It can be scary making a major decision concerning your biggest investment, the place that means the most to you. Deciding whether a reverse mortgage is right for you takes much thought and consideration. I hope that the material on my website helps you in this endeavor, and even better that I have the opportunity to get to know you and support your financial goals personally.
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I look forward to serving you!
A Reverse Mortgage is a financial tool that allows seniors an opportunity to turn home equity back into cash. It gives them the confidence to either treat it like a traditional mortgage while using it as a savings account on steroids or simply allowing the Reverse Mortgage to give them the freedom of an eliminated monthly mortgage obligation freeing up money to help make retirement sustainable and encouraging success.
Should the urgent need arise the Reverse Mortgage is likely the only saving grace and would likely be the best solution. But, simply selling or refinancing to a traditional mortgage would certainly help them get out of the Reverse Mortgage.
On average, how much money does someone get from a reverse mortgage?
This question is one that cant be answered so simply. This is a case by case situation but the principle limit would be in the ball part of 39% - 70% of the value of the home. Taking into consideration their debts the actual money received will vary and needs to be looked at by a Reverse Mortgage professional.
Who can qualify for a reverse mortgage?
If you are married, one of you must be 62 years or older (some states require both to be 62 regardless if they are married or not). If you are unmarried and living together you must both be at least 62 years old or older.
How much equity do I need to get a reverse mortgage?
Somewhere between 39% and 70%
Can I pay off my reverse mortgage early? If so, how do I do that?
Single-family, Quadplex, Townhomes, and FHA approved condos.
What happens to my reverse mortgage when I die?
The home would go to the spouse, the children or the estate. The home would then be refinanced or sold to pay off debt and liquidate the asset.