+1 240 475 9906
www.myrmcloan.com
derick@myrmcloan.com
Is a Reverse Mortgage Right for You?
Reverse mortgages are often described as a product that is not for everyone. Sadly, many perfect candidates won't consider a reverse mortgage because misinformed advisors have painted the wrong picture of the product.
Who Is The Ideal Reverse Mortgage Candidate?
AGE 62
This is the earliest age that a borrower can qualify for a HECM, and obtaining one early maximizes the LOC growth potential. Consider a HECM loan where the available funds are growing at 5% annually (compounded monthly). At that rate, a $200,000 LOC would grow to nearly $600,000 in 20 years, revealing many strategic options at age 82.
STILL WORKING
Many claim the greatest advantage of a HECM is that no monthly principal or interest payments are required. I would counter that for those who are still working, the ability to make optional payments is a greater advantage. The reverse mortgage loan balance will drop similar to a forward mortgage, but each payment boosts the LOC for future use.
HAS ABOUT FIVE YEARS TO PAY ON THEIR FORWARD MORTGAGE
Ideally, the borrower would make payments during the first few years to reduce the loan balance. If such payments can reduce the loan to a point where interest-rate adjustments are insignificant, the homeowner will benefit from higher future interest rates, as the available LOC will grow faster.
MAY NEVER NEED TO ACCESS THE FUNDS
The LOC works very well as an emergency fund, a stand-by, or even an insurance policy. While there are initial costs, the on-going costs of the loan are based on the funds that are borrowed. In other words, if the borrower never needs the funds, the carrying costs of the growing LOC may be very low.
Five-Star Experience!
Unveiling the Magic of Residential Mortgage Corporation!
"I strongly recommend their service!"
My experience with Residential Mortgage was great. Mr. Hungerford and his team provided good communication and education regarding the home buying process. I strongly recommend their service. Being a first time home owner was foreign to me. After going through the process with Residential Mortgage Corporation, I feel like I can help other people who are going through the same process. To this day, Mr. Hungerford still teaches me things I need to be aware of as a new home owner.
- Adrian Gause
Waldorf, MD
"Derick and his team are awesome!"
They helped me with and explained every step of my home buying process. They continuously followed-up with me to make sure they answered all my questions and concerns. Look, the home buying process can be overwhelming, but the Residential Mortgage Corporation lead by Derick Hungerford makes it tolerable and puts you at ease during the entire process..
- Dwayne Gilliam Sr
Upper Marlboro, MD
"Working with Residential Mortgage Corporation has been a great experience."
Not only are they prompt, knowledgeable and experienced professionals they take the time to make sure they keep you informed during the entire process. I was able to call, text or email and receive a response back from someone that took the time to answer all my questions. Thank you so much RMC for helping to make my dream come true!
- Jacqueline Van Buren
Upper Marlboro, MD
