Reverse Mortgage
Reverse mortgages
are a powerful tool to help eligible homeowners obtain tax-free cash flow. Thousands of people have already used them to enhance their retirement lifestyle. Even so, as with anything else where money is involved, it is wise to be prudent and informed about how to protect your own financial interests.What is a Reverse Mortgage?
Reverse mortgages enable eligible homeowners to access the money they have built up as equity in their homes. They are primarily designed to strengthen seniors’ personal and financial independence by providing funds without a monthly payment burden during their lifetime in the home. The major eligibility requirements are that the applicant must be at least 62 years of age and own and occupy a home whose mortgage has been paid in full (or with only a very low mortgage balance remaining).The Benefits of a Reverse Mortgage include:
Tax-free funds for as long as you live in your home
No loan repayment for as long as you live in your home
No income, medical or credit requirements
Retain ownership of your home for life; this is guaranteed as long as you maintain your home, and pay insurance and real estate taxes
Choose a cash flow plan tailored to your needs
No restrictions on how you may use the funds
A tax-advantaged way to pass on part of your estate today
Reverse Mortgage Myth Busters... Know The Facts.
There are a great many rumors and myths related to the Home Equity Conversion Mortgage, under it’s old name of Reverse Mortgage. Where there is smoke there is fire, right?
FACT: Earliest versions of Reverse Mortgages were funded with private money and there were some unscrupulous parties and problems involved.
FACT: That is why HUD stepped in and brought FannieMae, FreddieMac and GinnyMae as lenders to the program. This has corrected all of the problem areas with the earliest versions
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