Contact us as soon as your plans change and we can help you navigate the close-out process. If you are selling your home arms-length to an unrelated party we will issue a payoff letter based on the home’s sale price. If you are refinancing with a new lender, we will review your lender’s appraisal or request one from a third party appraisal management company to establish your home’s value before issuing a payoff letter.
If your heirs want to keep the property, there is nothing that needs to be done from a Homium perspective, the lien will remain in place and will be paid off when the home sells or is refinanced as discussed previously. If they want to sell the property, they should contact us so that we can begin the process of determining the acceptable value and create a payoff demand.
Whatever you want. Use it for home improvements, college tuition, down payment for your kids to buy their first home. Literally, anything you want to use your equity funds for is ok with us.
IRS guidance is that interest paid on a Homium loan may be deductible at the time it is paid, but we recommend you consult your tax advisor.
Call us, we want to help you! If something happens that affects your property please call us as soon as is possible. We have found that communication goes a long way in keeping you in your home for the long term.
No, other than avoiding monthly payments it is very different. For example, most reverse mortgages include close-out fees, accrued interest and other costs that just aren’t applicable in a Homium loan. Homium does not charge interest or require monthly payments. We believe that a Homium loan is superior to a reverse mortgage in every aspect, but you should talk to your financial advisor if you are unsure.
Contact one of our lender partners! They have are trained on the Homium product and can answer your questions. You can find that list of lenders here.
If your home has lost value during the term of your loan, you repay only the principal you borrowed.
