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Advantages Of Reverse Mortgage Loans

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Reverse Mortgage Loans

Advantages

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Retirement should come with financial peace of mind. Since many people are living longer than expected, it’s important that you plan for this. This will allow you to live the retirement you always wanted.


  • Pay down existing debt

  • No monthly mortgage payment (you still pay taxes and homeowners insurance, and must maintain your home)

  • Improved quality of life

  • You are covered in case of an emergency

  • No personal liability



Ways You Can Access Your Home Equity

  • Lump sum of money at closing

  • Take what you need when you need it

  • Fixed monthly amount for life or a specific term selected by you

  • A combination of the above options



Tax Free

The tax-fee money you receive from your reverse mortgage loan is not treated as income so there are no taxes to pay. Use this money any way that suits your needs.

  • Pay for basic living expenses

  • Pay your property taxes and insurance, and maintain your home

  • Purchase long-term care insurance

  • Pay for medical expenses not covered by insurance

  • Help finance your grandchildren's education

  • Make improvements to your home



You Maintain Ownership Of Your Home

You keep all ownership rights, so any appreciation in your home belongs to you. Your responsibilities include occupying the home as your primary residence, paying taxes, insurance, and maintaining your property. In many cases, despite the interest being charged on the outstanding balance of a reverse mortgage, your equity in your property actually grows over time. This is possible because interest is only charged on the outstanding balance of the loan, whereas the rate of appreciation of property values operates on the full value of your home. You must comply with the loan terms, including paying your taxes, insurance, and maintaining your home or the lender may call your loan due. Just like any other secured mortgage loan, the lender will place a lien on your home. 

How Much Money Can You Get?

This depends on your age, value of your home, your current loan balance, and current interest rates. Call us at 602-353-7744 and we’ll let you know after we gather a little more information.

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