Choose the payout plan that works best for you:
LUMP SUM PAYOUT:
Maximize your cash payout
Receive monthly payouts for a xed term
Receive monthly payouts for life*
GROWING LINE OF CREDIT:
Use as needed, interest charged only on the portion you access
Combine options for even greater control; an SSF reverse mortgage professional can show you how
*Available with Tenure-Based or Modified Tenure plans, so long as Borrower does not default on the loan. Borrower must maintain home as principal residence, pay all taxes, insurance, maintain the home, and comply with all other loan terms. With Modified Tenure plans, lender will set aside a specific amount of money for a line of credit.
Although a reverse mortgage can eliminate monthly mortgage payments (principal and interest), you must continue to maintain your property, pay all property taxes, homeowners insurance and comply with your loan terms, as you would with any mortgage. To ensure that you can meet these ongoing financial responsibilities you can establish a set-aside account that can be financed into your reverse mortgage to limit your initial, out-of-pocket expenses.
If you don’t comply with your loan terms, however, your home could go into default, which could lead to foreclosure.
It’s also important to note that while you can sell your home and pay off your loan balance any time without a prepayment penalty, reverse mortgages make more sense financially the longer you plan to stay in your home, as you’re spreading your initial loan costs out over a longer period.
Receiving funds from a reverse mortgage will not affect your Social Security or Medicare. A reverse mortgage, however, could impact Medicaid or Supplemental Security Income (SSI), so please speak with your accountant or tax advisor for more information.
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