You may qualify for a
Reverse Mortgage.

Improve your

retirement

With a

reverse mortgage

Facts about Reverse Mortgage

Understand the structure of a Reverse Mortgage. In a traditional "forward" mortgage the borrower is allowed to take possession of the property while paying the lender to own more equity. A reverse mortgage is the opposite, its where a bank or lending company pays money to purchase equity in a home. The lending or mortgage company purchases a percentage of equity in your home while allowing you to keep possession. They collect the loan with interest at a later time, such as when you sell, refinance, or the last surviving owner passes away.

Generally, their are no income requirements for a reverse mortgage. Once again this is the opposite of a traditional loan. Because you are not longer assuming the responsibility of the loan installment payments, however you remain in possession and the owner of the home. A reverse mortgage is designed for senior borrowers who are near retirement age. The sale or refinancing of the property will be the source of repayment and in a reverse mortgage is due when none of the co owners continue to use the home as a primary residence.

Understand the benefits of your payment options. Weather you choose to receive the total of your reverse mortgage in the form of installments, lump-sum payout, or a personal credit line. Each of the options have different benefits and you may even have an option has to divide your payment between a combination of these options.

Repayment of most reverse mortgages require no repayment while you are alive, living in the home, and maintain your level of ownership or co-ownership. Repayment of a Reverse mortgage is obligated when you (or any co-owner) no longer reside in the home. Conditions can be due to illness, death or sale of the home, refinance or separation of ownership.

Expenses of a reverse mortgage by the lender may include: closing costs, origination fees, growing interest percentage, various other mortgage fees.

As the borrower keeps title to their home they are still financial responsible for: all tax liability, insurance, and maintenance. Failure to fulfill these obligations may cause the mortgage to become due immediately. A violation that could result in immediate repayment include failure to keep the home adequately insured, failure to pay tax liability, failure to maintain basic utilities, or serious neglect to the home that might lead to its depreciation.

As the borrower is not making interest payments on the property they are not entitled to take take deduction on the payment. The borrower only becomes eligible when interest payments are made.

TO MAKE IT SIMPLE THE BEST WAY TO IMPROVE YOUR RETIREMENT IS TO
UTILIZE A REVERSE MORTGAGE. THE REASONS ARE SIMPLE AND ARE AS FOLLOWS.

  • Stop Paying Your Monthly Mortgage Payment
  • No Medical Requirements
  • No Income Requirements
  • No Credit Requirements to Qualify
  • Stop Worrying About Mortgage Payment and Increase your Cash Flow
  • Title Remains in Your Name as Long as You Live in the Home
  • The Lender Pays the Homeowner TAX Free Payments "REVERSE MORTGAGE"
California Real Estate

Improve Retirement (949) 732-0342

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