TILA Mortgage

Do You Want More from Your Reverse Mortgage?

Did you know reverse mortgages include a refinance clause in the FHA HECM (Home Equity Conversion Mortgage) program that allows you to take advantage of the market when property values rise or programs change? It’s called the HECM-to-HECM Refinance.
This provision in the program allows you to take advantage of your current home value, possibly lower interest rates, and the most recent guidelines to get more out of your reverse mortgage.

To refinance an existing HECM, there must be a net tangible benefit for you. To see if this program is right for you, please call for a free consultation. To determine your benefit, we will need information from your current mortgage statement so we can quickly tell you if refinancing will work.

Let’s chat!

This is an Advertisement. These materials were not provided by HUD or FHA and were not approved by FHA or any government agency. The reverse mortgage borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid. Not tax advice. Consult a tax professional.

TILA Mortgage is licensed mortgage broker. NMLS ID # 2472046. An Equal Housing Lender. 206-766-8888. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. TILA Mortgage, LLC. is not affiliated with any government agencies. CONFIDENTIALITY NOTICE - The information contained in this brochure and/or e-mail and any attachments to it are covered by the Electronic Communications Privacy Act, 18 U.S.C. Sections 2510 – 2521, and is legally privileged and confidential.

What if you could buy your next home with no monthly mortgage payments?

Consider an FHA-insured mortgage program known as the Home Equity Conversion Mortgage for Purchase, or H4P.

Program specifics:
• Available to those 62 and better
• No monthly mortgage payments required
• Minimal income and credit requirements
• No employment verification in most cases
• Non-recourse loan
• FHA-insured
• Homeowner remains solely on title
• Closing costs may be refinanced into mortgage

If you dream about a new home with modern design, amenities, and low maintenance, then you owe it to yourself to learn about a powerful alternative to using traditional financing or paying cash to purchase your next home.

The Home Equity Conversion Mortgage for Purchase, or H4P for short, allows you to significantly improve your purchasing power and significantly reduce your out-of-pocket expenses.

Purchasing a new home might seem out of reach for many seniors; but by combining the cash you receive from selling your current home with the proceeds from a reverse mortgage, you may be surprised at what you can get!

Borrower must occupy home as primary residence and remain current on property taxes, homeowner’s insurance, the costs of home maintenance and any HOA fees.

Let’s chat.

This is an Advertisement. These materials were not provided by HUD or FHA and were not approved by FHA or any government agency.

* - The reverse mortgage borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid.

** - Not tax advice. Consult a tax professional.

TILA Mortgage is licensed mortgage broker. NMLS ID # 2472046. An Equal Housing Lender. 206-766-8888. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. TILA Mortgage, LLC. is not affiliated with any government agencies.

People are talking about it! Here are some questions they are asking:

What is a Reverse Mortgage?
The most popular reverse mortgage is the Home Equity Conversion Mortgage (“HECM”) which was created in 1989 to specifically help older homeowners meet the financial demands of retirement and aging in their home. It is a mortgage loan based on your home’s value, the youngest borrower’s age, and current interest rates. What makes the HECM so unique is that it requires no monthly mortgage payments - giving you access to funds without the financial burden of an additional monthly payment. You retain title (ownership) to your home, and the loan is ultimately repaid when you or the last surviving borrower (or non-borrowing spouse) sells the home, moves out of the home permanently, or passes away (in which case your heirs then choose to either sell the home or pay off the mortgage balance).

Who is eligible?
Homeowners with at least one borrower age 62 or older on title to the home and with sufficient equity may be eligible. The home must be the primary residence, and you must meet the basic requirements of the loan.

Does my credit score affect my eligibility?
Your credit score is not the determining factor if you are eligible for a Home Equity Conversion Mortgage. An applicant’s overall credit history, income and existing financial obligations are considered to determine if a borrower has the financial capacity to meet the ongoing obligations of the loan. In some instances, a set-aside from available funds may be required to meet future property obligations such as property taxes and insurance.

Let’s chat!

This is an Advertisement. These materials were not provided by HUD or FHA and were not approved by FHA or any government agency.

* - The reverse mortgage borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid.

** - Not tax advice. Consult a tax professional.

TILA Mortgage is licensed mortgage broker. NMLS ID # 2472046. An Equal Housing Lender. 206-766-8888. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. TILA Mortgage, LLC. is not affiliated with any government agencies.

That is the question.
There are many reasons you might choose to refinance your home mortgage. Understanding how refinancing works and the common types of refinancing available can help you make an informed decision.

The following scenarios are for example purposes only. Contact me for a personalized discussion around your refinancing options.

Tap into home equity to get access to cash.
Replace your mortgage with a new loan in which you borrow more than you owe.
Pocket the difference in cash (minus closing costs).

Refinance to save money by changing your loan’s terms.
Shorter term: Go from a 30‑year loan to a 15‑year loan:
Pay less interest over time, save thousands.
Longer term: Go from a 15‑year loan to a 30‑year loan:
Monthly mortgage payment can drop by hundreds.
Eliminate private mortgage insurance (PMI) if you have 20% equity.
Roll a piggyback loan into your first loan (they often have higher rates).
Switch from an adjustable‑rate mortgage (ARM) to a fixed‑rate loan or vice‑versa:
ARMs are suitable for people who plan to only stay in their homes a few years, need liquid cash each month, or who expect a boost to their income in the near future.

Questions to help you decide:
Will you see meaningful savings?
For example, a lower monthly payment or a shorter loan term that reduces the total interest you’ll pay.

Is your ARM about to reset?
If so, switching to a fixed‑rate loan could offer more stability.

Can you eliminate PMI?
Refinancing might help you drop this extra cost.

Will you stay in your home long enough to reach the break-even point?
That’s the moment when your savings outweigh the upfront costs. If you’re planning to move soon, refinancing may not make financial sense.

Add up all the loan fees.
Determine your monthly savings with the new lower payment.
Divide costs by savings to get the number of months until you break even (you start saving more than you spent).

Call us today to review your current mortgage, your housing plans, and your finances so you can decide if refinancing is the right decision for you!

The Home Equity Conversion Mortgage (HECM) is a line of credit for households where at least one borrower is age 62.

* Requires no monthly mortgage payment (payments optional)
* Provides access to Cash for Home improvements, Vacations or other purchases
* Pay off your debts to reduce your monthly expenses.
* Loans are insured by the FHA!

Contact us to learn more!