subject: Reverse Mortgages Can Ease Your Worries [print this page] There is good news for everyone who wants to improve their cash flow by accessing some of the equity that has built up in their home. With real estate prices rebounding, those wishing to downsize and move into that cute, little condo across town can start thinking about listing their house and packing their belongings. But, those of us who are 60 plus and homeowners and wish to stay in their home may consider another option - a reverse mortgage.
Unlike traditional loans, a reverse mortgage doesn't require homeowners to service the interest or repay the principal (no payments!) for as long as they own and live in their home. And with interest rates on reverse mortgages now comparable to those of other home equity borrowing options, there has never been a better time for seniors to access their home equity.
A reverse mortgage allows seniors aged 61 and over to make their existing investments last longer by using their home equity to avoid the sale of their other investments. They can also choose a reverse mortgage to discharge existing debts and thereby increase monthly cash flow.
A Reverse Mortgage is a loan that allows seniors to boost their income by converting a portion of the equity they have built in their home into cash. This cash is not taxable and typically it doesnt interfere with eligibility for Social Security or Medicare benefits. The loan remains in effect until the last titleholder (owner) dies or permanently leaves or sells the home. The borrower cannot be forced to move or sell the property. The loan can be paid off at any time. One of the benefits of a Reverse Mortgage over traditional loans is reverses have no monthly payment requirement. A Reverse Mortgage can free a senior of monthly mortgage payments and ease some of the money worries day to day living causes. The FHA insures and guarantees most Reverse Mortgages today so they are subject to FHA lending limits. Proprietary products have been developed to help homeowners in excess of these lending limits.
When obtaining a Reverse Mortgage all existing mortgages or liens need to be
paid, usually with the reverse mortgage. If the current insurance or property taxes are due they must be paid using the Reverse Mortgage money. After the mortgages and past-due property taxes are paid, here are no restrictions on how the monies can be used. You can use it to pay off debts, often credit cards and other loans, remodeling projects or other home improvements, general living expenses, vacations, health care costs or long term care.assistence. It can also used for college tuition or paying your taxes.
The reverse mortgage money is in proportion to the age of the borrower, the value of the property, interest rates and FHA lending limits. Older means more money. The money could be received in lump sum or other modes such as a monthly payment or line of credit.
No more worries, Reverse mortgages have helped hundreds of thousands of homeowners like you; 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.
