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Reverse Mortgage

HOME BUYING WITHOUT MORTGAGE PAYMENTS

Your MiMutual Mortgage Reverse Mortgage Specialist can discuss additional details about your home purchase needs, such as:

  • Process for purchasing a newly constructed home
  • Applying a larger down payment to use as a financial planning tool
  • Steps for holding title in a trust

The Home Equity Conversion Mortgage (HECM) can help your buy your next home without monthly mortgage payments. The HECM is a Federal Housing Administration (FHA) insured home loan that allows borrowers aged 62 years or above, to use the equity from the sale of a previous residence to buy their next primary home in one transaction.  Regardless of how long you live in the home or what happens to your home’s value, you only make one initial investment (down payment) towards the purchase.

Many home buyers use the HECM to:

  • Down-size to a smaller, lower maintenance home
  • Buy a home closer to family and friends
  • Lower their cost of living during retirement
  • Enjoy carefree living in a senior housing community

WHY WE LOVE THIS

  • Eliminates Monthly Mortgage Payments
  • Increases Purchase Power
  • Preserves Cash

MTG APP CHECKLIST

Here are some of the items you should gather for your pre-approval. You are not required to have all the documents on hand to submit your request for pre-approval and your mortgage advisor will guide you on what items are needed based on your circumstances.

 

  •  IDENTIFICATION
    You will need a U.S. government-issued form of ID, usually a State-issued Driver’s License.
  •  PAY STUBS
    You should have your most recent pay stubs or other earned income documentation for the last 30 days.
  •  BANK STATEMENTS
    The lender will need most recent two months of official bank statements, which include the account number(s) and any blank pages.
  •  FEDERAL TAX RETURNS AND W2’S/1099’S
    You may be asked to provide your tax filings and W2’s /1099’s for the last two years for all forms of income you received (earned income, self-employment, etc.)
  •  RETIREMENT BASED INCOME
    If applicable, provide income documentation for any retirement pensions, annuities or Social Security.
  •  DISABILITY BASED INCOME
    If applicable, also include proof of income from worker’s compensation, State Disability, Social Security Disability or private settlement.

 

You won’t need to supply a credit report. With your authorization, we will pull your credit report, free of charge.

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