Home Owner: Independence Housing Group

IHG provides a 60 to 90-day bridge loan that finances all of the financing and construction costs of a new home or renovation work for our senior customers age 62 or older. IHG performs all of the research, paperwork, and coordination associated with the transaction, including:

• Title work – making sure that the senior customer has clean title to his or her property, and correcting any problems or liens that may exist
• Securing bridge funding to cover the costs of the construction or renovation work
• Referral to an FHA-approved reverse mortgage specialist for education and qualification
• Permitting
• All site work and construction or repairs
• Settlement coordination

Once the work is complete (a 60 to 90-day process), you or your loved one can live happily in their new or renovated home for the rest of their lives without any monthly mortgage or rent payments. The payout from the home equity conversion mortgage pays for all of the costs associated with the project, many times with money left over for a cash payout to the homeowner or to be there as a safety net if they need it down the road. Of course, the senior homeowner is still required to pay property taxes and the cost of homeowners insurance. Once the senior passes away, the heirs inherit a home with a much improved value that they can either sell or refinance and retain the property.

Success In Action

Learn more about Reverse Mortgage for Seniors