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Stampfli Mortgage | NMLS # 1598803303 S. Main Street | Verona, WI 53593
Wisconsin Reverse mortgages are an excellent way to take advantage of the equity in your home. For individuals age 62 or older, obtaining a reverse mortgage can give you the financial freedom you dream of. Increase your monthly income or cash out a lump sum to offset unexpected expenses. To learn more, call (608) 572-7222 or simply fill out a no-obligation online application today!
A Reverse Mortgage is also Known as a Home Equity Conversion Mortgage (HECM)
This Federal Housing Administration (FHA) home loan program is available to homeowners 62 or older with equity in their home who meet certain guidelines. Basically a reverse mortgage reverses the mortgages payments. Instead of the homeowner paying the bank, the bank pays the homeowner. This allows people to cash out some of the equity in their home. This is different that a traditional second mortgage or home equity line of credit (HELOC), because you are not required to make monthly payments on principal and interest.
A Wisconsin reverse mortgage can allow you financial freedom, spending flexibility, and financial security that you may not otherwise have. You may use the money from a Wisconsin reverse mortgage to help with medical expenses, monthly expenses, home improvements, or other expenses. You may use your money for any purpose, there are no restrictions.
The amount of equity you can cash out on a reverse mortgage varies based on age, current interest rate and appraised value of the property. Payments may be paid out in a number of ways. If you choose an adjustable rate mortgage (ARM) program, you may receive monthly payment and/or additional unscheduled payments. If you choose a fixed rate mortgage, you receive a one-time lump sum amount.
How do you Know if you are Eligible for a Wisconsin Reverse Mortgage?
The U.S. Department of Housing and Urban Development does have very specific guidelines for this reverse mortgage home loan program. This list of criteria has been divided into two parts, guidelines for the borrower(s) and guidelines for the property to be refinanced.
How do you Know if a Wisconsin Reverse Mortgage is Right for You?
The reverse mortgage is not right for everyone, but it can be an excellent financial tool when used properly. Meeting with an experienced Wisconsin mortgage advisor is often the first step to determining if you are even eligible for the program. This consultations is generally provided free of charge. Additionally, you will be required to meet with an approved counselor to help you decide if this is the right program or if there are other programs better suited to your situation. HUD-approved housing counselors may charge a fee, but they are an unbiased third party designed to educate you and provide you with the information you will need to make an informed decision.
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