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Home Equity Conversion Mortgages & Reverse Mortgages
Home Equity Conversion Mortgages, Reverse Mortgages are rapidly gaining greater and greater market acceptance for seniors who wish to secure their financial futures, engage in financial planning and take advantage of a tax-free* income producing strategy. These are safe, FHA insured financial tools that help seniors. Find out if this can work for you with a no-fee, no commitment consultation.
* Not meant to be tax advice. Consult your accountant or CPA for tax advice.
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Frequently Asked Questions
How is a reverse mortgage line of credit different from a bank's line of credit?
The line of credit offered by banks can be reduced, cancelled or required to be paid back at any time. The reverse mortgage line of credit cannot be reduced, cannot be cancelled and does not have to be repaid until the borrower no longer lives in the home. Most importantly, the reverse mortgage line of credit grows at the same interest rate as the mortgage compounded monthly providing an effective hedge against inflation and enables you to benefit from a greater sum of money being available.
What are common uses of reverse mortgages?
The proceeds you receive from a reverse mortgage can be used in any way you wish. People use this money to supplement their income, home care, eliminate the payments on their current mortgage, remodeling or consolidating debt. The way you use your money is up to you.
How do I take my money?
You can take your money as a lump sum, receive monthly payments, have a line of credit that grows each month or a combination of these methods. You can also use a reverse mortgage to buy a new home!
Does the bank own my home? What about my heirs?
You retain ownership of the home. This is a loan. You are not selling the home to the bank. When you leave the home is when the loan must be repaid along with the accrued interest. Any equity over the amount owed belongs to you and your heirs. If you owe more than the FHA insurance pays the deficiency. This is a safe, non-recourse method of converting the equity you have in your home into money for your wants and needs.
Reverse Mortgage for Ages 55+
Answers To Frequently Asked Questions
Funding at Home Care
Line of Credit that Grows & Offers Greater Flexibility
New York Times Article
Listen To Josh's Radio Broadcast
Joshua Orlan & Reverse Mortgages
Since 1985 Joshua Orlan has been a real estate and real estate lending professional. Josh possesses outstanding knowledge and expertise and brings that to bear for his customers. Josh’s caring and listening skills will be on full display whenever you talk to him.
In addition to being a reverse mortgage professional Josh teaches real estate brokerage to aspiring brokers. As Josh says “I have something to give back to the industry that has done so much for me”. Josh has also served as a Board of Education member, Special Education Board member and Board member of Chicago’s Jewish Child and Family Services, charity auctioneer and all-around volunteer to help people.
Says Josh about reverse mortgages; “The reverse mortgage is such a great financial planning tool and I have watched my customers do so well with this. I know, for a fact, that I can help people and that is what I love to do”.
*Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, #4170030
**Licensed by the N.J. Department of Banking and Insurance