It’s YOUR equity, you deserve it!
If you are like most seniors you have spent years paying a mortgage and building equity in your home. A Reverse Mortgage is a safe, flexible, and simple answer to anyone wanting to remain in his or her home and supplement his or her social security, pension, and/or investment income. There are no limitations on how you choose to use the money.
WHAT IS A REVERSE MORTGAGE?
It is a federally insured home equity conversion loan instituted in 1989. Instead of making monthly payments you can choose to receive them.
Traditionally, you would be required to sell your home, refinance your mortgage or take out a home equity loan in order to access your equity.
However, a reverse mortgage allows you to remove equity (cash) from your home without the burden of monthly payments for as long s the home is your primary residence.
You can receive this cash in the following ways:
1. A lump sum
2. Monthly payments
3. A credit line which you withdrawal from
4. Or any combination of the above
WILL I STILL OWN MY HOME?
This loan is insured, regulated and guaranteed by the Federal Government. It is not taxable and does not affect social security or Medicare benefits. You always retain title to your home. If you decide to sell your house or move, the reverse mortgage would be paid off with the proceeds and the remaining equity would go to you or your heirs. You are guaranteed by the Federal Government to never owe more than the home is worth.
HOW DO I QUALIFY?
You (and the co-owner) have to be at least 62 years old and you need to own your home. It needs to be your primary residence. Your income and credit rating are not considered.
The home can be: single family, 2-4 units building, approved condominium, or a manufactured home (if you own the land).
HOW MUCH CAN I QUALIFY FOR?
The amount you can qualify for is dependent on your age, the amount of equity in your home, and interest rates.
For More Information or to receive a FREE DVD please call:
407-539-3476