Josh Blum(754) 247-1168 Contact Me
A reverse mortgage can be one of the levers you use to maximize your overall wealth...
It could be your optimal retirement strategy.
I've helped hundreds of retirees and their trusted professionals retire more comfortably with more peace of mind through education, consultation, and white-glove service.
A reverse mortgage is the key that allows you to open the door to the money already in your home. This is the key to the safe and secure retirement you've always wanted and deserve.
A reverse mortgage works by letting you borrow the money in your home with no required monthly payments. Think of it like this: your house is a bank and you are being given access to the money in the vault. How you spend that money is really up to you.
A reverse mortgage loan uses the wealth in your house to provide you a 'housing pension.' It's called reverse because instead of making payments to your house, your house can make payments to you.
Reverse mortgages have this myth that you can't get out of them. Instead, the opposite is true! You can choose to pay off the loan, sell your home, or, if eligible, refinance, all at any time.
Generally, you can expect to receive somewhere between 35-55% of the home's value. More importantly, you'll get peace of mind, security, and a more stable retirement.
Anyone 62 or better with a reasonable amount of equity in their home could qualify. The most likely to qualify still have money available and have been responsible with their finances.
Typically you'll need at least some equity in your home. A good guideline is roughly 60%, and many people have successfully gotten a reverse mortgage with even lower equity positions.
There are absolutely no prepayment penalties with a reverse mortgage. You have the ability to make any sort of payments you'd like, and at any time. The only thing that could stop you from paying off your reverse mortgage at any time is you.
The loan matures once you pass (or if you're married, you both pass). This means your estate or your beneficiaries can choose to pay off the loan, refinance into a new loan in their names, or sell the home to satisfy the loan. The sale of the home for at least 95% of appraised value is always guaranteed to satisfy the loan obligation of the estate or beneficiaries.
*Borrower must occupy the home as a primary residence and remain current on property taxes, homeowner's insurance, the costs of home maintenance, and any HOA fees.
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Is your home worth more than $980k?Learn About the Jumbo Reverse Mortgage Loan
Common Reverse Mortgage MisconceptionsGet the Facts About Reverse Mortgages
How Much Could You Qualify For?Get A Quote
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Borrower must occupy home as primary residence and remain current on property taxes, homeowner's insurance, the costs of home maintenance, and any HOA fees.
Mutual of Omaha Mortgage, Inc., NMLS ID 1025894. 3131 Camino Del Rio N 1100, San Diego, CA 92108.
Alabama Consumer Credit License 22123; Alaska Broker/Lender License AK1025894. Arizona Mortgage Banker License 0926603; Arkansas Combination Mortgage Banker/Broker/Servicer License 109250; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License 4131356; Loans made or arranged pursuant to a California Finance Lender Law license, 60DBO93110; Colorado Mortgage Registration 1025894; Connecticut Mortgage Lender License ML-1025894; Delaware Lender License 028515; District of Columbia Mortgage Dual Authority License MLB1025894; Florida Mortgage Lender Servicer License MLD1827; Georgia Mortgage Lender License/Registration 46648; Hawaii Mortgage Loan Originator Company License HI-1025894; Idaho Mortgage Broker/Lender License MBL-2081025894; Illinois Residential Mortgage Licensee MB.6761115; Indiana-DFI Mortgage Lending License 43321; Iowa Mortgage Banker License 2019-0119; Kansas Mortgage Company License MC.0025612; Kentucky Mortgage Company License MC707287; Maine Supervised Lender License 1025894; Maryland Mortgage Lender License 21678; Massachusetts Mortgage Broker and Lender License MC1025894; Michigan 1st Mortgage Broker/Lender/Servicer Registrant FR0022452; Minnesota Residential Mortgage Originator Exemption MN-OX-1025894; Mississippi Mortgage Lender 1025894; Missouri Mortgage Company License 19-2472; Montana Mortgage Broker and Lender License 1025894; Nebraska Mortgage Banker License 1025894; Nevada Exempt Company Registration 4830. Licensed by the New Hampshire Banking Department, Mortgage Banker License 19926-MB; Licensed by the New Jersey Banking and Insurance Department. New Jersey Residential Mortgage Lender License 1025894; New Mexico Mortgage Loan Company License 1025894; North Carolina Mortgage Lender License L-186305; North Dakota Money Broker License MB103387; Ohio Residential Mortgage Lending Act Certificate of Registration RM.804535.000; Oklahoma Mortgage Lender License ML012498; Oregon Mortgage Lending License ML- 5208; Pennsylvania Mortgage Lender License 72932; Rhode Island Lender License 20163229LL. Rhode Island Loan Broker License 20163230LB; South Carolina BFI Mortgage Lender/Servicer License MLS-1025894; South Dakota Mortgage Lender License ML.05253; Tennessee Mortgage License 190182; Texas Mortgage Banker Registration 1025894; Utah Mortgage Entity License 8928021; Vermont Lender License 6891; Virginia Mortgage Broker and Lender License, NMLS ID #1025894 (www.nmlsconsumeraccess.org); Washington Consumer Loan Company License CL-1025894; Wisconsin Mortgage Banker License 1025894BA; Wyoming Mortgage Lender/Broker License 3488. (866) 200-3210. Subject to Credit Approval.
Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. As long as you comply with the terms of the loan, you retain title until you sell or transfer the property, and, therefore, you are responsible for paying property taxes, insurance and maintenance. Failing to pay these amounts may cause the loan to become immediately due and/or subject the property to a tax lien, other encumbrance or foreclosure. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan, or use other assets to repay the loan in order to retain the property.
These materials are not from HUD or FHA and the document was not approved by HUD, FHA or any Government Agency. For licensing information, go to: www.nmlsconsumeraccess.org
Josh Blum services the Fort Lauderdale and greater South Florida area including Miami Dade County, Broward County, Collier County, Palm Beach County, Martin County, and St. Lucie County, .
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