Reverse Mortgages

Reverse Mortgages: A reverse mortgage is a special type of loan which converts the equity in your home into cash. The money from a reverse mortgage can provide you with the financial security you need to fully enjoy your retirement years.

 

What are the qualifications?
• All homeowners on title must be 62 years or older
• Property must be the primary residence
• No income or credit verification is required

 

How much money can I receive?
• Depends upon the age of the youngest borrower and the value of the home.

 

How can I receive the money?
• Lump Sum
• Monthly payments
• Line of credit
• Any combination of the above methods

 

What can I use the money for?
• Pay off any existing liens against the property
• Home repairs
• Vacation
• Medical expenses
• Taxes
• Car repair or purchase
• Anything you want!

 

How safe are reverse mortgages?
• Reverse mortgages are written to strict government guidelines. You will retain the title to your home and you will never owe more than your house is worth.

 

Reverse Mortgage Facts:
• No repayment of any kind during the life of the loan
• Proceeds are tax free
• Benefits received form Social Security and Medicare are NOT affected
• No set loan term
• You (and your heirs) will never owe more than your home is worth
• Interest rates are adjustable and currently start very low
• No out-of-pocket closing costs

For more information on reverse mortgages contact:
Barry Wiggins by calling toll free: 1-866-898-1818