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Reverse Mortgages September 9, 2004


Laura Strickler
Wells Fargo Home Mortgage

 

You

You've worked hard to own your home.  Isn't it time you began to reap the benefits?  If you are age 62 or older a Reverse Mortgage enables you to convert some of your home's equity into tax-free* cash.  Whether you choose to pay bills, cover taxes, or finally buy that vacation home, you have money to cover your personal financial needs.

 

This loan allows seniors to make the most of their golden years.  The main features of the reverse mortgage are:

 

INDEPENDENCE: You continue to own and live in your home.

 

LIQUIDITY:  Receive monthly payments instead of making them.

 

SIMPLICITY: No income, credit, or employment requirements needed to qualify**.

 

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.

 

SECURITY: Does not affect Social Security of Medicare benefits.

 

OWNERSHIP: Your heirs can keep the property once the reverse mortgage is paid in full.

 

FREEDOM: No repayment of your loan as long as you live in your home.

 

I've been running this ad with The Paper for a while now using my own questions.  Now, I'd like to invite the readers of The Paper to send me questions to answer in this column.  Please e-mail me at:

laura.strickler@wellsfargo.com  - or call me at 760-518-9839.

 

*Consult a tax advisor 

 

**Home equity loans and lines of credit are available through our affiliate Wells Fargo Equity Direct, a division of Wells Fargo Bank, N.A.  Member FDIC and Equal Housing Lender.  Home equity lines of credit are not offered on property located in the state of Texas.

 

***Reverse Mortgage borrowers are required to obtain an eligibility certificate by receiving free counseling sessions with a HUD-approved agency.  Family members are also strongly encouraged to participate in these informative sessions.