Adult Care
Adult Care
Kenwood Manor
adult HoMe
Mary E. Musso, Sr. Loan Originator
NMLS ID# 19976 - Company NMLS ID# 3232
A Home Equity Conversion Mortgage (HECM) is a federally
insured and regulated mortgage program for homeowners,
aged 62 and older, and is also known as a reverse mortgage.
It enables the withdrawal of equity in your home, or the
purchase of a primary residence that you will occupy;
with no monthly mortgage payment! HECM loans are a
safe alternative resource that can provide greater financial
security and independence during retirement. Many of our
senior clients are using this federally insured loan program
to supplement their social security income, payoff a current
mortgage, meet unexpected medical expenses, make home
improvements or establish a financial safety net with a line of
credit to meet any future financial needs.
In a conventional forward mortgage, you make payments
to the bank, eventually paying off the mortgage over time.
With a HECM loan, you can receive cash from your lender
in several different ways; as a lump sum of cash, monthly
installments or in the form of a line of credit that grows
over time and is accessible at your convenience. No matter
what happens to the economy, how much money you
received, or how long you live in your home, you will never
be required to make a monthly mortgage payment. As long
as you live in the home as your primary residence, you will
not be required to make a payment towards the loan. You
are required to maintain the home and keep the taxes and
insurance up to date.
With the HECM loan, you retain the same ownership
and title remains in your name. The lender does not have
the authority to take you off title. The lender places a
lien on the property, just as they would with a regular
forward mortgage.
The HECM loan will become due and payable when one
of the following events occurs; if the property is no longer
your primary residence, if all borrowers have passed away,
if all borrowers have sold or conveyed title to the property,
failure to maintain the home or if the borrower fails to pay
their property real estate taxes and homeowners insurance
charges. The amount to be paid back will consist of the
mortgage insurance premiums, accrued interest and the
outstanding principal amount.
Historically, most houses continue to appreciate over time,
a high percentage of houses will have enough equity to
pass down as an inheritance. Since the home will remain
in your name, you have the opportunity to bequeath the
property to whomever you choose. Depending on how
long the HECM loan is active, the amount of withdrawals,
the appreciation on your home, the equity in the home is
subject to increase or decrease. If there is equity remaining
in the property, it will go to your beneficiaries, as you wish.
If there is no remaining equity in the property, there will
be no liability to you, or your estate, because of the Federal
Housing Administrations insurance on the program.
For more information, or for a free personalized consultation, please contact me at: (518) 464-1100 x 630
40
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. lease say you found them in Seniors Living Choices!
Co M F ortS I n Cl ude :
• 67 comfortable, spacious, private rooms
• Private baths & on-site hair salon
• 24 hr. living support (bathing/dressing/incontinence, etc.)
• Medication assistance
• Three home-style meals and snacks provided daily
• Accommodations for low sugar & low sodium diets
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Weekly laundry services & daily housekeeping
Religious services & on-site chapel
Outings to local shopping areas & cultural events
Free transportation for medical appointments
Very competitive and reasonable rates
No entrance fee or security deposit required
Good SaMarItan VIllaGe • 141 rockefeller road, delmar, new York 12054
Call: 518.439.8899 – ext. 26 • email: [email protected] • Visit: goodsamvillage.org
Bethlehem Commons
Nursing & Rehab Center
Our licensed skilled nursing and rehab care center is a
comfortable and attractive home surrounded by 8-acres
of gardens, woods and wildlife. From the moment you
walk in, you’ll observe an atmosphere of compassionate
care to our 100 long-term care residents and 20 short
term rehab residents. Residents are cared for by a
comprehensive staff of physicians, registered nurses,
licensed practical nurses, certified nurse assistants, social
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