A reverse mortgage is a loan from the U.S. Government for 50% to 75% of the value of a home owned by a homeowner aged 62 and older. Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to the homeowner. The funds from a reverse mortgage are tax-free. The loan doesn't have to be repaid in the homeowner's lifetime, however, when the homeowner dies, the money received plus approximately 4% interest is repaid by their estate. The loan is repaid when the homeowner ceases to occupy the home as a principal residence, due to the homeowner (the last remaining spouse, in cases of couples) passing away, selling the home, or permanently moving out.
Wake North Carolina Home Equity Conversion Mortgage (HELM) is a financial solution designed to help seniors tap into the equity in their homes by converting it into tax-free cash. This loan program, also known as a Reverse Mortgage, allows homeowners aged 62 or older to access their home equity without the need to sell their property or make monthly mortgage payments. The Wake North Carolina HELM — Reverse Mortgage offerseveralnt types to cater to the unique needs of seniors. These options include: 1. Fixed-Rate HELM: This type of reverse mortgage provides borrowers with a lump sum payment at closing. The interest rate remains fixed throughout the loan term, providing predictability and stability. 2. Adjustable-Rate HELM: With an adjustable-rate option, borrowers receive flexibility and potential payout options. The interest rate is typically lower initially, and the loan allows for various disbursement methods, such as monthly payments, line of credit, or a combination of both. 3. HELM for Purchase: This type of reverse mortgage is suitable for seniors looking to purchase a new home. It allows them to use the proceeds from the sale of their current home or other assets to buy a new one, all without having to make monthly mortgage payments. 4. HELM Refinance: Seniors who currently have a mortgage on their property can choose to refinance it with a HELM loan. This option eliminates the need for monthly payments, reduces existing debts, and frees up cash flow for other expenses. 5. Jumbo HELM: For homeowners with high-value properties, the jumbo HELM program may be the ideal solution. It provides access to larger loan amounts beyond the general lending limits set for standard reverse mortgages. The Wake North Carolina HELM — Reverse Mortgage is a secure and regulated loan program insured by the Federal Housing Administration (FHA). This safeguard ensures that borrowers receive the benefits they are entitled to, protecting them from fraud and mismanagement. With a Wake North Carolina HELM — Reverse Mortgage, seniors can enjoy financial freedom, maintain ownership of their homes, and improve their quality of life in retirement. It offers an opportunity to supplement income, cover medical expenses, fund home repairs or renovations, or simply enjoy a more comfortable retirement lifestyle. By exploring the various options available under Wake North Carolina's HELM program, seniors can find the reverse mortgage that best suits their unique needs and achieve the financial stability and peace of mind they deserve.Wake North Carolina Home Equity Conversion Mortgage (HELM) is a financial solution designed to help seniors tap into the equity in their homes by converting it into tax-free cash. This loan program, also known as a Reverse Mortgage, allows homeowners aged 62 or older to access their home equity without the need to sell their property or make monthly mortgage payments. The Wake North Carolina HELM — Reverse Mortgage offerseveralnt types to cater to the unique needs of seniors. These options include: 1. Fixed-Rate HELM: This type of reverse mortgage provides borrowers with a lump sum payment at closing. The interest rate remains fixed throughout the loan term, providing predictability and stability. 2. Adjustable-Rate HELM: With an adjustable-rate option, borrowers receive flexibility and potential payout options. The interest rate is typically lower initially, and the loan allows for various disbursement methods, such as monthly payments, line of credit, or a combination of both. 3. HELM for Purchase: This type of reverse mortgage is suitable for seniors looking to purchase a new home. It allows them to use the proceeds from the sale of their current home or other assets to buy a new one, all without having to make monthly mortgage payments. 4. HELM Refinance: Seniors who currently have a mortgage on their property can choose to refinance it with a HELM loan. This option eliminates the need for monthly payments, reduces existing debts, and frees up cash flow for other expenses. 5. Jumbo HELM: For homeowners with high-value properties, the jumbo HELM program may be the ideal solution. It provides access to larger loan amounts beyond the general lending limits set for standard reverse mortgages. The Wake North Carolina HELM — Reverse Mortgage is a secure and regulated loan program insured by the Federal Housing Administration (FHA). This safeguard ensures that borrowers receive the benefits they are entitled to, protecting them from fraud and mismanagement. With a Wake North Carolina HELM — Reverse Mortgage, seniors can enjoy financial freedom, maintain ownership of their homes, and improve their quality of life in retirement. It offers an opportunity to supplement income, cover medical expenses, fund home repairs or renovations, or simply enjoy a more comfortable retirement lifestyle. By exploring the various options available under Wake North Carolina's HELM program, seniors can find the reverse mortgage that best suits their unique needs and achieve the financial stability and peace of mind they deserve.
