Would you like to travel more? Are you living life to the fullest during retirement? If not, what's holding you back? If it's your finances, you might want to learn about how you can use a reverse mortgage to tap into a portion of the equity in your home without creating a mortgage payment. You can use that money for anything…even traveling the world. In this episode, you'll see how a reverse mortgage works and how easy it is to qualify. Being house rich but cash poor is no way to spend your ...

Need cash for a large home project? There might be a better option than a HELOC (home equity line of credit). If you are 62 or older a Reverse Mortgage could be your best solution for tapping into your homes equity for a couple of reasons. Listen to learn more! www.reversemortgagegroup.org Call us with any questions. 805-738-8326

Many more financial planners are seeing the benefits of incorporating a “buffer asset” into a retirement strategy. This buffer asset is simply another bucket of money to draw from throughout retirement. Taking draws periodically and strategically from this secondary asset can help add longevity and security to a senior’s retirement plan. In this episode, we talk about using a reverse mortgage to create this buffer asset. A reverse mortgage allows you to access and leve...

Can you use the equity in your home to pay off debt? Yes you can! If you are 62 years old or older the best option by far is a reverse mortgage. A reverse mortgage is a way to access a portion of the equity in your home without creating a mortgage payment. The qualifications of a reverse mortgage are easy. All you need is: Be at least 62 or olderLive in your homeHave equity in your home

Can I use the equity in my house to pay for in-home care? Yes you can! A reverse mortgage us a way to access a portion if the equity in your home without creating a mortgage payment. The qualifications of a reverse mortgage are easy. All you need is: Be at least 62 years old or olderLive in your homeHave equity in your home

With a Reverse Mortgage, there is no penalty for canceling the loan. After the borrower signs their final loan documents, they have up to three days to cancel the transaction. This so-called ‘Right of Rescission’, allows the borrower(s) to back out of the loan for any reason whatsoever without penalty. This also means that the loan will not fund until the three-day right of recession period is over. With the extent of education and communication we provide, this is extremely rare, but the saf...

Are reverse mortgages safe? Yes, they are. We are covering 9 of the most important safeguards that have been put in place by the government to protect seniors who get a reverse mortgage. So far we've covered Independent Counseling and Limitation on Fees. Another safeguard that Reverse Mortgage’s have is something called Advance Disclosure. Under the FHA HECM (reverse mortgage) program, the Total Annual Loan Cost, or TALC disclosure, is required by the Federal Reserve Board. This document disp...

There is no prepayment penalty with a reverse mortgage. Reverse mortgage loans are not typically due and payable until the senior permanently moves out of the home. It can, however, be paid off at any point with no additional costs or fees. A borrower can also refinance a reverse mortgage, into another reverse mortgage, or any other type of mortgage loan

Are Reverse Mortgages safe? Simple answer is Yes. There are many safeguards put in place by HUD that protect seniors who utilize a reverse mortgage. One of these safeguards is Independent Counseling. Before a reverse mortgage application can be processed, the prospective borrower(s) must first meet with an independent third-party counselor. The HUD approved counselors have no affiliation with the lenders. Their job is to review the transaction, answer questions, and make sure the borrower und...

This is one of the most important SAFEGUARDS of a Reverse Mortgage. It’s also one that is commonly included in myths and misinformation about reverse mortgages. We often hear that a homeowner’s greatest fear or hurdle to considering a reverse mortgage is that the bank will own their home. Stated simply and emphatically, the bank DOES NOT OWN YOUR HOME. With a reverse mortgage, the borrower retains title and ownership of the home, and can be passed on to heirs, just like a forward mortgage. In...