By Austin Ryder<\/p>\n
I am sure that at one time or another we have all seen a hearse traveling down the road.\u00a0 But, have you ever seen a hearse pulling a U-Haul trailer? Do you know the reason why not?\u00a0 Because you can\u2019t take it with you.\u00a0 That\u2019s why a reverse mortgage is a perfect solution to a senior home owner to supplement their retirement income<\/p>\n
The benefits of a reverse mortgage are:<\/p>\n
*Independence \u2013 You continue to own and live in your home<\/p>\n
* Liquidity \u2013 Receive monthly payments instead of making them<\/p>\n
*Simplicity \u2013 No income, credit report, and employment requirements needed to qualify<\/p>\n
*Choice – You may receive funds as a lump sum, in monthly installments, as a line of credit, or as an upfront sum plus monthly allotments<\/p>\n
*Security \u2013 Does not affect Social Security, Pension or Medicare benefits<\/p>\n
*Ownership \u2013 Your heirs can keep the property once the reverse mortgage is paid in full<\/p>\n
*Freedom \u2013 Please ask your reverse mortgage consultant about when any payment may be due<\/p>\n
Three Essential Facts<\/p>\n
Making educated decision begins with undoing common misconceptions that keep many senior homeowners from looking into the advantages of a reverse mortgage. \u00a0Contrary to what you may have heard \u2013 as long as all property tax, insurance and maintenance requirements are met:<\/p>\n
When you have to pay it back? As long as you\u2019re alive, your home is your primary residence the answer is NEVER! As long as all program requirements are met, if an individual borrower is hospitalized, or wants to spend six months in Florida, she cannot be forced to move.\u00a0 If one reverses mortgage co-borrower moves to a nursing home or passes away, the other(s) cannot be forced to move.<\/p>\n
Eligibility Requirements<\/p>\n
Reverse mortgage eligibility requirements are quite simple.\u00a0 There are no income employment or credit qualifying restrictions.<\/p>\n
*All homeowners must be age 62 or older and occupy the property as their principal residence.<\/p>\n
*The home must be owned free and clear or have a remaining mortgage balance that can be paid off by the reverse mortgager.<\/p>\n
*The property must be a single family or a one-to-four unit, ownership occupied dwelling.<\/p>\n
*Townhomes, detached homes, condominium units, planned unit developments (PUDs) and some manufactured homes are eligible.<\/p>\n
*The home must meet Department of Housing and Urban Development (HUD) minimum property standards. In some cases, home repairs can be made after a reverse mortgage closing.<\/p>\n
Will there still be an estate that left to your heirs?<\/p>\n
Any remaining home equity belongs to you or your heirs. None of your other assets will be affected by the reverse mortgage.\u00a0 Please ask your reverse mortgage consultant for more details about repayment. Your heirs will be able to choose whether to keep or sell the house.\u00a0 If they decide to keep it; they must pay the balance due on the reverse mortgage.\u00a0 Otherwise, they may sell the home and use the proceeds to pay off the remaining mortgage.\u00a0 They get to keep any excel proceeds from the sale of the house.<\/p>\n
You\u2019ve worked hard to own your home, \u201cIsn\u2019t it time you began to reap the benefits?\u201d If you are age 62 or older a reverse mortgage enables you to convert some of your home\u2019s equity into tax-free funds. Whether you choose to pay bills, cover taxes, or finally buy that vacation home, you have money to cover your personal financial needs. I\u2019m ready to help with a broad range of programs, options and personal service.<\/p>\n
Contact author at Austin.ryder@verison.net<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" By Austin Ryder I am sure that at one time or another we have all seen a hearse traveling down the road.\u00a0 But, have you ever seen a hearse pulling a U-Haul trailer? Do you know the reason why not?\u00a0 Because you can\u2019t take it with you.\u00a0 That\u2019s why a reverse mortgage is a perfect Read More…<\/a><\/p>\n","protected":false},"author":1,"featured_media":1507,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_links_to":"","_links_to_target":""},"categories":[3,56,1],"tags":[611,636,612,614,613,634,615,635,633],"_links":{"self":[{"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/posts\/1509"}],"collection":[{"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/comments?post=1509"}],"version-history":[{"count":2,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/posts\/1509\/revisions"}],"predecessor-version":[{"id":1511,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/posts\/1509\/revisions\/1511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/media\/1507"}],"wp:attachment":[{"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/media?parent=1509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/categories?post=1509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/test.nahtnow.com\/en\/wp-json\/wp\/v2\/tags?post=1509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}