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 Mortgage work?
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.
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
What happens when you're gone?
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.
disadvantage exists, it is that Seniors are spending
their Kids inheritances. It's your
money, why not enjoy it?
If you have
743.8922, ext 118