{"id":427,"date":"2023-03-30T17:44:36","date_gmt":"2023-03-30T23:44:36","guid":{"rendered":"https:\/\/fnmbsc.com\/?page_id=427"},"modified":"2023-04-18T11:53:28","modified_gmt":"2023-04-18T17:53:28","slug":"simple-reverse-lending","status":"publish","type":"page","link":"https:\/\/fnmbsc.com\/index.php\/simple-reverse-lending\/","title":{"rendered":"SIMPLE REVERSE LENDING"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"427\" class=\"elementor elementor-427\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a16cb70 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a16cb70\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-62fe914\" data-id=\"62fe914\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-228dafe elementor-widget elementor-widget-text-editor\" data-id=\"228dafe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h1 style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><b>S<\/b><b>IMPLE <\/b><b>R<\/b><b>EVERSE <\/b><b>L<\/b><b>ENDING<\/b><\/span><br \/><b>HECM FAQ<\/b><\/h1>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-d528c23 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d528c23\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-41d1dc4\" data-id=\"41d1dc4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ba48913 elementor-widget elementor-widget-text-editor\" data-id=\"ba48913\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #33cccc;\"><strong>1. WHAT IS A HECM? (HEK-UM)<br><\/strong><\/span><br>A Home Equity Conversion Mortgage, also called a reverse mortgage, allows borrowers to convert some of their home equity into usable cash.<\/p>\n<p><strong><span style=\"color: #33cccc;\">2. WHAT KIND OF INTEREST RATE CAN I GET?<\/span><\/strong><br>HECM Loans provide both fixed and variable rate.<\/p>\n<p><span style=\"color: #33cccc;\"><strong>3. HOW CAN I TAKE THE MONEY?<\/strong><\/span><\/p>\n<p>We offer different plans for your loan disbursement:<\/p>\n<ul>\n<li>A lump sum at closing or after;<\/li>\n<li>Tenure payments, which continue for as long as you live in the home;<\/li>\n<li><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); font-size: 1rem;\">Term payments for a set period of time;<\/span><\/li>\n<li><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: 1rem; font-weight: var( --e-global-typography-text-font-weight );\">A line of credit to draw on as needed or any combination of these, plus the ability to change your payment plan as needed.<\/span><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2ee6c4a\" data-id=\"2ee6c4a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-848413f elementor-widget elementor-widget-image\" data-id=\"848413f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"740\" height=\"493\" src=\"https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL3-768x512.png\" class=\"attachment-medium_large size-medium_large wp-image-445\" alt=\"\" srcset=\"https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL3-768x512.png 768w, https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL3-300x200.png 300w, https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL3-1024x683.png 1024w, https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL3-1536x1024.png 1536w, https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL3.png 1546w\" sizes=\"100vw\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-1b9bc60 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1b9bc60\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-c02af26\" data-id=\"c02af26\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7240705 elementor-widget elementor-widget-text-editor\" data-id=\"7240705\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #33cccc;\"><span style=\"font-weight: bold;\">4. ARE THERE RESTRICTIONS ON WHAT I CAN USE THE MONEY FOR?<\/span><\/span><\/p><p>You can use your reverse mortgage loan proceeds for anything you choose: supplement monthly living expenses, home repairs or renovations, medical costs, or consolidating credit card debt.\u00a0 If you have an existing mortgage loan, we must have enough proceeds from the new HECM mortgage to pay off the existing mortgage.<\/p><p><span style=\"font-weight: bold;\"><span style=\"color: #33cccc;\">5. ARE THERE ANY PRE-PAYMENT PENALTIES?<\/span><\/span><\/p><p>NO!<\/p><p><span style=\"font-weight: bold;\"><span style=\"color: #33cccc;\">6. HOW DOES IT GET PAID BACK?<\/span><\/span><\/p><p>Repayment is required when the last surviving borrower no longer resides at the property\u00a0 or taxes and insurance\u00a0 on property are not kept current.\u00a0 The\u00a0<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); font-size: 1rem;\">-Term payments for a set period of time\u00a0<\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); font-size: 1rem;\">property must also be kept in good repair.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-d6d4fd6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d6d4fd6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-9e26d1c\" data-id=\"9e26d1c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2b9f6b9 elementor-widget elementor-widget-image\" data-id=\"2b9f6b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"740\" height=\"492\" src=\"https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL2-1024x681.png\" class=\"attachment-large size-large wp-image-446\" alt=\"\" srcset=\"https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL2-1024x681.png 1024w, https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL2-300x199.png 300w, https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL2-768x511.png 768w, https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL2-1536x1021.png 1536w, https:\/\/fnmbsc.com\/wp-content\/uploads\/2023\/03\/SRL2.png 2020w\" sizes=\"100vw\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-8015881\" data-id=\"8015881\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a105d64 elementor-widget elementor-widget-text-editor\" data-id=\"a105d64\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: bold;\"><span style=\"color: #33cccc;\">7. WHO &#8220;OWNS&#8221; MY HOME?<\/span><\/span><\/p><p>You always continue to own your own home!<\/p><p><span style=\"font-weight: bold;\"><span style=\"color: #33cccc;\">8. MY CREDIT IS NOT GREAT, CAN I STILL QUALIFY?<\/span><\/span><\/p><p>While there are no credit score requirements, we still need to assess your income and credit for the purposes of qualifying for this loan.<\/p><p><span style=\"font-weight: bold;\"><span style=\"color: #33cccc;\">9. ARE THE PROCEEDS CONSIDERED INCOME?<\/span><\/span><\/p><p>Proceeds from a reverse mortgage are not considered income.\u00a0 HECM proceeds do not affect Social Security or Medicare benefits.\u00a0 Consult your tax advisor for more details.<\/p><p><span style=\"font-weight: bold;\"><span style=\"color: #33cccc;\">10. CAN I BUY A HOME USING A HECM?<\/span><\/span><\/p><p>Yes! A HECM mortgage loan can help you downsize by allowing you to use the product to purchase a new home better suited to your needs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-09c6125 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"09c6125\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7a79aaf\" data-id=\"7a79aaf\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e4b1cf1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e4b1cf1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-97fd7ab\" data-id=\"97fd7ab\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4f95c88 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"4f95c88\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/secure.web-loans.com\/secure.aspx?u=fnmbsc.web-loans.com&#038;lo=1\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-alt-circle-right\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">WANT TO KNOW MORE?          Contact Leslie Rodriguez or Click Here to be directed to our Mortgage Center to submit an application. <\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9d379d7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9d379d7\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-79ed29f\" data-id=\"79ed29f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cecf4f1 elementor-widget elementor-widget-heading\" data-id=\"cecf4f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">This is an FHA-insured loan, Homeowners must be 62 years of age or older and live in the home as their primary residence. Subject to credit approval. Homes must meet FHA\/HUD minimum property standards. Borrowers must maintain hazard and flood insurance premiums, property taxes, utilities and make any property repairs. Although there are no mandatory monthly principal and interest mortgage payments, interest accrues on the portion of the loan amount disbursed if no payments are made. Reverse mortgages can use up all or some of the equity in your home and the amount you owe can increase over time. Loan must meet underwriting requirements. Program rates, fees, terms, and conditions are not available in all states and subject to change. All products and services offered through SimpleReverse Lending NMLS#1862296. This document is advertising by SimpleReverse Lending and is not from FHA\/HUD. This document is not approved by any government agency. A reverse mortgage is a loan.<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>SIMPLE REVERSE LENDINGHECM FAQ 1. WHAT IS A HECM? (HEK-UM)A Home Equity Conversion Mortgage, also called a reverse mortgage, allows borrowers to convert some of their home equity into usable cash. 2. WHAT KIND OF INTEREST RATE CAN I GET?HECM Loans provide both fixed and variable rate. 3. HOW CAN I TAKE THE MONEY? We &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/fnmbsc.com\/index.php\/simple-reverse-lending\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SIMPLE REVERSE LENDING&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-427","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/fnmbsc.com\/index.php\/wp-json\/wp\/v2\/pages\/427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fnmbsc.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/fnmbsc.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/fnmbsc.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fnmbsc.com\/index.php\/wp-json\/wp\/v2\/comments?post=427"}],"version-history":[{"count":48,"href":"https:\/\/fnmbsc.com\/index.php\/wp-json\/wp\/v2\/pages\/427\/revisions"}],"predecessor-version":[{"id":495,"href":"https:\/\/fnmbsc.com\/index.php\/wp-json\/wp\/v2\/pages\/427\/revisions\/495"}],"wp:attachment":[{"href":"https:\/\/fnmbsc.com\/index.php\/wp-json\/wp\/v2\/media?parent=427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}