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Home 2018-01-05T15:49:31+00:00

ENHANCE YOUR
FINANCIAL SECURITY

(3) FREE Personalized Reverse Mortgage Programs For You To Consider

  • Specific to Your Needs, Goals, Home & Property
  • Eliminate House Payments
  • Increase Your Monthly Cash Flow
  • Consolidate Debt
  • Retire In Your Home
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Access Your Home Equity
With A Reverse Mortgage

If you’re looking for ways to supplement your retirement income, a Federal Housing Administration (FHA) insured reverse mortgage loan may be the answer. A reverse mortgage loan allows you to access a portion of your home’s equity to obtain tax-free funds without having to make monthly payments.

If you’re 62 years of age or older and have sufficient home equity, you may be able to get the funds you need.

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Northern Mortgage Services, Inc.

THE RICK HERRERA GROUP

Get Your (3) “FREE”, NO Cost or Obligation,
FHA Insured Reverse Mortgage Programs to Consider.
Specific to Your Needs, Goals, Home And Property!  But First…

The Most Common Questions Asked About The FHA Insured Reverse Mortgage Programs…

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  • What is a Reverse Mortgage?
  • How Does a Reverse Mortgage REALLY Work?
  • How Much MONEY Can I Receive?
  • Can I Get CASH in a LUMP SUM?
  • Can I ESTABLISH A CREDIT LINE to DRAW FROM as NEEDED?
  • Do I MAINTAIN OWNERSHIP of MY HOME?
  • Does a Reverse Mortgage Affect My SOCIAL SECURITY?
  • What Are MY RISKS?
  • What are the Advantages of a REVERSE MORTGAGE vs. a HELOC?
  • How do I “PAY BACK” My Reverse Mortgage?
  • What are YOUR RATES & CLOSING COSTS?
  • What are MY OUT-OF-POCKET COSTS for a REVERSE MORTGAGE LOAN?

At NO COST or OBLIGATION we will answer your questions and provide you with your own (3) personalized Reverse Mortgage Programs to consider based specifically on YOUR needs, goals, home and property so you can determine if a reverse mortgage is right for you.

FHA’s Insured NEWEST Reverse Mortgage Programs Allows Eligible Homeowners Age 62 & Older with a $100K & Up Home Value, And At Least 50%+ Home Equity To Enjoy Many Benefits Like…

  • Payoff your current mortgage (if you have one) & retire in your home
  • No more house payments as you live in your home
  • Increase your household cash flow monthly
  • You can get cash in a lump sum and/or a credit line that also grows
  • Consolidate debt to pay off credit cards, installment loans, and more
  • You always own your home
  • Reverse mortgages are paid back when your home is sold
  • Remaining dollars from the sale of your home goes to you or your heirs
  • Your Social Security is NOT affected
  • Required closing costs are in the loan
  • Minimal out-of-pocket expenses
  • No prepay penalties
  • You continue to pay your own taxes and insurance

Did you know there are 3 ways you can get hurt with a reverse mortgage if it’s not set up correctly?  We will discuss those 3 ways with you and make sure none of them will affect you and your family!

Eligible Homeowners Can Enjoy Many Benefits Of A Reverse Mortgage…

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Our Past Customers Have Said
Choosing A Reverse Mortgage Has Been For Them…

“A most positive & life-changing decision”!

Our Pledge To You Is Simple.

At Northern Mortgage Services, Inc., The Rick Herrera Group, As Your Experts In Reverse Mortgages, We Will Provide You (3) Personalized FHA Insured Reverse Mortgage Programs To Consider Specific To Your Needs, Goals, Home & Property With Low Rates, Low Closing Costs, and VIP Service From Start To Finish Like No Other Lender!

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Frequently Asked Questions

How Does A HECM Loan Work? 2018-01-03T13:32:58+00:00

We offer FHA insured HECMs (Home Equity Conversion Mortgages); a safe, secure loan that lets you access your home’s equity to get cash for your retirement funding needs.

The amount you receive is based on current interest rates, the age of youngest borrower and the lesser of the appraised value of your home, or sale price up to maximum lending limit.

The funds available to you may be restricted for the first 12 months after closing, due to HECM requirements. In general, the older you are, the more equity you have in your home and the lower your mortgage balance: the more money you can expect from HECM loan.

How Do I Receive My Money? 2018-01-03T13:32:30+00:00

The HECM is available as either an adjustable or fixed-rate loan. With the adjustable rate, the rate is adjusted monthly or annually based on the LIBOR (London Inter Bank Offered Rate).

The fixed-rate HECM maintains the same interest rate over the life of the loan. You may need to set aside additional funds from loan proceeds to pay for taxes and insurance.

How Do I Repay My Loan? 2018-01-03T13:33:40+00:00

Loan repayment is not due UNTIL YOUR HOME IS SOLD….As long as you meet the loan obligations such as living in the home as your primary residence, continue to pay required property taxes and insurance , and maintain your home according to FHA requirements.

You or your heirs WILL NOT be required to pay more than the value of your home at time the loan is repaid; even if your loan balance exceeds the value of your home, provided you or your heirs decide to sell the home. BEST of ALL, any remaining equity goes to you or your heirs once the loan is repaid.

Is A Reverse Mortgage Right For Me? 2018-01-03T13:36:25+00:00

Seeing if a Reverse Mortgage is right for you with Northern Mortgage Services, Inc The Rick Herrera Group is easy! At no cost or obligation, we will provide you three (3) personalized FHA insured reverse mortgage programs to consider that are specific to your needs, goals, home and property.

Am I Eligible? 2018-01-03T13:37:21+00:00

To be eligible for a reverse mortgage loan, some key requirements are:

  • Primary borrower 62 years of age or older…(non-borrowing spouse on title IF under 62 year of age would be used).
  • Live in your home as your primary residence and have sufficient equity.
  • You must be able to pay off your existing mortgage through the reverse mortgage loan proceeds. (IF YOU HAVE ONE)
  • Live in a single family home or two-to-four unit owner-occupied home or FHA-approved condominium or manufactured home that meets FHA requirements.
  • Must meet financial eligibility criteria as established by HUD.
Any Other Requirements? 2018-02-20T20:54:37+00:00

In addition to eligibility requirements, you must also meet the following conditions to obtain a reverse mortgage loan:

  • Complete a HUD approved counseling session…(Can be done by phone or in person)
  • Maintain your home according to FHA requirements.
  • Continue to pay property taxes and homeowners insurance.