Thursday, May 28, 2015

Some basics about reverse mortgage financing

Benefits of a Reverse Mortgage—
It is not for everyone but can REALLY help certain folks!

If you’re 62 years old or older and in need of supplemental income, consider a reverse mortgage. This is a special home loan that allows you to convert equity in your home into cash. Make your home, your biggest and most valuable asset, work for you by obtaining financing to help you pay for basic expenses including:

  • ·         Paying off current mortgage
  • ·         Healthcare expenses
  • ·         Supplement retirement income
  • ·         Home repairs or renovations

With a reverse mortgage you are able to convert part of the equity in your home to cash without having to sell your home or pay additional bills. This program is perfect for seniors (62 years old+) who have little to no other assets and need extra income. You don’t make payments on the mortgage BUT you do need to pay taxes and insurance each year. The amount approved for the reverse mortgage must be enough to cover payment of outstanding liens or you may have to bring cash to the closing. 

  • The home qualifies not no credit check no debt to income ratio to meet.
  •  Only one spouse needs to be 62 years or older to qualify for the loan.
  •  Refinance your existing home or purchase a new home*.
  •  Instead of you sending a payment to the bank, that bank can pay you monthly, or you  can chose a lump sum paid to you at the beginning of the loan. 
  • Must be your main residence.

Many seniors choose to use the reverse mortgage to cover living expenses while others choose to use it as financing for other family needs. However you choose to use the funds from your reverse mortgage, we know you will be less stressed!

For more information about reverse mortgages, please contact our recommended Reverse Mortgage Expert;

Greg Sorenson at MegaStar Financial Corp. 

If your are thinking of buying a home using a reverse mortgage- I can get you started.