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Now that the nations two largest reverse mortgage originators have exited the revers mortgage business I am receiving more and more referrals asking about reverse mortgages.  These seniors are often well educated on how a reverse mortgage, also known as HECM, can improve their quality of life by providing cash, income, improved cash-flow all with no monthly mortgage payments.    I met with one senior last week that concluded through budgeting she would be able to join her husband in retirement three years earlier than originally planned by refinancing a traditional mortgage with a HUD insured reverse mortgage.

When budgeting for retirement senior home owners need to consider their lifestyles during retirement.  Here is a great video from Money Magazine on this topic:

 

For more information on reverse mortgages click here.

www.paulcantor.info

 

 

 

 

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Here is proof that life is improved for seniors who choose reverse mortgages:

Research refutes reverse-mortgage critics

Thinking about a reverse mortgage to improve your quality of life?  Click Here for more HECM information.

 

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Yes seniors may purchase a home and have no monthly mortgage payment.  This is possible with a reverse mortgage (also known as a Home Equity Conversation Mortgage (HECM))

Here is an example for a 69 year old buying a home.

 

Purchase Price = 200,000

Amount of FHA reverse mortgage  =  $132,600

Funds needed a closing = $68,000

Monthly Mortgage Payment =   $0.00

 

Assumes the seller will pay all closing costs on a fixed rate reverse mortgage.

For more information on a reverse mortgage call (804) 433-1510 or click here.

 

 

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A reverse mortgage (also referred to as a home equity conversion mortgage) is a government insured loan that enables homeowners 62 or older to turn the value of their home into tax-free income without the burden of a mortgage payment.the reverse mortgage.  Here are some facts about Reverse Mortgages:

FACT #1: Reverse mortgages are not only for those who are “house rich, cash poor.” Homeowners from all walks of life are taking advantage of this excellent financial planning tool to enhance their retirement years. Reverse mortgages are growing in popularity because of the benefits it offers to homeowners in wide ranges of financial circumstances.

FACT #2: A senior’s home doesn’t have to be debt-free in order for them to get a reverse mortgage!  Even seniors with an outstanding first mortgage or other debt on their home may qualify.  The proceeds of the reverse mortgage, though, must first be used to pay off such debts.

FACT #3: The bank does NOT own the home after the homeowner gets a reverse mortgage. They own their home and retain title throughout the life of the reverse mortgage. Once they permanently move out of their home, or pass it to their estate, the loan must be repaid.

FACT #4: When a reverse mortgage comes due, the bank does not sell the home. When the loan must be repaid, the homeowner or their heirs can either pay the balance due on the reverse mortgage and keep the home, or sell the home and use the proceeds to pay off

Click here for more information on a reverse mortgage (HECM).

www.PaulCantor.info

 

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Lately I have had numerous inquiries on reverse mortgages, a mortgage with government insurance to help seniors over the age of 62 to live in their current home ot purchase a new home without having a mortgage payment. Today a senior may get a fixed rates reverse mortgage (HECM) and the closing in Virginia for many of these loans are less than many think.   For more information on a reverse mortgage:

 

Reverse Mortgage Comparison

www.PaulCantor.info

 

 

 

 

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