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JANUARY 2024 NEWS & EDUCATION



Can you believe it is January already? I hope that you are finding time to spend with your families and enjoying the beauty that winter brings this year. This month and for 1st quarter in general, we will be focusing our attention on HOW a Home Equity Conversion Mortgage Loan might help you spend more time focused on MAKING MEMORIES...NOT MORTGAGE PAYMENTS with a Home Equity Conversion Mortgage Loan.


A HECM loan can allow retirees to increase their purchase power or cash flow while eliminating monthly mortgage payments as long as they pay taxes and insurance and maintain their home. This year why not learn about how this loan works and see if a HECM loan would be a good fit for you and your family? Unlike a traditional Mortgage, which is usually a lump sum, there are a variety of ways you can use a HECM loan to fit your specific needs and wants.


  1. Lum Sum Payout

    1. Opportunity to purchase a home

    2. Refinance your current mortgage

  2. Line of Credit

    1. Flexibility with payment

    2. Growth Option

  3. Monthly Cash Flow

    1. Tenure (Life of Loan)

    2. Term (Set Period of time)


I would love an opportunity to meet with you and help you discover if a HECM loan is right for you. Let's connect and schedule a no-obligation consultation meeting online or in person. You can also attend one of my online webinars or in-person seminars too.


Have a wonderful month!


Joan Qvigstad, Retirement Mortgage Specialist


 

EDUCATIONAL ARTICLES

Enhanced Limit for the Home Equity Conversion Mortgage (HECM) Loan in 2024!

Happy New Year! We’re kicking off our first article in our 2024 blog series with welcomed good news:


The Federal Housing Administration (FHA) increased the maximum claim amount on the Home Equity Conversion Mortgage (HECM), the only type of reverse mortgage loan it insures, from $1,089,300 (2023) to $1,149,825 (2024). Not sure what all that means? We’ll explain down below.





The Home Equity Conversion Mortgage (HECM) Loan Process: From Education Through Closing

If you’re looking to empower your retirement with home equity, a Home Equity Conversion Mortgage (HECM) Loan can be an excellent choice. At first glance, the process to get a reverse mortgage may seem a little intimidating or confusing, but it doesn’t have to be. Knowing what’s coming, being prepared, and having an excellent lending team behind you helps ensure a smooth (and less stressful) borrowing journey.





 

EVENTS, WEBINARS AND WORKSHOPS




[ON-DEMAND] Living Your Best Life with a HECM for Purchase Loan

Topic

Living Your Best Life with a Home Equity Conversion Mortgage Loan

Description

Learn how a Home Equity Conversion Mortgage for Purchase Loan can help you upsize, downsize, or right-size your retirement living. 

Event Highlights

Do you feel overwhelmed seeing your retirement accounts shrinking and your home equity increasing? Did you know there is a way to access your home equity to help meet more of your retirement goals? Would you like to move closer to family but aren’t sure how to do so?

 

With a Home Equity Conversion Mortgage (HECM) loan, you have flexibility when it comes to receiving the proceeds. Several options can fit your needs and allow you to receive additional cash flow.

  • Lump sum: Can be used to purchase a new home

  • Tenure: Equal monthly payments

  • Term: Equal monthly payments for a fixed period of months, as determined by the borrower

  • Line of Credit: Payments made in installments or at various times, as determined by the borrower. Any unused funds have a growth feature

  • Combination of the Above Options That Are Right for You


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