Methods for turning home equity into income has been limited for owners of high value homes.
Almost all jumbo reverse mortgages were suspended when the credit crisis hit in 2008. The HECM Reverse Mortgage has filled a void with the increased limits as a result of the stimulus plan and the higher limits ($625,500) are expected to remain through 2009. The fixed rate HECM is very attractive and provides more money than ever before for high value homes.
Now I’m pleased to announce a new program, The Equity Access Agreement.
The Equity Access Agreement has absolutely no closing costs and no interest charges because it’s not a mortgage at all. Equity Access money paid to you has no debt accrual, no closing costs and no interest charges. In exchange for monthly payments, you pay a share of the equity when you decide to sell or when you pass away. Another unique feature is, you can move away after 5 years and keep the program in place. This removes the concern of entering into an agreement and circumstances change where you have to move.
It is currently available in parts of California, Oregon and Washington.
Please CALL ME on 800 489 0986 to discuss how Equity Access can work for you!