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$100 Donated in your Name to the Charity of your Choice ** |
Reverse Mortgages
To view a short video click
HERE
If you are over age 62 and have substantial equity in your home, you may be qualified for this government sponsored benefit program. You have worked hard to build equity in your home, and now it might make sense for you to tap into it. You might be able to:
* Stop making mortgage payments
* Consolidate your debt
* Increase your standard of living
* Take that dream vacation
Best of all, qualification is not based on income or credit!!
Reverse mortgages (also called home equity conversion loans) enable elderly homeowners to tap into their equity without selling their home. The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.
Most reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and maintain the property as your principal residence.
Reverse mortgages are ideal for homeowners who are retired or no longer working and need to supplement their income. Interest rates can be fixed or adjustable and the money is nontaxable and does not interfere with Social Security or Medicare benefits.
Your lender cannot take property away if you outlive your loan nor can you be forced to sell your home to pay off your loan even if the loan balance grows to exceed property value.
Since this is a government benefit program, it comes with built-in government protections.
Did you know that you can purchase a home with a Reverse Mortgage? Click here to find out how.
Links:
Reverse Mortgage Calculator - See how much you could qualify for
Federal Trade Commission - Reverse Mortgage Facts
AARP - Reverse Mortgage information
National Reverse Mortgage Loan Association - Industry website with lots of information
HUD - Top 10 things to know about a Reverse Mortgage
FannieMae - Reverse Mortgage information
Property Tax Deferment - Oregon State Program to defer property taxes based on age and income.
Effects of Reverse Mortgage on Property Tax Deferment - How a Reverse Mortgage needs to be set up if you are deferring property taxes through the state program.
Alternatives to Reverse Mortgages - AARP QuickLink site to explore Government programs that you might qualify for. 15 minute on-line survey.
National Care Planning Council - National Directory of Senior Resources
For information on how you we can help you meet your goals, complete the contact form below.
** $100 will be donated in your name to the charity of your choice for all loans that fund through Larry Morris with NW Lending Solutions.
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