I am not ready for a reverse mortgage!!
We hear it all of the time – I am not ready for a reverse mortgage!
- If you are a homeowner, age 62 or older, perhaps you need to reconsider your position?
- A reverse mortgage provides “rainy day” comfort for many senior homeowners as a retirement component to maintain quality of life, lifestyle and support financial independence.
You may not need a reverse mortgage today, but what about tomorrow? Consider what it might be like if in the future, you are retired, living on a fixed income, and your monthly expenses increase due to any one or number of changes like taxes, insurance, medical, utilities, overall health, groceries, repairs or changes in your savings or benefits income.
We don’t want to confuse you, but can we ask a few more questions?
Will you need to begin depleting your savings or tap into your home equity?
Will you have the ability and willingness to meet a bank or lender credit standards in the future to borrower money – quickly?
Have you recently reviewed your retirement strategy?
With constant changes in the financial markets, economic impact and living costs and expenses continuing to rise, many of us fail to check on our retirement strategy as often as we should. Some of us have even put off the retirement strategy conversation and task in hopes that we will get to it “tomorrow”!
If you need to borrower against your home, one of the best ways to tap into this equity in a very safe, secure and flexible manner is by accessing the many features and benefits of a government-insured Home Equity Conversion Mortgage (HECM) also more commonly known as a reverse mortgage loan…
Today’s reverse mortgage is a powerful tool loaded with program features and benefits that allow for you to achieve “The Right Fit Mortgage” based upon your particular situation and needs.
Yes, a reverse mortgage is a mortgage, however, today’s reverse mortgage is designed to help homeowners aged 62 or older maintain their quality of life in retirement by allowing the conversion of home equity into tax-free cash, as reverse mortgage loan proceeds advances are generally not considered taxable income (this is not tax advice and consulting with a tax advisor is strongly encouraged).
A reverse mortgage is a non-recourse loan that releases home equity and converts it into accessible tax-free funds. There are no restrictions on the use of proceeds, the Borrower(s) remain solely on the title and no monthly mortgage payment is required for as long as at least one borrower resides and occupies the property as their primary residence. Your loan balance and accrued interest will become due upon a maturity or default event such as no longer living in the home as your principal residence, failing to pay your hazard insurance or property taxes, or failing to maintain your property.
For those homeowners who need to immediately draw upon the equity in their home to stabilize their retirement plan, a reverse mortgage even includes different forms of proceeds distribution.
The Moneyhouse “Right Fit” reverse mortgage is easy to understand and apply for, fully assisted by a knowledgeable and professional dedicated staff of bilingual specialists and ready to plug into your retirement plan fur use today, tomorrow or into the future.
Do any of these trends in the use of Reverse Mortgages relate to your needs?
- Paying off an existing mortgage and freeing up monthly cash flow
- Improving quality of life during retirement
- Increasing confidence in knowing you have a “rainy day” fund to tap into for the future
- Reducing financial risks of a medical crisis
- Funding for medical treatment and/or LTC insurance
- Funding a qualified life insurance product which may give the senior better control over their estate and assure the legacy they leave retains its value
- Reducing the taxable portion of your estate through gift giving
- Hedging against portfolio downturns
We really would like to talk to you!
Contact us today if you are a homeowner who does or doesn’t need a reverse mortgage today! There is no obligation. Get a free pre-qualifcation and we will gladly send you some information on reverse mortgages.
Even better, speak with one of our specialists today, to make sure you can confidently say “I don’t need a reverse mortgage”. We look forward to your call.
Not all programs, references, products, options and terms indicated are available in all states. Terms, features and benefits for specific loan programs and information provided are subject to change without notice. This information is not a loan commitment, loan approval, or offer to lend. Individual and property specific program qualification guidelines including borrower and property eligibility should be discussed with a professionally licensed Moneyhouse Mortgage Loan Originator. You are encouraged to seek professional services assistance for accounting, legal and real estate matters relating to your contemplated transaction. Some programs referenced may require specific 3rd party or designated housing counseling requirements. For refinance programs, program imitations may include cash-out options and loan-to-value – refer to specific program guidelines offered by your professionally licensed Moneyhouse Mortgage Loan Originator for more details. For purchase transactions, property value is determined as the lesser of the final purchase price or the adjusted appraised value – refer to specific program qualification and eligibility guidelines offered by your professionally licensed Moneyhouse Mortgage Loan Originator for more details. Programs and products noted may require the payment of upfront, annual and/or monthly private mortgage insurance premiums and/or mortgage insurance payments. Not all programs will provide proceeds sufficient to pay off outstanding debts and liens filed of record. Other restrictions may apply. These materials and information are not from or approved by HUD/FHA. The Money House, Inc., is an Equal Housing Lender.