Choose the payout plan that works best for you:
*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.
We’re always happy to chat, but sometimes you need to do things at your own pace. Our tools and resources are available whenever you need them.
CONTACT
Shining Star Funding
Corporate Office
6101 Bollinger Canyon Rd, Suit 344
San Ramon, CA 94583
(925) 820-2981
Copyright ©2024 Shining Star Funding A division of American Pacific Mortgage Corporation | NMLS ID # 1850 (www.nmlsconsumeraccess.org) | CA-DRE #01215943 | 6101 Bollinger Canyon Rd #344, San Ramon, CA 94583 Phone (925) 820-2981 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act.|Not Available in New York
For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.
Interactive calculators are self-help tools. Results received from this calculator are designed for comparative and illustrative purposes only, and accuracy is not guaranteed. Shining Star Funding is not responsible for any errors, omissions, or misrepresentations. This calculator does not have the ability to pre-qualify you for any loan program or promotion. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. Shining Star Funding does not guarantee any of the information obtained by this calculator.
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