||July 20th, 2006|
Reverse Mortgages . . .
with Ken Terril
Ken Terril -
Your Reverse Mortgage Specialist
What Does Reverse Mortgage Mean?
For those of you who are new to Reverse Mortgages, we’ve been trying to provide you with the necessary information through this column to make a sound financial decision. We hope to show you how you can quite easily convert some of your home’s equity into tax-free* cash. To qualify, you have to be aged 62 or older. Unlike traditional loans, there is no repayment required until the home is no longer the principal residence.
If you are 62 or older and occupy your own residence, whether it’s a single family residence, a condominium, townhome, or even a two to four unit dwelling, we can show you how to convert part of your home’s equity into cash.
We don’t need income, emploment or credit requirments.** By applying an HUD formula we can determine just how much cash you can receive. That formula looks at the age of the youngest homeowner, the interest rate, the appraised value, and the location.
What is really great is you retain ownership of your home and continue to live in it . . . and you can use your cash advances for any purpose you see fit. That cash is considered loan proceeds, not income, so will not affect your Social Security or Medicare benefits. And, if you wish to keep the home in the family, your heirs may keep the home once the reverse mortage is repaid.
Your tax-free* cash can be taken in a lump sum, immediately available, as fixed monthly cash advances, or as a Line of Credit with cash available upon request.
Typically, out of pocket costs only run around $300. Closing costs can be factored into the loan. These may include an origination fee, title insurance, appraisal, a mortgage insurance premium and attorney fees.
The reverse mortgage is due and payable when the property is no longer considered the customer’s principal residence.
Sound Simple? It is!
Our Mortgage Professionals are happy to explain the program in simple, easy to understand terms that makes for an easy decision to help you attain financial comfort.
If you have
American Mortgage Professionals, Inc.
743.8922, ext 118