Team Move OVM Financial Reverse Mortgage Program
Reverse mortgage solutions offer so many advantages for seniors. There are many reverse mortgage lenders to choose from, but Team Move OVM Financial provides you with local, face to face customer service.
Questions to ask yourself to see if a Reverse Mortgage is right for you:
Are you 62 years old or more, in NC, SC, or VA, and have asked the following about Reverse Mortgages?
… to purchase a home up to $625,000 with no mortgage payment required? **
… to purchase or refinance a home that is over $625,000 and need jumbo financing?
… to refinance your current mortgage so that you don’t have to make a mortgage payment ? **
… to have no mortgage payment and keep more of your funds in investments?
… receive future income payments from your home?
… purchase a home in a senior / retirement community?
… use your income to live a better life without the drain on finances of a mortgage payment?
Reverse Mortgages or HECM (Home Equity Conversion Mortgage) are a Federally Insured Mortgage Loan through FHA available to those seniors 62 and over. It is only available for a primary residence, requires a down payment (or equity on a refinance) based on the age of the occupants, has very limited credit and income requirements, and has no required monthly mortgage payments.
Reverse Mortgage Details That Can Benefit Retirees!
- Must attend HUD approved counseling – Helps borrowers have a disinterested & qualified counselor to further explain the Reverse Mortgage program
- Buyers don’t have to spend all of their liquid or retirement funds when buying a house to have no payment – Yes! You can use a Reverse Mortgage to purchase a home!
- Able to afford a higher valued home without exceeding their monthly budget
- Great, affordable product for baby boomers and above to finance their home
- Must pay the property taxes and insurance on the property each year
- Non-recourse loan which means only the value of the home is used to satisfy the loan
- Fixed rate and Line of Credit options
- Closings in 30 – 45 days
- Acceptable sources of funds to close
- Sale of prior home
- Sale of homebuyer’s other assets
- Homebuyer’s savings or other accounts
- Gift money from parties not involved in the transaction
- Not acceptable sources of funds to close
- Seller financing and concessions – Buyer must pay all closing costs on a purchase
- Credit card advances
- Bridge loans
- Subordinate financing (2nd mortgages)
- Down Payment Assistance
- Gifts from anyone involved in the process
- Face to Face Meetings to provide our clients with comfort
** No mortgage payment does not mean no property taxes or insurance. Borrowers must continue to pay the property taxes and applicable insurances on the property.
Learn more by reading our Reverse Mortgage Articles:
Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Sanford, Fayetteville, Southern Pines, Pinehurst, Rockingham, Raleigh, Cary, High Point, Garner, Smithfield, Clayton, Asheville, Asheboro, Rocky Mount, Wilson, Burlington, Kannapolis, Goldsboro, Hickory, Wake Forest, Salisbury, Matthews, Charlotte, Monroe, Statesville, Shelby, Lexington, Boone, Morganton, Cornelius, Holly Springs, Fuquay Varina, Kernersville, Kinston, Greenville, Outer Banks, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Lake Waccamaw, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC. North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina, Virginia, and Georgia
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