Reverse Mortgages
Many older Americans are finding that
owning a house free of mortgage debt is not enough preparation for retirement,
since the home equity cannot be used to pay for the cost of every day living.
For these house-rich, cash-poor individuals, the only options available seem to
be to ask their children for financial assistance or to sell their house and
move into a more affordable one. Both choices are unpleasant for many senior
citizens. However, one of the most common approaches devised to unlock their home equity without them having to give up their home is a Reverse
Mortgage.
Reverse Mortgage Facts:
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A Safe Government Program |
|
Tax Free Income |
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No Repayment unless you Move or Pass On |
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Retain All Ownership Rights |
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Use the Cash for ANYTHING You Want |
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You are OK with Social Security and Medicare Benefits |
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You Must be 62 Years of Age or Older |
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No Income or Credit Requirements |
There are unlimited uses for the
proceeds of a reverse mortgage, however, there are 3 common categories of usage.
Needs Based: Monthly Expenses, Property Taxes, Pay Medical Expenses, Food,
Utilities...
Wants Based: Travel, Entertainment, Enjoyment of the Golden Years...
Financial Planning: Long-Term Insurance, Annuities, Life Insurance,
Supplemental Health Insurance....
For additional information on
Reverse Mortgages, please visit our
Frequently Asked Questions Page.
For an online video presentation, please visit www.ReverseMortgageMovieNJ.com
If you are interested in learning more about a Reverse Mortgage, please call us today.
Valerie Messina,
Licensed Mortgage Banker