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Reverse Mortgages December 9, 2004


Ken Terrill, President, with a Primer on . .
Reverse Mortgages

Reverse Mortgage activity has picked up momentum

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 Mortgage work?

 

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 you're gone?

 

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

Reverse Mortgage

questions call:

 

Ken Terrill

President

American Mortgage Professionals, Inc.

743.8922, ext 118