Your Local Reverse Mortgage Specialists
Please call us to begin the discussion
Your Local Reverse Mortgage Specialists
Please call us to begin the discussion
Our Specialists
Paul H Sanders III
Paul has been assisting Borrowers with Reverse Mortgages, including Reverse for Purchase in the State of Georgia since 2010.
Cell: 912-230-7700
Email: paulsandersiii@gmail.com
REVERSE MORTGAGES
Reverse Refinances and Reverse for Purchase
Reverse Mortgages were developed to help make your retirement years better in several important ways. For the basics, a Reverse Mortgage is a loan secured by your Primary Residence. The loan balance grows over time by the amount of interest charged on your loan but this interest is not paid until The Maturity Event - when either all borrowers pass away, or you leave your home for a period of 12 months or more, or you sell your home or refinance to another loan program.
- The amount of benefit is based on the age of the youngest borrower and the value of your home.
- You may obtain and use the proceeds of a Reverse Mortgage in several ways.
- A Reverse Mortgage is a Non-Recourse loan, which means you or your estate will never owe more than your home's appraised value, a protection offered on this FHA loan.
- You can also BUY a home with a Reverse Mortgage.
Loan Products & Programs
The Reverse Mortgage can either be a Fixed Rate or an Adjustable Rate loan, however changes over the last several years have made the Adjustable Rate loan the better product with more options:
- A Line of Credit can be established based on your home's value and your age. One very important feature of this Line of Credit is it will GROW every month on the unused portion of this Line of Credit. Lately this growth rate has been 6-7%, which can be significant. Once you complete the Reverse Mortgage at closing, the Line of Credit will not go away and will not go down, no matter what happens to the value of homes in your area.
- You can also choose to receive monthly payments to bolster your monthly income and there are 2 types: Tenure, which means you will receive benefits for the rest of your life, or Term, which means you will receive benefits for a certain number of years selected by you. The shorter the term selected, the higher the monthly payments you will receive.
- You may also get some cash AND receive monthly payments. There is a limited amount of Benefits you may receive and it is based on the yougest borrower's age and the amount of equity you have. The younger you are the lower the benefits, with 62 being the minimum age of the Primary borrower.
About
Somerset Mortgage Corporation started in 2000 and serves the State of Georgia with offices on St. Simons Island, Georgia. We are a Mortgage Broker and we work with Regional and National Wholesale Lenders, so we have the ability to offer more choices at better rates.
Contact Us
NMLS ID: 133595 / GRMA# 15527
Somerset Mortgage Corporation
1607 Frederica Road, Suite 201, Saint Simons Island, Georgia 31522, United States
Paul H Sanders III 912-230-7700 paulsandersiii@gmail.com
Hours
Monday - Friday: 9am - 5pm, but prefer appointment
Saturday: By appointment
Sunday: Maybe
Copyright © 2023 Somerset Reverse - All Rights Reserved.
Powered by GoDaddy Website Builder