Lets Talk- What Children Should Know About Reverse Mortgages
A Reverse Mortgage is A LOAN. The Difference is How and When you pay it Back.
Parents Retain Title Deed to their Home not the Lender.
Parents Stay in their Homes not a Retirement Home for the rest of their lives. Property must be occupied by Owner.Optional Mortgage Payments: they pay whenever they can or pay it back in a Lump Sum when they leave their Home.
Banks cannot foreclose on the home as long as you Occupy and Upkeep the home, Maintain Taxes, Insurance and follow Loan requirements.Banks do not take the home upon the death. (Heirs can sell and take the remaining equity, or Refinance to pay off the mortgage and keep the home.)
Again: They Must Maintain Taxes, Insurance, property maintenance and follow loan requirements.
Cash obtained is Tax free and can be used for any purpose. Including Future Home Health care, Bills, home repairs or help grand kids with college. Help kids with their inheritance before you pass with some of the cash. Please talk to your accountant about any tax questions.
New financial Counselling is required to protect home-owners understand facts about Reverse mortgages.Inheritance upon death; heirs have a choice to refinance or sell to pay off the mortgage and retain any remaining equity.A new kind of mortgage For retirees or pre-retirees (soon-to-be retirees),: The Best is Yet to Come is an anthem to live by. EquityAdvantage is for homeowners 60+ looking to reduce their monthly loan payment and pick up some extra cash making the best retirement dream even better. When your clients refinance into an EquityAdvantage mortgage, they can:
- Lower their monthly mortgage payment for 10 years
- Eliminate required monthly mortgage payment from year 11 on*
- Plus, potentially receive a lump sum cash out on day 1, ONE.
EquityAdvantage is not a reverse mortgage. It’s a new kind of mortgage and we have everything you need to help Pre- retirees Age 60+!