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, Homium will allow the loan to be assumed by the heir(s) taking over residency of the property. The lien will remain in place and the loan will continue subject to pay-off when the home sells or is refinanced, or when the 30-year maturity date is reached, as discussed previously. If they want instead to sell the property, they should contact us so that we can begin the process of determining the property’s current 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 suggests that the shared appreciation payment may be considered contingent deferred interest, which may be deductible at the time it is paid, but we recommend that 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 trained on the Homium product and can answer your questions.
If your home has lost value during the term of your loan, you repay only the principal you borrowed.
Homium loans carry a 30-year term and become due at maturity. If your loan term is close to expiring and you wish to retain or renew your loan, contact us to explore potential options to extend or refinance the loan.
