Over the last several years, Reverse Mortgages have become a more popular method of easing the financial burden facing today's growing senior population. This program turns your home into an annuity. This means that instead of the home owner paying the mortgage company each month, the mortgage company pays the home owner a monthly payment, or dividend. This monthly "income" can be used for any purpose, from paying monthly bills to helping with the rising cost of medication to just enjoying retirement by eliminating the financial worries.
The benefits of Reverse Mortgages include:
Borrowers always maintain full ownership to the home.
Gives you monthly income, lump sum or appreciating line of credit or combination.
It can be used to pay off a current mortgage so you no longer have payments.
Proceeds are Tax Free Income (this should be reviewed with your tax professional)
ALL costs are financed into the loan so you truly have no out of pocket expenses to acquire the loan.
No monthly payments ever! Repayment is only required when last borrower passes away or no longer occupies the home as a primary residence.
When the loan is repaid, all remaining equity goes to borrower or their heirs.
This is a non-recourse loan, which means you can never owe more than appraised value of the home.
As a Certified Reverse Mortgage Specialist who represents Financial Freedom,
the country's largest Reverse Mortgage lender, let me help you see if this is
the right solution for you. Call me at 800-977-1077.
