various other insurance products.
- It may maximize the legacy of estate transfer.
- It may lower the total estate value subject to taxes.
- It may create estate deductions thereby enhancing
the net value of the estate.
- It could provide an added element of control to the
estate plan.
- The proceeds of the Reverse Mortgage are tax
free. (Consult your financial advisor or tax attorney).
COSTS ASSOCIATED WITH THE REVERSE
MORTGAGE
How much will it cost to get a Reverse Mortgage
loan?
- Many of the same costs of a home purchase
mortgage apply to the Reverse Mortgage. The
charges will include an appraisal fee, termite
inspection, origination fee, mortgage insurance fee
(for FHA/HUD Home Equity Conversion Mortgages
(HEMC), monthly servicing fee and other standard
recording or closing costs. In most instances these
fees are capped, financed as part of the Reverse
Mortgage and taken out of the loan proceeds at the
closing.
- An appraisal fee may be charged at the time of the
application process.
- No "junk" fees
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
| |
 |
Trends in Reverse Mortgages - A New Option For Senior Homeowners
Everyone's needs are unique--but a desire to enjoy a full life is
universal. Often, this means having enough money to cover bills and relieve
some of the anxiety that comes from figuring out how to make retirement
more comfortable.
Many retirees looking for ways to supplement fixed incomes and defray living expenses are
increasingly finding the answer in their homes--it is called a reverse mortgage.
The versatility of reverse mortgages has already been demonstrated by thousands of seniors
who have used this tool to help them generate the cash needed to assist with a wide variety of
financial needs. These loans, designed to give senior homeowners access to the wealth in
their homes, have helped seniors remain in their homes, fund home health care, pay for
modifications which made their homes safer, or simply created an income stream that
provided seniors with peace of mind.
While still only a narrow slice of the home loan market, the reverse mortgage as a product is
gaining at just the right time demographically. Increasing numbers of seniors have significant
equity in their homes, but little in the way of income with which to meet increasing expenses,
particularly in the area of health care, and many seniors simply don�t want to leave the home
they've made for themselves. The "graying" of the baby boom generation clearly signals that
the seniors of the near future will not only be more active in general, but will likely remain
active for many more years than previous generations.
Everyone's needs are unique--but a desire to enjoy a full life is
universal. Often, this means having enough money to cover bills and relieve
some of the anxiety that comes from figuring out how to make retirement
more comfortable.
Many retirees looking for ways to supplement fixed incomes and defray living expenses are
increasingly finding the answer in their homes--it is called a reverse mortgage.
The versatility of reverse mortgages has already been demonstrated by thousands of seniors
who have used this tool to help them generate the cash needed to assist with a wide variety of
financial needs. These loans, designed to give senior homeowners access to the wealth in
their homes, have helped seniors remain in their homes, fund home health care, pay for
modifications which made their homes safer, or simply created an income stream that
provided seniors with peace of mind.
While still only a narrow slice of the home loan market, the reverse mortgage as a product is
gaining at just the right time demographically. Increasing numbers of seniors have significant
equity in their homes, but little in the way of income with which to meet increasing expenses,
particularly in the area of health care, and many seniors simply don�t want to leave the home
they've made for themselves. The "graying" of the baby boom generation clearly signals that
the seniors of the near future will not only be more active in general, but will likely remain
active for many more years than previous generations.
Get Approved Today
Call Today
Call Today
About Us | Privacy Policy | Terms of Use | Copyright Cohen Financial Group 2005 All rights reserved
Jobs at Cohen Financial Group| For Professionals| Contact Cohen Financial Group| Feedback| Developers
Jobs at Cohen Financial Group| For Professionals| Contact Cohen Financial Group| Feedback| Developers
