Reverse Mortgage Facts You Need To Know 

• You will have no monthly mortgage payments.

• You will never be required to sell or leave your home.

• You never forfeit title to your home. You retain all rights to determining who will inherit your home on your passing, your heirs will retain all remaining equity and you will not be leaving your loved ones with any extra burden as a result of your having a Reverse Mortgage.

• To qualify for a Reverse Mortgage, the home does not need to be free and clear. As a matter of fact, the Reverse Mortgage proceeds will be used to pay off existing mortgages, thereby eliminating the existing mortgage payments. Getting rid of the current mortgage is one of the most common reasons Seniors apply for a Reverse Mortgage.

• You do not need to be house rich and cash poor to take advantage of the Reverse Mortgage. Some of the highest net worth Seniors in the country are applying for Reverse Mortgages. Knowledgeable estate planners and wealth management professionals have found creative ways to use tax-free proceeds from a Reverse Mortgage in estate planning.

• The proceeds from a Reverse Mortgage are not taxed as income and have absolutely no affect on Social Security or Medicare benefits.
 
• As long as one of the homeowners continues to occupy the home as a primary residence, regardless of the status of the spouse, there is no time limit to how long the remaining homeowner may stay in the home.

• You have the right to sell your house at any time you chose. If you decide to sell, a payoff of your Reverse Mortgage will be provided and the Reverse Mortgage will be paid from the proceeds of the sale – 100% of the remaining profit from the sale is yours to keep.

• Much of the equity of the home remains untouched by the Reverse Mortgage because of low interest rates, appreciation in the home and the method used for assessing interest.

• Typically, there are no out-of-pocket expenses for obtaining a Reverse Mortgage. There are fees associated with a Reverse Mortgage such as loan origination, appraisal, title documents, and credit and flood certification fees. There is also a 2% FHA Mortgage Insurance attached to a Reverse Mortgage that does raise the cost of obtaining this type of mortgage. All fees are paid when the loan is repaid. However, once you get an understanding of what you're actually getting in return, you will quickly see the value of a Reverse Mortgage and cost will seldom be a factor in making the decision.

• You will not have to meet any income, credit, asset, employment, or liability qualifications.

Need more real facts? Call Eileen Kennedy at 720-272-8125 or email her, today!


Eileen Kennedy email:  Eileen@reversemortgagecolorado.com