Another Day, A Lot More Dollars
Are you living in a house with a paid off (or almost paid off) mortgage and worrying about how to make your income last to the end of a month?
Are you concerned about repairs with no cash to do the work?
Are you choosing between medication costs and groceries?
Are you wishing for a vacation, cruise or maybe a newer automobile?
Consider a Reverse Mortgage on which there is no required monthly payment.
We have all dreamed of “burning the mortgage” but then What?
Are we saving our equity for heirs while struggling with day to day financial hardship?
Reverse Mortgage is a program designed by FHA (Federal Housing Authority) who has recognized the needs of an aging population in an appreciating real estate world.
The idea goes against so much of what our economic lives have been about but times are different than when we were younger and a high equity now means a secure source of “cash” to ease the rest of our lives.
Consider the alternatives of a lump sum of cash, regularly monthly income or combinations of each with the opportunity to change your pay out plan to assist your monthly cash flow.
Income credit history and health of the borrower(s) who must be at least 62 years of age is not considered. Property remains in the names of the borrowers and the house is yours until the departure of the second spouse at which time the loan must be repaid “within a reasonable time” by sale or refinance.
The loan will never exceed the agreed upon loan amount even if real estate values should fall below the amounts loaned and the borrowers will never have a deficiency balance to pay as in the case of conventional loans. The lender accepts any loss.
If you win the lottery, there is no prepayment penalty if you want to pay off the loan.
This article cannot tell you all the benefits that are part of a reverse mortgage. For more information, call Dee Klein, 888-450-ALTA