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Turning Home Value Into Cash!
Earn Growth On A Line Of Credit......That's Ready Money For You!
Receive Hundreds of Dollars Per Month TAX FREE!
Stop Paying Your Mortgage
Start A Government Insured Reverse Mortgage
Reverse mortgage may be an effective source of income for today's seniors.
With mounting health care bills and reduced retirement incomes, seniors are facing greater financial strain than ever before.
With a reverse mortgage, you can remain in your home, meet your financial obligations and create a revenue stream that can actually improve your quality of life.
Reverse Mortgages are growing in popularity....and have many benefits.
As more seniors cross the retirement threshold, these mortgages provide tax-free income, are government insured and have numerous benefits for today's retiree:
*Supplement retirement income
*Make home improvements
*Pay medical/prescription bills
*Finance costly in-home care
*Take care of existing tax planning
*Travel...or anything you like!
**Money is EXEMPT from taxation, as funds from a Reverse Mortgage are considered loan proceeds rather than income. See your tax adviser for details.
How does it work?
A reverse mortgage is a loan, based on the equity of your home, that you needn't repay until you move, sell or die. If you pass away, your loan is paid from your estate, which can never owe more than the home's value. Instead of making payments on your house, you get money from your home without having to sell it....and you can remain in your home as long as you live.
Simple put, a Reverse Mortgage pays you by using the equity in your home - instead of making loan payments; the payments are made to you.
What are the eligibility requirements?
To be eligible for a Reverse Mortgage, you must be at least 62 years old and have some equity built up in your home. You may even be eligible if you still owe money on your first mortgage, but must maintain the property as your primary residence.
Generally, the older you are and the greater you equity, the larger your benefit will likely be. Best of all, there are:
*No income requirements
*No credit requirements
What types of payment options are available?
You can receive the funds in a variety of ways:
*Lump Sum
*Monthly payments
*Line of credit
*All three-you can combine these options to suit you.
Example:
If a couple in their 70's has a home that appraises at $290,000, they can qualify for $185,000, or they may receive a monthly payment of $1,195.00 or the rest of their lives. They can pay off an existing 30-year mortgage and still be approved for a Reverse Mortgage. And, their loan will only be repaid when the last living borrower dies, sells the home or permanently moves away.
The costs and fees on a Reverse Mortgage are higher than a traditional mortgage, but can be financed as part of the mortgage to eliminate the need for upfront costs.
Recently, the government agency that insures Reverse Mortgages, the U.S. Department of Housing and Urban Development (HUD), significantly reduces its fees. As the population continues to age and the need for Reverse Mortgages increases , progressive programs will continue to emerge with greater cost-effective options built in.
Overall, a Reverse Mortgage provides flexibility and safeguards for seniors who are looking to realize the quality of life they've worked so hard to achieve. It's important to note that Reverse Mortgages are more complex than traditional mortgages and mandatory neutral third party client counseling is required as part of obtaining a Reverse Mortgage.
Chris Bruessel, Your Canyon Country Specialist! Search this site for Canyon Country CA real estate, Canyon Country CA homes for sale, Canyon Country CA new homes, and Canyon Country properties. Serving the Santa Clarita Valley and surrounding areas. Contact your Canyon Country Real Estate Agent Today!
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