hank you for taking the time to learn more about a Reverse Mortgage! If you plan to stay in your home (and most seniors do) … it is a wise decision to unlock its equity and free up cash for life’s expenses and pleasures. Remember, the funds you receive are the result of your hard work and efforts and you can use the money any way you choose.
We have worked with seniors who want or need …
· a new car – new roof – new air conditioner or furnace
· extra money for medications or medical care
· to travel to see grandchildren more often, go on a cruise
· buy a second home in the country or
· simply to live a more financially secure life!
Whatever your dreams are … we’ll help you make them come true!
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Now - let’s take a look at the most common misconceptions about a reverse mortgage …
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The Bank owns my house!
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This is not true … you remain on title just as you would with any other mortgage and you may choose to sell your home whenever you wish.
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When I go to a nursing home or pass away … my heirs will be responsible for paying off my Reverse Mortgage. (see Repayment page)
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False. The value of the home is what secures a Reverse Mortgage. This non-recourse loan means the bank cannot require repayment from a person or estate. After the loan is satisfied any remaining funds go to you or your estate (heirs).
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If I have a current mortgage … I cannot get a Reverse Mortgage.
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This statement is also false. Your current mortgage is paid off with the proceeds of a reverse mortgage resulting in no more monthly mortgage payments for as long as you remain in your home as your primary residence. The funds your currently send to a mortgage company remain in your checkbook for YOU to use. Remaining cash can be used according to the program you select.
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If I have poor credit or am in debt – do I qualify for a Reverse Mortgage?
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Yes you could qualify, as long as there is enough equity built up in your home. A Reverse Mortgage has no income or credit qualifications; however, you must be at least 62 years of age and occupy your home as your primary residence.
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There are no responsibilities with a Reverse Mortgage.
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False. With a Reverse mortgage you are still responsible for paying your taxes and insurance as well as normal upkeep of the property. You DO NOT make any monthly mortgage payment as long as you remain in the property even if you live to be 100!
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