Serving New Jersey, New York, Connecticut, Florida, Ohio & Pennsylvania
Reverse Mortgage Specialists

Real Estate Mortgage Network, Inc.

1- 800-386-3791, Ext 3527, or 201-968-3527 WWW.REMN.COM

Reverse Mortgages For Seniors

Seniors across the nation are turning to a new source for cash income: Their home. From helping to pay their property taxes or for paying for long-term healthcare or for funding home repairs, now more than ever Reverse Mortgages are providing the financial means for seniors to maintain or in many cases improve the quality of their lives.

Retirement can present special challenges, and we look to help older Americans live in their homes more comfortably and securely by converting the equity in their home into extra cash or monthly income.

In many cases, a reverse mortgage can be financial tool that can truly improve the quality of life for many senior homeowners. We realize that that each individuals needs are different. And because of this, we offer a selection of different reverse mortgage products.

We currently offer five (5) Reverse Mortgage programs. These are offered via the U.S Department of Housing & Urban Development HUD / FHA, Fannie Mae, the Federal National Mortgage Association and two (2) jumbo reverse mortgage programs for higher end homes. These products offer the flexibility to customize a reverse mortgage specific to your financial objectives. Now a New Jumbo Program is also available!!!!!

Some Common Uses of a Reverse Mortgage

q       Provide additional monthly income

q       Provide funds for home repair and maintenance

q       Pay off existing debt – no more monthly payments

q       Retire an existing mortgage

q       Fund long term care insurance

q       Cash reserve for emergencies

q       Pay off credit card debt

  q       Funds to help grandchildren or loved ones

q       Additional cash for investments

Eligibility

If you are at least sixty-two years of age (your spouse too) and have equity in your home, a reverse mortgage can turn that equity into cash, a line of credit, monthly income or any combination of the three. The program rewards age; the older you are the greater the available amount of funds will be. Contrary to conventional mortgages, there are no monthly payments on a reverse mortgage and the proceeds are tax-free. There are no credit or income requirements to qualify for a reverse mortgage. You continue to retain ownership of the property and stay there for as long as you please. In many cases, seniors may be “home rich and cash poor” the reverse mortgage program enables seniors to access the financial potential contained in their homes, and allow them to utilize it as they desire.

The borrower must occupy the property as his or her primary residence, and HUD / FHA will require that all applicants for the program secure counseling about the reverse mortgage via an independent HUD-approved counseling office.

Counseling

All borrowers are required to receive free counseling from a third-party counseling agency prior to applying for a reverse mortgage. We can provide you with a list of counselors in your area and can refer you to the reverse mortgage counselor nearest you. The counselors often will be willing to do the counseling session over the telephone if you are unable to go to their office. Family and trusted friends are encouraged to participate. At the end of the meeting you will receive a Certificate of Borrower Counseling. This certificate will become part of your application.

Payment Plans

Reverse Mortgage borrowers can choose from several payment plan options:

Tenure: Borrower receives a monthly check for as long as they live in the home;
Line of Credit: Borrower can draw up to a maximum amount at the times and in the amounts of the borrower’s choosing;
Lump Sum Cash Advance: A lump sum of cash distributed to borrower at closing;
Modified Tenure: Any combination of the above options.

Impact on Income Taxes and Social Security

Funds from a reverse mortgage are considered to be a loan proceeds, not income. Therefore, the funds received are not subject to income tax and do not affect Social Security benefits. Borrowers receiving SSI or Medicaid may not be affected if the funds from the reverse mortgage are spent in the month they are received. We recommend you consult your tax advisor for further details.

Repayment

The reverse mortgage becomes due and payable when the borrower permanently leaves the home- whether they move, sell or pass away. Reverse mortgages are typically repaid from the proceeds of the sale of the home, with any remaining equity staying with the homeowner or their heirs. However, if the heirs wish to keep the home they may do so by refinancing the property with a conventional mortgage. If the spouse passes away, the surviving spouse continues to receive the full benefits of the reverse mortgage, with no repayment until they decide to permanently leave the home.

Reverse mortgage benefits

q Retain ownership of property;

q Live in home as long as you please;

q Funds available for whatever purpose you desire;

q Provides easy access to your equity built up in your home;

q Provides increased tax-free monthly income;

q HECM program is HUD insured.

Interest Rates

Variable interest rate tied to T-Bill adjusted either monthly or annually.

Closing Costs

Costs vary based on program selected. The selection of programs can satisfy a variety of needs. The closing costs on reverse mortgages are similar to that of conventional mortgages. Customary charges include interest charges, closing costs, origination fees, inspections and insurance. We will be happy to provide you with a good faith estimate of the costs involved.

Reverse Mortgages are allowing seniors the opportunity to make their home, that they have taken care of, for so many years, take care of them in return.

The Real Estate Mortgage Network, Inc. Company Profile

Real Estate Mortgage Network Inc. (REMN), founded in 1987, is one of the oldest Licensed Mortgage Bankers in the State of New Jersey. Real Estate Mortgages are our only business. REMN is also licensed to do business in New York, Connecticut, Pennsylvania and Florida.

We consider our customers “clients for life” and do everything possible to maintain that relationship.

Len Ricci is Vice President of the Reverse Mortgage Division. Len has been working with senior citizens for the past 20 years. His first job out of college was with the Social Security Administration as a Claims Representative. Later, he began his banking and lending career and was one of the original pilot lenders for the Reverse Mortgage Program in New Jersey in 1990. He has worked with hundreds of reverse mortgage applicants through the years.

Len has a Bachelors Degree in Management from Montclair State University, Montclair, NJ and Masters Degree in Business Administration from Fairleigh Dickinson University, Teaneck, NJ. You may contact Len directly at 1-800-386-3791 Ext 3527or at 201-968-3527 for all reverse mortgage inquiries, or email him at Lricci@REMN.com.

Ernie Scerbo is the Reverse Mortgage Network Manager. Prior to his retirement as a senior financial analyst for a major corporation, Ernie served as a volunteer to various social service agencies. With the advent of Reverse Mortgages, Ernie concentrated on educating senior citizens about Reverse Mortgages, analyzing their financial position, and if appropriate assisting them in securing a Reverse Mortgage.

Upon his retirement from the corporate world, Ernie has been associated with the Real Estate Mortgage Network Inc. (REMN) and has worked exclusively with seniors in the area of Reverse Mortgages. Ernie holds a Masters Degree in Finance from Fairleigh Dickinson University, Teaneck, NJ. You can contact Ernie at 1-800-386-3791 Ext. 3528. or at his direct line at 201-968-3527.

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