Reverse Mortgage activity has picked up momentum. More Seniors are
finding out there is a way to get more monthly income with no tax consequences. Seniors are learning that a Reverse Mortgage
can pay off their existing Mortgage. No
more Mortgage payments!! Investment
yields are at historic lows. Seniors find themselves earning less on their
investments while expenses go up. A
Reverse Mortgage might be the answer.
How does a Reverse
The Reverse Mortgage is a simple concept. A senior enters into a contract with a lender that resembles
a line of credit. The senior can draw funds for any purpose up to the maximum
available. An alternative is the
guaranteed monthly payment. The guaranteed payment works like an annuity. The monthly payment is guaranteed as long as
the senior lives even if that is far beyond their normal life expectancy.
What happens when
Upon the demise of the Senior
their heirs have choices. Refinance and keep the property. Sell the property to
pay off the mortgage. Either way any remaining equity belongs to the
Heirs. If the senior
owes more than the property is worth the lender will accept the property in
full satisfaction of the debt. No
liability to their estate.
If a disadvantage exists it is that Seniors
are spending their Kids inheritances.
It's your money, why not enjoy it.
If you have
American Mortgage Professionals,
Inc.760-743-8922 ext 118