A Reverse Mortgage is the opposite of a traditional mortgage. With a traditional mortgage or home equity loan, you borrow a large amount of money and make monthly payments. You must also have a sufficient debt‑to‑income ratio to qualify and make monthly mortgage payments.
A Reverse Mortgage pays you, and is available regardless of your current income or debt‑to‑income ratio. With a Reverse Mortgage you receive either regular monthly payments,
a lump-sum, or “on-demand” through a line of credit. Re‑payment is only required at the end
of the loan, typically, when you no longer occupy the home as your principal residence.
Benefits
For many older homeowners, a Reverse Mortgage is an effective way to convert home equity into flexible, tax‑free* income. The benefits are numerous:
• No credit or income qualification required
• No monthly payments
• Does not effect Social Security or Medicare
• Insured by the Federal Government
• Continue to live in your own home and retain legal title
• Increase your financial independence
• Receive tax‑free* income from the cash advances
• Obtain immediate cash advances in addition to monthly income
• Enjoy the flexibility of determining how you wish to receive your cash
disbursements: fixed monthly payments, a line of credit, a lump sum
cash advance, or a combination of the plans
• Adjust your payment option to meet your current circumstances
• Have peace of mind knowing that you and your heirs have no personal
liability for the repayment of the loan since it is secured solely by your home
• Relax . . . knowing that you owe nothing until after you no longer occupy the
home as your principal residence
Reverse Mortgage Man
(866) 800-0280
http://www.moneywise123.com/
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