Advantages of a Reverse Mortgage vs a Traditional Loan - Asheville Division

Advantages of a Reverse Mortgage vs a Traditional Loan - Asheville Division. How Much Money Saved? (15 yr vs 30 yr Mortgage Comparison)

Advantages of a Reverse Mortgage vs a Traditional Loan - Asheville Division video duration 3 Minute(s) 12 Second(s), published by Alpha Mortgage Corporation: Reverse Division on 07 05 2019 - 20:55:27.

Transcription: Mark: Hello to you and thanks for being with us today for Spotlight Carolin
I'm Mark
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Transcription:

Mark: Hello to you and thanks for being with us today for Spotlight Carolin. I'm Mark. If you're over the age of 62 and you're looking to tap into the equity of your home in order to maintain your financial independence, perhaps a reverse mortgage is the solution you're looking for. Joining us today, one of our favorite mortgage experts from Alpha Mortgage Corporation, Jamie Fleming is back with us. Thanks so much for being here again.

Jamie: Thank you.

Mark: The last time you were here we talked about the many ways that seniors can use a reverse mortgage - use the funds from a reverse mortgage - and one of those things I want to say was (pardon me if I get it wrong) it was called an HP loan. What's it called?

Jamie: An H4P.

Mark: An H4P loan, tell me what that is.

Jamie: Well a reverse mortgage is technically called a Home Equity Conversion Mortgage, and an H4P is simply a Home Equity Conversion Mortgage for purchase, or H4P for short.

Mark: H-4-P I get it. I see where they came up with that. So why would someone go this route for a mortgage versus maybe a traditional mortgage?

Jamie: A reverse mortgage can help overcome some of the challenges that senior homebuyers may face. Often they're no longer employed and simply do not have the income they used to have. A Home Equity Conversion Mortgage can help overcome those types of challenges. And with a reverse mortgage they are not necessarily limited by their income or their net worth.

Mark: And obviously those are some things that this loan helps move through this roadblocks. What are some of the advantages of taking advantage of this program?

Jamie: One of the biggest advantages of a reverse mortgage is that they do not have a regular mortgage payment to make. And who wouldn't like that in retirement? In addition, a lot of people will use the proceeds from the sale of a current home or they will tap into a very large portion of their assets to use for down payment. With a reverse mortgage they're only required to put somewhere between 40-60% for down payment, finance the remaining balance, and not use up all of their available assets. It's a great way to increase their purchasing power and afford the home that they really want instead of settling for something that doesn't quite meet their needs.

Mark: Lots of great information. And you know frankly I think there was a perception for a while that maybe reverse mortgages were for people who didn't have a lot of money. But that's not true at all.

Jamie: Not at all. And we hear that quite often. And obviously a reverse mortgage can be a great option for those who are struggling financially, but it's also a great option for the middle income earner as well as those clients who are considered affluent. They can tap into, again, instead of using up all of their available assets that they put into their home, they can use that for other things in retirement and help stretch their retirement assets a lot longer. Maybe even a lifetime.

Mark: People are certainly living longer and it's important to be able to have the money to kind of power you through retirement. What are the borrowers obligations?

Jamie: As with all reverse mortgages, at least one of the homebuyers has to be 62. They are still required to maintain their property taxes, their homeowners insurance, and just the regular maintenance of the home.

Mark: You can learn more about reverse mortgages; see if it's right for you to maintain your financial independence. Talk to the professionals at Alpha Mortgage Corporation. You can go to reversemortgagevalue.com, that's reversemortgagevalue.com or call 581-4108. Jamie, always a pleasure to have you here. Always great information.

Jamie: Thank you.

Mark: Thank you so much for being with us here today on Spotlight Carolina.

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The Reverse Mortgage Advisors at Alpha Mortgage are some of the most knowledgeable and highly trained professionals in the marketplace. Contact us today to learn more about our HECM reverse mortgage program and to see if a reverse mortgage may be right for your situation.

Toll Free: (800) 596-3788

Online at http://reversemortgagevalue.com