I welcome you to set up and appointment with me. To prepare for that meeting where I will bring a formal proposal, I need information, simply enter the data in the fields to the right and press send. This custom proposal which will quickly tell you the following:
The amount of cash anticipated at closing (or short fall need to close to extinguish current mortgage).
The amount of Credit Line you can access in one year, (and the projections of growth on this Credit Line each year if you let it grow by delaying drawing on it).
The amount of Financing Fees and cost of FHA Upfront MIP. (Generally, other than the appraisal & HECM counseling these are paid from equity).
Amount of estimated equity reserves in home upon closing.
The affect a reverse mortgage may have on future equity using certain assumptions as seen on the “Amortization Schedule” - Annual Projections in future equity with expected appreciation of property value at 4% and projected costs of interest and loan balance based on assumptions, providing a year by year display of home equity. This will give you an idea of what net proceeds you would receive if you sold your home at a future date while being alive or what your estate would receive in the future. Please remember the Amortization Schedule, while being my favorite tool, are based on the outlined assumptions and actual results may vary.
Please feel free to suggest a day and time that would work for you, for our appointment. Please just write that information in the General Comments box. I will call to confirm the date.
