SENIOR LOAN CENTER
At Salt Life Mortgage it's easy to ge the loan you need for all types of uses including:
* Cash Out for any purpose
* Sell your home and purchase another property to downsize, upsize or relocate
* New Construction
* Health Care
* Housing repairs
* Renovations so you can stay in your home longer
* Plus much much more
Why Plan Ahead? There are many reasons to consider planning ahead for your current and future housing needs. If, for some reason, you are unable to keep up with your home ownership obligatons and need additional funds to maintain your lifestyle this is a great option. Planning ahead means you make the decision for your future. We will help you get there by discussing your individual needs and come up with a program that works for you. We welcome your family or trusted advisors to be a part of your decision process.
A Home Equity Conversion Mortgage (HECM) is a type of home equity loan that allows you to convert some of the existing equity in your home into cash while you retain ownership of the property. Equity is the current cash value of a home minus the current loan balance.
No Mortgage Payments Required. A HECM mortgage works much like a traditional mortgage, except instead of the homeowner paying the lender each month, the lender pays the homeowner. As long as the homeowner continues to live in the home, no repayment of principal, interest, or servicing fees are required. The funds received from a HECM mortgage may be used for anything, including housing expenses, taxes, insurance, fuel or maintenance costs.
To qualify for a HECM mortgage, you must own your home. You may choose to receive the HECM mortgage funds in a lump sum, monthly advances, as a line-of-credit, or a combination of the three, depending on the HECM mortgage type and the lender. The amount of money you are eligible to borrow depends on your age, the amount of equity in your home, and the interest rate set by the lender.
Our loans are government backed and meet guidelines to protect borrowers. Borrowers always stay in control of their property and retain full ownership. Like traditional mortgages, the HECM mortgage becomes a lien on the property.
Because the borrower retains ownership of the home with a HECM mortgage, the borrower also continues to be responsible for taxes, repairs and maintenance. In some cases, the taxes and insurance can be paid by the lender instead of the homeowner.
Depending on the plan selected, a HECM mortgage is due with interest either when the homeowner permanently moves, sells the home, dies, or the end of a pre-selected loan term is reached. If the homeowner dies, the lender does not take ownership of the home. Instead, the heirs must pay off the loan, typically by refinancing the loan into a forward mortgage (if the heirs meet eligibility requirements) or by using the proceeds generated by the sale of the home.
Contact us anytime to setup a time to meet and go over your individual options. We represent several HECM lenders to meet your loan requirements. Call us today! Find out more about how a HECM mortgage can improve your lifestyle, relieve financial stress and open new doors in your senior years.