If you have Reverse Mortgage Questions
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Give us a call at 1-800-254-3595 press extension 0
Or click above tab "all the dirt on reverse mortgages" to view our powerpoint right now, and you will recieve our guide in the mail: "All the Dirt on Reverse Mortgages". This custom booklet tells you every problem with reverse mortgages and what the lenders don't want to tell you. We like to make you aware of all the potential pitfalls of a reverse mortgage before you decide if it is right for you.
A reverse mortgage is an option for anyone age 62 and older that is looking to provide monthly cashflow, retire, or stop worrying about mortgage payments. We will help you look at all of your options to find the right solution.
Here are some of the basics about how a reverse mortgage works:
You keep title and ownership of your house. You aren't signing your home over to the government or the bank. Think of a reverse mortgage just like a regular mortgage, except you don't have to make any payments for the rest of your lives. You can make payments if you want to.
Most borrowers find their proceeds are completely tax free! If you are utilizing taxable retirement funds you may be sitting on tax free equity tied up in your home. Please contact your accountant to get expert tax advice.
You can stop making mortgage payments for the rest of your life. You can make mortgage payments with a reverse mortgage if you want to.
If you decide to move out and sell your home, the existing mortgage gets paid off and you get the proceeds. If you pass on, your heirs still get to decide what to do with the home and recieve all remaining equity after paying off the mortgage.
What's the catch?
You have to pay your homeowners insurance, property taxes, and keep up your home. You also have to keep the home as your primary residence, if you move out you have to tell the bank what you are going to do.
A reverse mortgage is still a mortgage, and by not making any payments your mortgage balance will increase.
A Reverse Mortgage is historically known as being expensive. The government insurance can be a costly factor for a FHA insured Reverse Mortgage. The government insurance is 2% of the value of your home or 2% of the limit $625,500 the lesser of the two. The new HECM Saver option has a substantially reduced cost for the necessary government insurance. The HECM saver is only .1% of the value; $10 for a $100,000 house. The government insurance is the same but the saver offers a higher interest rate and a lesser amount of proceeds.
It is very important to get into the right reverse mortgage for you. We can't stress this enough, even if you are in the process please request our guide "All the Dirt on Reverse Mortgages", as the right loan for the bank isn't always the right loan for you. Click on the top right link to : All the Dirt on Reverse Mortgages and put in your email, you won't be pressured into anything, a reverse mortgage isn't something to rush into. We will help you look at all of your options to make sure you aren't overlooking anything.
We use a cost advantage calculation to determine where to direct your savings so that it saves you the most money. We will help you shop around for the lowest quotes you can find for title insurance.
Due to a perfect storm of the low supply and high demand for reverse mortgages, we are now able to reduce our customers cost drastically.
Many people are helping their children out with their proceeds from a reverse mortgage, or buying their 2nd home and a very popular reason to get a reverse mortgage is what it was designed for: to make home improvements and to pay property taxes. This program was designed to keep seniors in their communities that they want to stay in.
Please request "All the Dirt on Reverse Mortgages" below and browse our site or email us at info@nwreverse.com if you want more information sent to you. We can send you enough information so that you understand everything about reverse mortgages.
Give us a call at 1-800-254-3595 press extension 0
Enter your information below to instantly view a free powerpoint to learn the major things the banks don't tell you. We'll show you the catch so that you can decide if this is the best decision. Please put in the comments section if you would like contacted or not.
