If you and your spouse are 62 years old or older and own your Ohio home,... or have substantial equity in your home, you have an asset that will keep you from depending on your friends, favorite charity, or children in your “Golden Years”.
You made a smart investment when you bought you Ohio home and now you can use it to stay independent and have a great life without sacrifices or help from anybody!
If you are proud of the life you lived and want to maintain your independence A Reverse Mortgage is the answer for Ohio seniors.
A Reverse Mortgage allows you to:
- Take cash out of your Ohio home in several forms:
- Lump Sum Cash Distribution
- Line Of Credit
- Monthly Checks
- Combination of 1, 2, and 3!
What can you do with the Cash?....... ANYTHING YOU WANT!
- Payoff Hospital/Medical Bills
- Buy Long Term Health Care Insurance
- Payoff your Credit Card Debt
- Buy a Car
- Go On Vacation
- Send Your Grandchildren to College
- Buy an Annuity
- Stick the Money in the Bank
- Make Home Improvements
HomeStar Financial, LLC, a full service Mortgage Banker, headquartered in Ohio can assist you in finding the Reverse Mortgage program that best fits your individual needs and circumstances. Not everyone needs or wants all of the cash up front, some want a monthly income stream, others want funds available in the event they are needed. Whatever you want or need, HomeStar Financial has the experience and expertise to develop the plan you need and take you step by step through the Reverse Mortgage loan process. HomeStar Financial brings Reverse Mortgages to customers in the Ohio, Indiana and Kentucky areas.
Reverse Mortgages are not like your old fashioned 30 year fixed mortgage. You never have to make mortgage payments on a Reverse Mortgage loan in Ohio as long as you:
- Pay your Home Owners Insurance each year.
- Pay your Real Estate Taxes each year.
- Live in Your Ohio Home
- Keep the home in reasonable repair.
The Lender (the company that makes the Reverse Mortgage) recovers their money (interest and principal) when the home is sold. Any moneys received above and beyond repayment go back to you and/or your heirs. If the sales proceeds are short (not enough to pay off the loan), then the Department of Housing & Urban Development will pay off the balance to the Lender - NOT YOU - NOT YOUR HEIRS!
OTHER RESOURCES YOU SHOULD VISIT REGARDING REVERSE MORTGAGES
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