Reverse Mortgages can solve a lot of problems for Seniors but many Seniors don’t understand them or they’re afraid of them. I’m Chris Reese, The California Mortgage Hero & Certified Mortgage Planner in Roseville, California and I’m here to help you understand what a reverse mortgage is, explain some of the many problems that a reverse mortgage can solve, and to eliminate your fears. Have you yourself or somebody you have known ever dealt with any of the following issues?
- Retirement accounts not enough to support retirement?
- Retirement funds have not performed as expected?
- Unable to live a comfortable lifestyle in retirement?
- Want to be a Super Grandparent but can’t afford to spoil your grand-kids?
- Can’t afford luxuries like eating out or traveling?
- Find yourself overheating in the summer and freezing in the winter because it just costs too much to use the thermostat?
- Working much longer than planned, possibly indefinitely because you just can’t afford to retire?
If you or anybody that you care about has had to face any of these or any other financial hardships don’t worry, I my very well be able to help you! A reverse mortgage is truly a life saver for many seniors. So many retirees are dealing with a lack of adequate retirement funds and those that are closing in on retirement age are coming to the reality that they won’t have enough to live on either. Because so many people are in this position, the Reverse Mortgage can solve all the financial issues listed above and many many more.
A Reverse Mortgage is simply a mortgage against your property but you don’t have to make any payments. This is what’s called negative amortization or deferred payments. The amount you can borrow with a Reverse Mortgage is based upon the age of the youngest borrower and the value of the property. You have to be 62 years old or greater. The mortgage can be funded several different ways. Borrowers can take a fixed rate loan or an adjustable rate loan.
Borrowers can also receive the cash from the loan in several ways. They can take out a lump sum at close, take a payment for life known as tenure, and or have access to an equity line that grows each year for the borrower to access. The thing that is really cool about seniors receiving cash from a reverse mortgage is that it is all 100% tax free! Here is a link to a recent video discussing some of the problems retirees face and how the reverse mortgage can solve them http://californiamortgagehero.com/reverse-mortgages-problems-solve-mortgage-tip/
There is a really cool example in the video that you can watch by clicking the link above but I’ll reiterate it here for you:
Two borrowers currently have a mortgage and the payments are $1,000/month. They do a reverse mortgage and they elect to receive a payment for life of $1,000 (this is the amount allotted based on age of the borrowers and value of the home). So they no longer make a payment of $1,000 plus they receive an add’l $1,000/month. That increases their cash flow by $2,000/month, or $24,000/year! What we call couldn’t do with an extra $2,000 a month right? Well for a senior citizen that can be life changing! What would you or your loved one’s do w/that kind of money? Would you qualify? Would it help you improve your life? Well stop wondering and pick up the phone and call me at 916-502-1656 or submit an inquiry online at http://www.sacramentohomeloanspecialist.com/forms/askAnExpert.html
Reverse Mortgages Can Solve Many Financial Problems for Seniors - Mortgage Tip
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