Reverse Mortgages
Financial Worries NO MORE!!
Are you worried about bills, taxes and paying your mortgage? Well, we may have the ideal solution for YOU!
There are answers to your many questions, and a Reverse Mortgage may be just the right thing for you and your family. Please feel free to call us with any questions that you may have at: 877-RATE-100. You can bring your family members along to our consultation meeting too!
Check out the "Power to Choose" Less on YOUR gas bills!
Instead of stressing out, you could be relaxing and enjoying life again!!
To do a FAST evaluation,
just click on our money falling from Heaven
image to pull up our Reverse Mortgage Calculator.
 (or the link below)
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Some GREAT benefits regarding a reverse mortgage:
My mortgage will be paidAt YOUR choice and TAX FREE, you will receive either a fixed monthly check a line of credit a lump sum in a cash advanceor a combination of the plansEligibility Requirements:
Minimum 62 years of ageRemaining mortgage balance which can be paid off by a reverse mortgage, or no balanceSingle family home or 2-4 unit dwellingSome townhomes, PUD's, and condominiums are also eligibleHome must meet minimum HUD property standards (in some cases, home repairs can be made after the closing)How Much can be borrowed?
Calculations are based on a few factors:
Based on the age of the youngest homeownerThe appraised value of the homeThe current interest rateThe county in which the property is located(i.e. The more your home is worth, the older you are, and the lower the interest rate, the more you'll be able to borrow.)
Fact vs Myth:
Myth: A Reverse Mortgage is where the bank takes your house at the end.
FALSE!
With a reverse mortgage you and your spouse continue to own your home, and are the only names on the deed or title. Reverse mortgages are designed to tap only a portion of your equity, so that you may be able to pass on an inheritance, or have money left over from the sale of your home should you decide to move.
Myth: Reverse Mortgages are only for desperate seniors, or for the "house rich, cash poor."
FALSE!
This type of loan is used by homeowners from all walks of life to enhance their retirement years. The growing popularity of this product highlights its benefit to help homeowners deal with many different financial situations.
Myth: You must be debt-free to qualify for a reverse mortgage.
FALSE!
Even seniors with an existing mortgage and other debts may qualify for a reverse mortgage. The reverse mortgage can eliminate the need to continue to make monthly payments on that debt, freeing-up valuable cash on a monthly basis.
Myth: When a reverse mortgage comes due, the bank sells the home.
FALSE!
When the loan must be repaid, you or your heirs can either pay the balance due on the reverse mortgage and keep the home, or sell the home and use the proceeds to pay off the reverse mortgage. You or your heirs keep money left over from the sale of the home, above and beyond the reverse mortgage balance.