Friday, July 21, 2017

Is a Reverse Mortgage Right for You?

Get the facts from a qualified reverse mortgage originator.

A reverse mortgage may be an effective tool allowing seniors additional cash to convert a portion of their home equity into loan proceeds which could supplement their retirement. It should be seriously considered by every homeowner and their financial advisor. This is much bigger than any celebrity endorser can tell you about on TV or a DVD. It's important to work with an experienced originator who can help you assess your unique situation to determine if a reverse mortgage is right for you.

How It Works

"My house has been my home for most of my life. I can't leave, but I can't afford to stay."
You live in a home that you've watched increase in value for years. You find it difficult keeping up with bills and healthcare expenses. You're faced with a dilemma: sell the house, your home, which really doesn't have a price tag - or continue to live in it and watch your financial burden increase. Now imagine this dilemma resolved.

Enter the reverse mortgage.

A reverse mortgage allows you to draw on the equity in your home without having to sell it. A "reversal" of a conventional mortgage where you would pay monthly principal and interest payments, a reverse mortgage is a loan that may allow you to receive monthly payments. The loan is repaid when you either sell your home, the last borrower passes away or no longer live there as their principle residence. As a borrower you must continue to pay property related fees, taxes and insurance, and must maintain the home in good condition. You can use the cash payments as you wish: to supplement your retirement income, make home improvements, pay bills, or vacation. It's all up to you.

Deciding whether or not to go forward with a reverse mortgage is a big decision. If you are still learning about reverse mortgages may we direct you to our Top 10 Reverse Mortgage Questions. Here you will learn the ins-and-out of what to expect from a reverse mortgage.

Who can benefit from knowing more about Reverse Mortgages?

*Any and all information on this website even if taken directly from HUD or FHA was not approved by the Department or Government Agency.

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