Who can benefit from a Reverse Mortgage
How to identify a person that may benefit from a REVERSE MORTGAGE…
By Dan Pena
In today’s environment many senior citizens have to reach deep into their retirement accounts to pay for unexpected bills such as medical expenses, insurance or home repairs. We are also seeing many of our seniors having to take funds from their retirement accounts to pay for everyday living expenses as their monthly income isn’t enough to cover their monthly expenses. And what about those seniors who may not have retirement accounts to fall back on? My goal with this article is to provide helpful information on REVERSE MORTGAGES.
First I would like to share with you a summarized definition of a Reverse Mortgage.
“A reverse mortgage enables older homeowners (62+) to access and convert part of the equity in their primary home into tax-free cash* without having to sell their home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a borrower with enough equity can very often receive a monthly payment from the lender”
Who may benefit from a reverse mortgage?
A person that is dealing with unexpected hardships including medical expenses, needed home repairs, rising costs of insurance or family emergencies.
A person who has damaged credit or insufficient income to qualify for a conventional home equity loan or a convention loan to refinance their home.
A person who may want to help their family with such things as buying a home or helping with a grandchild’s college education.
A person that may be on a fixed income and is having trouble making ends meet month to month.
A person who has the necessary equity in their home but may have gotten behind on their house payments and now may be facing foreclosure.
The examples listed above are only a few of the many situations in which a REVERSE MORTGAGE could be a valuable and helpful resource.
IN MOST CASES A PERSONS INCOME OR CREDIT SCORE WILL NOT AFFECT THEIR ABILITY TO QUALIFY FOR A REVERSE MORTGAGE LOAN.
Please feel free to call me if you would like more information on Reverse Mortgages or to see if a REVERSE MORTGAGE could help someone you know.
Dan Pena is a Reverse Mortgage Loan specialist with Arbor Mortgage Group and can be reached at 541-977-7944
NMLS# 202226 OR License # ML-4421
*Consult a tax advisory if you have questions
Dan Pena OR License # NMLS-202226