I ask this question to people all of the time and usually get the same response: “Well I do, its my house and I worked hard to pay the mortgage down..of course I do”.
Well there are a few more questions to consider:
If you want to access the equity where do you go?
Answer: Bank, Mortgage Broker
Who tells you how much you have to pay to get it (interest)?
Answer: Bank
Who tells you if you can or cannot have it (its getting harder to get it each day)?
Answer: Bank
So I again ask the question who owns your equity? The Bank
But..Who owns your cash? You do!
How can I get the cash and regain control of my assets?
In the past there were 2 ways:
Sell your home ..then rent
Get a Home Equity Line of Credit (HELOC) and make monthly payments
Now there is another way to get access to your cash:
Home Equity Conversion Mortgage (Reverse Mortgage) No monthly Payments!
Regain control of your assets instead of letting the bank decide what you can and cannot do with your hard-earned assets!
Reverse Mortgage Man
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