Let East West Mortgage Reverse Your Mortgage!

A Home Buying Article Contributed by Rebecca Hunt

Can East West Mortgage Really Reverse My Mortgage?

You betcha! East West Mortgage has many different loan programs to fit your needs, including jumbo loans, conventional mortgages, commercial real estate loans, condo loans and home equity and bill consolidation loans. But they also offer a very special type of real estate loan targeted at older homeowners. It's called a "Reverse Mortgage" and it may be just what you're looking for!

A Reverse Mortgage from East West Mortgage allows homeowners that are at least 62 years old to use their home's equity without worrying about taking on another monthly payment. Many seniors have paid into their homes for years and have never used any of the equity that has built up. In real estate terms, they're rich; yet when their income is tallied up and expenses such as insurance, taxes and day-to-day living expenses are taken into account, they may be cash poor. So what's a senior homeowner to do?

It's East West Mortgage to the Rescue with a Reverse Mortgage!

The reverse mortgage is the ideal solution for tapping into their home's value, and making it supply an income stream for them. And since there are no income or credit requirements to qualify for a reverse mortgage, it's available to just about any senior who has home equity.

Usually a reverse mortgage isn't payable until the homeowner no longer uses the property as a primary residence, due to death or relocation. The outstanding principal and the accrued interest then become due. At this point the loan can be paid off with the proceeds of the sale of the home. But what if the borrower wants it to remain in the family?

Let's Look at the Benefits of a Reverse Mortgage from East West Mortgage...

If the borrower's family or estate decides they wish to hold on to the property, East West Mortgage can refinance the loan, allowing them to retain the old family homestead. Proceeds from the refinance in excess of the amount owed to the lender belong to the borrower or their estate.

The biggest benefit of a East West reverse mortgage is that there are no income or credit requirements when qualifying for this loan, so virtually everyone qualifies. Big pluses, the money received from this loan is not taxable as income and the borrower has no repayment obligations until he is no longer using the property as his residence. It's possible the borrower may live in the property until his death without ever making a loan payment!

So, a quick recap to see if you a reverse mortgage is right for you...

All persons listed on the property's deed must be at least age 62 and the homeowner must occupy the property as his primary residence. All liens must be paid off at the time of settlement, so the proceeds are available to pay off any outstanding mortgages against the property. Also, HUD requires that each potential reverse mortgage borrower be advised about the reverse mortgage program by an independent HUD-approved counselor. This counseling is supplied free to the borrower.