Is a Reverse Mortgage for You?
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REVERSE MORTGAGES: MYTHS AND FACTS:LEARN HOW THE NEW 2013/2014 REGULATIONS CAN MAKE A REVERSE MORTGAGE AN OUTSTANDING OPTION FOR YOU!
The mere mention of a Reverse Mortgage stirs up misconceptions and myths in the minds of many people – fears that the bank will own their home, that there is no way out of a Reverse Mortgage or that the family will be “robbed” of their inheritance, to name just a few.
Since the inception over 25 years ago, the Federal Housing Administration (FHA) has addressed consumer concerns and today there are protections for borrowers built into the Reverse Mortgage product. It is a safe means of accomplishing financial goals for qualified and eligible homeowners who would like to convert a portion of their home equity into tax-free money and achieve retirement security.HOW DOES IT WORK? MANY SENIORS HAVE QUESTIONS:
Q: Will l still own my home?
YES, you are not relinquishing title or ownership. You are borrowing against the value of your home. The bank does not own your home. A Reverse Mortgage is just like a conventional loan whereby you continue to own your own property.
Q: Do I lose the equity in my home?
NO, you are only using a portion of the equity to secure the loan. If your home is valued at $300,000 and you have a Reverse Mortgage for $150,000 you still have 50% equity that remains in your home.
Q: Is there a prepayment penalty?
NO, you may repay the Reverse Mortgage at any time.
Q: If I pass away, can my spouse stay in the home without a mortgage payment until he/she passes away or moves out of the home?
YES, your spouse will never be forced to leave his/her home as long as the property taxes and home owners insurance are paid, and the home is maintained.
Q: If I am 62 or older, and my spouse is under 62, are we disqualified due to her age?
NO, only one borrower must be 62 or over.
Q: If my wife and I both pass away, can our heirs sell the house, pay off the existing Reverse Mortgage balance and retain the equity left in the home?
YES, your heirs will have access to the remaining equity after paying off the balance of the Reverse Mortgage.
Contact Rob Miller for additional information and a proposal created just for you. (610-853-6500) Rob Miller is the owner and Reverse Mortgage Specialist of Glendale Mortgage in Havertown, PA and has been named a 2015 FIVE STAR MORTGAGE PROFESSIONAL by Philadelphia Magazine. As a Reverse Mortgage professional, he handles the entire loan process by offering a no-commitment client consultation, assistance with application completion, help scheduling an appraisal to assess the value of your property, and closing services. By having oversight and control of Reverse Mortgages in-house, Rob can assure a smooth and worry-free Reverse Mortgage process for you, the client. NMLS #142151 – Company NMLS# 127720