Discover if a Reverse Mortgage Loan is right for you!
Some financial advisors may encourage you to have a line of credit or L.O.C., for unexpected (or planned) purchases or shortfalls in cash flow. However, a HECM has a clear-cut advantage over the traditional credit line, which is the guaranteed growth feature (applies to unused funds). While the cost of setup for a HECM is higher, the advantages may outweigh any costs, depending on your situation. As long as you have unused funds in your credit line, those funds are guaranteed to grow, regardless of the underlying value of your home. If you take out a HECM at age 62 instead of 82, it’s possible that your credit line could grow to be greater than the value of your home, especially in areas of the country where values don’t increase substantially.
Three Basics About Reverse Mortgage Loans You Should Know:
RECEIVE TAX-FREE* MONEY FROM YOUR HOME EQUITY ELIMINATE YOUR MONTHLY MORTGAGE PAYMENT
A reverse mortgage can be used to turn equity in your home into cash that can be used for many different purposes that may enhance and extend your retirement. If you currently have a mortgage, a reverse mortgage could eliminate your current monthly payment (except taxes, insurance and maintenance) and also allow you to access any additional equity (over and above your mortgage balance) to create accessible cash which is not readily available while in the form of home equity. (*This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation.) A reverse mortgage loan is a mortgage that does not require a payment until you pass away or move out of your home. You are required to always pay taxes, insurance and maintenance on your home, but whether you take a line of credit, monthly checks, or a lump sum, you will not be required to make a payment and maintain the home during your lifetime as long as you live in your home.
ELIMINATE YOUR MONTHLY MORTGAGE PAYMENT
A reverse mortgage loan is a mortgage that does not require a payment until you pass away or move out of your home. You are required to always pay taxes insurance and maintenance on your home, but whether you take a line of credit, monthly checks, or a lump sum, you will not be required to make a payment and maintain the home during your lifetime as long as you live in your home.
NEVER OWE MORE THAN WHAT THE HOME IS WORTH**
When you permanently move out of your home, whether you sell it or pass away, neither your estate nor you heirs are responsible to pay the deficit if the balance owed or your reverse mortgage exceeds the home value. However, should your heirs want to keep your home, they may purchase it for 95% of the current appraised value (**There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes, insurance and maintenance. Credit subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.)
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Local Reverse Mortgage Seminars
Register for one of Joan Qvigstad’s Reverse Mortgage Seminars and learn if a reverse mortgage is right for you!
You can call her at 360-271-5946 or register online at : www.reversemortgagewithjoan.com