THINGS YOU MAY HAVE WONDERED ABOUT REVERSE MORTGAGES
Reverse Mortgages can be a very beneficial tool for seniors, however they tend to be difficult to understand, not only for the homeowner but also their heirs. If you’re considering a Reverse Mortgage, it’s crucial that you work with a Loan Consultant that has a thorough understanding of the product, can clearly explain options and recognizes your personal needs.
Is a Reverse Mortgage right for you?
- Reverse Mortgages are simply based on the youngest borrower‘s date of birth and the available equity you have in your home.
- There is a common misconception that the bank can take your home with a Reverse Mortgage, which is not true. You retain legal ownership of the home, however do understand that failure to pay taxes and insurance, keep the home maintained as well as live in it as your primary residence, could result in foreclosure.
- Yes, you may use up all your equity but you can still stay in your home. In the end, the lender may short sell the house but it won’t cost you or your heirs.
- Baby boomers should conserve cash assets and it’s important to have access to your money without having to liquidate investments such as stocks and IRA’s. Having a Reverse Mortgage can provide an option for senior homeowners to easily access cash.
Why Heritage Financial?
Though we are a small firm, we have many large lending sources. We have access to the same rates and programs you see advertised on television and read in solicitations received by mail and email. The difference between us and them? Plain and simple: Service. We have an education first approach to lending. We want you in the driver’s seat so you understand your financing. Have concerned heirs? We’re happy to include them on the consultation and encourage questions.
Call today to set up a no cost, no pressure Reverse Mortgage consultation.
This material is not from HUD or FHA and has not been approved by HUD or a government agency.