Ready to Enjoy Living Your Life? Stay in your own home and keep ownership without ever having to make another monthly mortgage payment. Let our qualified professionals help you decide if a reverse mortgage is right for you.
Are you considering a reverse mortgage?
If so, you probably have many questions or concerns, such as:
- Is a reverse mortgage right for me?
- What are the benefits of a reverse mortgage?
- Are there different types of reverse mortgage payouts?
- Can I get cash out of a reverse mortgage?
- Do I have to make monthly payments on a reverse mortgage?
- Does the bank own my property if I have a reverse mortgage?
- Are there limits on how I use the cash from my reverse mortgage?
- Do I have to pay taxes on the cash I get from my reverse mortgage?
- Can my spouse stay in our house if I pass away or if I need to live in a nursing home or assisted living facility?
- Who gets my house when I pass away?
- Do my heirs have to come up with the money to pay off my reverse mortgage when I die?
That’s where we come in! Let our experts help answer your questions about the reverse mortgage process.
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Why Hackney Reverse Mortgage?
Is a Reverse Mortgage Right For You?
- Do you have a strong desire or commitment to stay in your own home?
- Do you want to enjoy your lifestyle and your senior years more?
- Would you like to start your retirement now without a monthly mortgage payment?
- Would you like to have more money in retirement?
- Would you like to have money to fund the care of a loved one in assisted living, a nursing home, or with home health care?
- Do you need more savings for major or unexpected expenses?
- Do you have a regular need to supplement your income and find your home is your biggest asset?
- Do you want to live worry-free, with the peace of mind that your financial needs are managed?
If these statements sound like you, then you might be just the right candidate for a reverse mortgage.Call now to see if you qualify for a reverse mortgage
Benefits of a Reverse Mortgage
- A reverse mortgage can give you more financial freedom and improve your quality of life.
- You won’t have to make any payments until the loan ends.
- You are allowed to stay in your own home and keep title to your home.
- Proceeds from reverse mortgages are tax-free and not considered income.
- The bank does NOT own your home – you do!
Do You Qualify For A Reverse Mortgage?
- Are you at least 62 years of age?
- Do you own your property outright, or is the mortgage small enough to be paid off in the reverse mortgage process?
- Do you occupy the property as your primary residence?
- Is your home considered a single family home that meets FHA requirements?
If you answered “Yes” to all these questions, then you may be able to qualify for a HECM Reverse Mortgage.
What Is A Reverse Mortgage?
A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan for homeowners who are 62 and older. HECM is Federal Housing Administration’s (FHA) reverse mortgage program which enables you to withdraw some of the equity in your home. You can withdraw your funds in a lump sum, in a fixed monthly amount, or create a line of credit or do a combination. It’s your choice.
Types of Mortgage Payouts
You don’t have to receive a payout but there are many options if you want one.
- Lump Sum Payment
- Line of Credit
- Fixed Monthly Payments
- Combination of These Options
No matter what you choose, you will not have to make any payments on the mortgage, if you are living in the home. You can always sell your home to pay off the loan or just pay off the loan and keep your home, or at your death, your heirs can buy or sell the home.
Oh, and the reverse mortgage can be structured to let your spouse stay in the home even after you pass away – with no monthly mortgage payment.
What Should You Consider?
Your home has more than a monetary value. It may be more important to your heirs than you realize. It may be a sentimental treasure to them. Be sure to talk the decision over with your family first.
Reverse mortgages are a specialty loan product for a specific purpose. Your average bank loan officer or mortgage loan officer has no experience or understanding of how they work. Be sure you speak with a Reverse Mortgage Specialist who can help you navigate the waters safely and successfully.
Meet Ted & Mitch
Your Reverse Mortgage Specialists
Ted Hackney has a wealth of experience in the world of real estate and mortgages. As a lawyer, trust officer, and legacy gift fundraiser, he has helped clients and donors with complex real estate transactions to achieve their personal, financial, and legacy goals.
Ted has a law degree and MBA from the University of Denver. He has taught MBA classes for Harding University as well as American Institute of Banking classes at Arkansas State University. He has presented numerous seminars on insurance, estate, and retirement planning.
Ted will use his keen analytical skills and knowledge of retirement and estate planning tools to help you design a reverse mortgage that works for you and your family.
Ted is the son of Hackney Team member Mitch Hackney
Mitch Hackney is a dynamic and accomplished professional with over 60 years of experience in real estate and mortgages. After graduating from North Texas State College in 1960, Mitch began his career as a real estate broker and shortly thereafter began his career in the mortgage loan industry.
In 1978, he began teaching pre-licensing mortgage classes and later started his own mortgage license training school, where he trained and mentored aspiring mortgage licensees. His efficient management style earned him recognition while serving as a branch manager for GMAC Mortgage. Mitch has always been generous with his knowledge and expertise, and has written several books to help prospective mortgage licensees.
Despite his vast experience and achievements, Mitch’s passion for the industry has never waned. At the age of 90, he remains active in the industry, focusing exclusively on originating HECM and Jumbo reverse mortgages.
Mitch is the father of Hackney Team member Ted Hackney.
Contact Us For A Free Consultation Today!
Our representatives will be ready to assist with any questions you may have.
