Paying Off Your Current Mortgage With A Reverse Mortgage
Many seniors are finding they can use a reverse mortgage to pay off their existing mortgage
, You may have heard your friends and family talking reverse mortgages. There have also been a lot of television commercials offering information about reverse mortgages and reverse mortgage companies.Let me explain what is a Reverse Mortgage. For those seniors who are less fortunate, but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It is a loan against the equity in your home that provides you cash advances, but requires no mandatory monthly re-payments during the life of the loan. If the interest is unpaid, it is allowed to accrue against the value of your home. If you do choose to pay any portion of the interest, it may be deductible against income, as would any mortgage interest.
Reverse mortgage loan advances are not taxable, and generally dont affect your Social Security or Medicare benefits. You retain the title to your home, and you dont have to make monthly repayments. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.
You can get a reverse mortgage to eliminate your existing mortgage which is why many seniors are choosing it: to be free of monthly mortgage payments. The proceeds from a reverse mortgage can be used for anything, whether its to supplement retirement income to cover daily living expenses, repair or modify your home, pay for health care, pay-off existing debts, buy a new car or your dream vacation, cover property taxes, and prevent foreclosure.
What Happens To Your Existing Mortgage When You Get A Reverse Mortgage? It will pay off your existing mortgage. You will be free of having to pay your monthly mortgage for as long as you live in your home. Finally, settling with your homes current mortgage may be the best part of getting a reverse mortgage. You can still live in your own home and not have to worry about making the monthly mortgage payment which leaves you free to enjoy more of your monthly income.
Reverse mortgages have helped hundreds of thousands of homeowners improve their quality of life in retirement. A Reverse Mortgage can help you retire more comfortably. It can provide you with money when you need it most. No Monthly Mortgage Payments, Easy Qualification, Tax-Free Money and No cash needed for closing costs. Can it get any better? If youd like to find out how much money you qualify for and if youre eligible, give us a call at (800)630-0650.
Tim Jacobs
Golden Years Mortgage Solutions
Your MoneyWhen You Need It
www.GoldenYearsMortgageSolutions.com
(800)630-0650
tim@goldenyearsmortgagesolutions.com
Tim Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com (800)630-0650 tim@goldenyearsmortgagesolutions.com Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. Weve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.
by: Golden Years Mortgage Solutions