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About Reverse Mortgages:
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About Reverse Mortgages:
Reverse mortgages are a
powerful tool to help eligible homeowner’s obtain tax-free cash
flow. Thousands of people have already used them to enhance their
retirement lifestyle. Even so—like with anything else where money is
involved — it is wise to be prudent and informed about how to
protect your own financial interests
What is a Reverse Mortgage?
Reverse mortgages
enable eligible homeowners to access the money they have built up as
equity in their homes. They are primarily designed to strengthen
seniors’ personal and financial independence by providing funds
without a monthly payment burden during their lifetime in the home.
The major eligibility requirements are that the applicant must be at
least 62 years of age and own and occupy a home whose mortgage has
been paid in full (or with only a very low mortgage balance
remaining).
The Benefits of a Reverse Mortgage
include:
·
Tax-free funds for as long as you live in your home
·
No loan repayment for as long as you live in your home
·
No income,
medical or credit requirements
·
Retain ownership of your home for life; this is
guaranteed as long as you maintain your
home, and pay insurance and real estate taxes
·
Choose a cash
flow plan tailored to your needs
·
No restrictions on how you may use the funds
·
A tax-advantaged way to pass on part of your estate
today
How to Play it Safe?
The following
five steps will help you ensure a successful reverse mortgage
experience:
Step
1. Learn the
basics of how Reverse Mortgages work
Step 2
Decide for yourself if a
Reverse Mortgage
is right for you
Step 3. Make your own choice about how to use
your Reverse Mortgage Funds
Step
4. Insist that all Reverse Mortgage funds be paid directly
to you
Step
5. Review the
various Reverse Mortgage Products with Laurie Larsen
1.
Learn
the basics of how reverse mortgages work
Because reverse mortgages offer unique
benefits, it is important for you to get a solid grasp of how they
work. Among other things, you need to understand the full array of
reverse mortgage products available to determine which one is best
suited to your financial priorities. Our mortgage company makes
available to you numerous reverse mortgage brochures and other
literature. You can obtain them free of charge at no obligation by
calling Laurie at (866) 586-3340. Please read them
carefully.
In addition, will assist you in
finding an authorized a reverse mortgage counselor located in your
area, with whom you can discuss reverse mortgages in detail (in
person or over the phone). Ask questions. If the answers aren’t
clear to you, ask more questions. It’s the counselor’s job to help
you understand. Laurie will provide with a list of counselor’s in
your area. If you do not feel that you and your counselor are
communicating well, give Laurie a call and she will refer you to
someone else.
2. Decide for yourself if a reverse
Mortgage is right for you
It’s your house, and
it should be your decision whether to apply for a reverse mortgage.
Sometimes advice from family members or others can be helpful — but
don’t let anyone else make up your mind for you.
Once you apply, Laurie
hopes that you’ll feel very happy about it. But you still have the
right to change your mind until 3 days after the loan is closed.
3. Make your own choice about how to use
your reverse mortgage funds
How to use the
money is entirely up to you. Among other possibilities, you could:
·
Supplement your retirement income;
·
Buy a new car;
·
Make home repairs;
·
Use it as a financial planning tool;
·
Travel more frequently;
·
Help pay for a grandchild’s education; or
·
Cover medical expenses.
Sometimes consumers
learn about reverse mortgages from a business that offers a
particular product or service (such as home remodeling or an
annuity). Although we requires that all liens be paid off and that
the home be in good structural repair at closing, a reverse mortgage
funded by us is never contingent upon your spending your money with
any particular service provider. You are free to use your reverse
mortgage funds in any way you wish. If anyone tries to tell you
otherwise, feel free to call me so that I may report it.
4. Insist that all reverse mortgage funds
be paid directly to you
The funds from your
reverse mortgage (after closing-related transaction costs) are yours
alone, as the owner(s) of your home. Even if you plan to use the
money to pay someone else later, the funds should always come to you
first. Don’t let anyone persuade you to “sign over” the funds.
In most cases, we
are obligated to make the check payable to you and to no other third
party. Or, if you prefer, you have the right to choose an electronic
transfer of the funds directly to your bank account. If you are
using your reverse mortgage funds to purchase a new home, the funds
will go to the seller at closing as authorized by you.
5.
Review Reverse Mortgage Products
with Laurie Larsen. Laurie will also give you a FREE quote for
all the Reverse Mortgage Products available in your area.
Email:
mail@laurielarsen.com
http://www.reverseyourequity.com
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