Looking for a reverse mortgage with lower up-front costs and increased cash flow? There’s good news for homeowners age 62 and older who are looking to achieve greater financial flexibility: MetLife Bank has recently introduced the HECM Saver, a government-insured Home Equity Conversion Mortgage (HECM). This new type of reverse mortgage features significantly lower up-front costs, as compared to MetLife Bank’s HECM Standard reverse mortgage – and that could save you thousands of dollars, depending on the value of your home.
What is the MetLife Bank HECM Saver?
Like all reverse mortgages, the new MetLife Bank HECM Saver is a way for homeowners age 62 and older to tap into the equity in their homes without having to make a monthly loan payment, as is required with a home equity loan or a home equity line of credit (HELOC). Although there are no monthly mortgage payments with the MetLife Bank HECM Saver, interest accrues on the portion of the loan amount disbursed.
Some features of the MetLife Bank HECM Saver reverse mortgage that may make it an option worth considering include:
• Lower up-front costs, as compared to the standard HECM reverse mortgage offered by MetLife Bank, could save you thousands of dollars depending on the value of your home.
• While the maximum amount you can borrow is less than with a HECM Standard, the HECM Saver may be a better choice for homeowners who don’t need to borrow the maximum amount available to them.
• MetLife Bank is a MetLife company, and MetLife has been a trusted name in the financial services industry for more than 140 years
Like other types of reverse mortgages, with a HECM Saver:
• You still live in and own your home
• You can use the increased cash flow to pay off your existing mortgage, travel, reduce credit card debt, help cover health care costs, and much more
• You can receive your cash in a lump sum, as a monthly payment, through a line of credit, or a combination of these choices
• You can purchase a single-family home or condominium by taking a reverse mortgage on your new primary residence.1
With the MetLife Bank HECM Saver, you must continue to be responsible for paying property taxes, homeowner’s insurance, and for maintenance of the home as your primary residence. However, you can use the cash from your HECM Saver proceeds to help pay for some of these costs. Repayment of a reverse mortgage isn’t required until the last surviving borrower passes away, sells the home, or leaves it for 12 consecutive months.
Do you qualify for a MetLife Bank HECM Saver? Here are some general guidelines:
• All borrowers must be age 62 or older
• Your home’s first mortgage doesn’t have to be paid off, but you will need to have sufficient equity in your home
• The home must be your primary residence
• Single and multiple-unit houses qualify, as do most condominiums and some manufactured homes; however HECM Saver is not available for the purchase of a multi-unit dwelling
• Your current income is not a factor in your eligibility for a reverse mortgage
Learn more about the MetLife Bank HECM Saver
The best decisions are informed ones. If you’re interested in learning more about the new HECM Saver or other reverse mortgage options from MetLife Bank, your MetLife Bank reverse mortgage consultant, Burl D. Greaves, is available to answer all of your questions, without obligation. MetLife Bank also offers a free, easy-to-understand educational video and information kit that explains all of the benefits, eligibility requirements, and cost implications. To talk with your MetLife Bank reverse mortgage consultant or to request free material without obligation, call Burl D. Greaves at 806-441-4787.
1Program, rates, fees, terms and conditions are not available in all states and are subject to change.
All loans are subject to property approval. Appraised property value may affect loan amount. Certain conditions and fees apply. Mortgage financing provided by MetLife Home Loans, a division of MetLife Bank, N.A., Equal Housing Lender. © 2010 METLIFE, INC. R0910131467[exp0911][All States][DC]