In the world of mortgage financing, people know about reverse mortgages. From those I speak with, what they think about them is generally not accurate or for sure negative in nature. This is a unique call to action that has diminishing value over time so word to the wise. . .
If you or someone you know is at or near retirement age, has a home with equity anywhere in the US and is planning on staying in that home, a reverse mortgage may be the perfect solution to the struggle of dealing with diminishing fixed income for the remainder of their life, or until they sell that home.
- Take a lump sum distribution which you can do anything you want with, including investments if you have that skill.
- Supplement monthly income to live the life you’ve earned with complete choice about the amount of monthly income from this contract
- You do not need to qualify for this type of financing
- Existing loans on the property will be replaced with this contract (technically this is not a loan)
- Jumbo loans (over $417,000) are beginning to re-appear
- No hassle of packing, moving, or renting from someone you don’t know just to free up some cash.
- Keep the property long enough to take advantage of future increase in value
- Terminate or accelerate this contact any time up to age 90
Might be a good time to consider this type of income supplementation before property values declines to much further, which they may over the first quarter of 2009.
I have resources if you need them & will happily share more details - Please comment!
Danno
