For VFW members, ages 62 or better who own their home, a Reverse Mortgage can offer tremendous financial benefits. A Reverse Mortgage can help you get the money you need to make major purchases, update your home, pay for long-term care, cover medical expenses, or simply live more comfortably day-to-day. To learn more about these federally insured programs or to begin the application process, you can get started now.
We take our responsibilities to our members very seriously. That's why the VFW has chosen NewDay Reverse Mortgage, one of the nation's leading reverse mortgage lenders, to be the exclusive provider of Reverse Mortgages and VA home loans for our members. NewDay is an accredited member of the Better Business Bureau with an A+ rating and has an outstanding reputation in the mortgage industry.
What is a Reverse Mortgage?
A little over 20 years ago, the federal government and the AARP realized that Americans, in or nearing their retirement years, needed more financial options. Many had responsibly invested in their homes for decades, which left them with a valuable asset, their home, but often limited financial means. Out of this understanding, the federally insured Home Equity Conversion Mortgage (HECM), also known as the Reverse Mortgage, was born.
A Reverse Mortgage is a type of home loan that allows you to make the most of the equity in your home, but offers powerful advantages over traditional home equity loans. There are NO CREDIT QUALIFICATIONS and NO INCOME MINIMUMS to meet. Some other advantages:
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Your existing mortgage balance(s) is immediately paid off. That's one less payment for you!
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You own your home and keep full title to it!
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You make no monthly payments while you live in your home!
You choose how to best use your money, and you choose how you'd like to receive your Reverse Mortgage money:
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Choose a lump sum of money.
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Enjoy the flexibility a line of credit offers.
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Supplement your income with monthly cash payments.
You can even choose a combination of one of these payment methods!
Are you eligible?
While a Reverse Mortgage isn't right for everyone, you may be eligible if you:
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Are age 62 or older.
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Own and live in your home.
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Have a low or no mortgage balance.
