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Reverse Mortgages.....

                62 or Older?  Take the worrying out of retirement.  Turn your home's equity into cash

First United Funding, Inc. is proud to offer Reverse mortgage products. A reverse mortgage is a unique, Federal Housing Administration (FHA)-insured loan that allows eligible homeowners age 62 years and older to convert a portion of their home’s equity into tax-free funds1 without having to make monthly mortgage payments2.  Our commanding product availability allows your advisor to help you choose the product that is best suited to the needs of you and your family.

 

 

        Customer Benefits:

  • Pay off existing liens or mortgages
  • Provide additional monthly income for any reason such as medical expenses and home repair

 

  • Create a rainy day cash reserve for emergencies or special needs
  • Can be used for estate planning and wealth management                                                   

 

 

Frequently Asked Questions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        Features:

 

  • Borrowers retain full ownership of their home

 

  • No employment requirements
  • Repayment is not required until the last remaining borrower passes away or no longer occupies the property as his/her primary residence

 

  • Proceeds are tax-free income1 that can be payable as monthly payment, lump sum, line of credit, or any combination of these options

 

  • Loan origination and closing costs may be financed into the loan (Borrower will have independent counseling from a HUD approved agency and an appraisal which will be due regardless of whether the loan closes)

 

  • Non-recourse loan meaning borrower(s) will never owe lender more than the appraised value of the home

 

  • When the loan is repaid, all remaining equity will go to the borrower

 

1

 Borrowers should consult a tax professional to determine the tax effect of a reverse mortgage.

2

 You must still live in the home as your primary residence, continue to pay required property taxes, homeowners insurance, and maintain the home according to Federal Housing Administration requirement.

Getting Started is Easy!

We will be happy to meet with you at your convenience to discuss your needs.  We find that the first meeting with a prospective client takes only about a half hour to gather facts and get to know one another.  I am sure you will agree that it is time well spent.

 

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

 

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