|
Welcome to our REVERSE MORTGAGE CENTER
INTERESTED IN ELIMINATING YOUR MONTHLY MORTGAGE PAYMENT?
LOOKING FOR A WAY TO AFFORD A LONG TERM CARE INSURANCE PLAN?
TRYING TO IMPROVE THE QUALITY OF LIFE FOR YOU & YOUR SPOUSE?
THE BASICS OF A REVERSE MORTGAGE
Reverse mortgages have helped hundreds of thousands of seniors secure their retirement through additional guaranteed income. As with all loan products, it's important that you fully understand the process and the mortgage before you agree to it. Financial Freedom is here to help you do that.
A reverse mortgage is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income—without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower (s) permanently leaves the home.
Once you're ready to apply, we're here to help you through the process. Our reverse mortgage specialists are happy to answer any questions you have about your options or the process. Call us today to learn more!
* Consult Financial Advisor.
REVERSE MORTGAGE FAST FACTS
- The reverse mortgage loan is repaid at permanent moveout.
- In most cases, repayment never exceeds the current market value of the home upon loan maturity.
- Virtually no income or credit qualifications.
- Interest typically is paid at the time the loan is paid.
- When the loan is due, your heirs have choices- they can repay the loan and keep the home, or sell the house and repay the loan.
- Social Security benefits and Medicare are generally not affected by a reverse mortgage- consult with a financial advisor to ensure that a reverse mortgage will not affect medical or other public assistance benefits.
- Your name stays on title, not the lender; with a reverse mortgage, you will continue to own the home.
- Typically, interest rates are adjustable and can change periodically.
- Lender has no claim on borrower's income or assets other than the current market value of the home.
Loan orgination and closing costs may be financed in the loan, so there may be no out of pocket expense for the borrower. Costs vary from one program to another. That's why we offer a variety of programs to meet a variety of needs. Most reverse mortgages, however, have costs similar to traditional mortgages such as interest charges, orgination fees, closing costs, inspections and insurance.
REVERSE MORTGAGE POSSIBLE USES
- Provide a cushion against the unexpected
- Repay existing mortgage
- Fund home repair
- Help grandchildren and loved ones
- Get a college degree
- Reduce debt
- Pay for healthcare & prescription drugs
- Fund a life insurance or long term care insurance policy
- Travel
- Make automotive repairs or purchases
- Buy a boat or RV
- & Many More Options!
YOU HAVE OPTIONS
There are several different types of reverse mortgage products. These products offer you the flexibility to customize a reverse mortgage specific to your financial objectives. Your Loan Advisor will help you access your individual situation and recommend a prduct that best meets your needs.
GETTING STARTED IS EASY
We will be happy to meet with you at your convenience to discuss your needs. We find that the first meeting with a prospective client takes about an hour to gather facts and get to know one another. It will be a hour well spent.
|
