What you need to know, before getting a reverse mortgage!

What you need to know, before getting a reverse mortgage!. How to Get Loan after Retirement - Reverse Mortgage Loan CNN News18 EP 73

What you need to know, before getting a reverse mortgage! video duration 7 Minute(s) 7 Second(s), published by Hocoa San Diego on 15 10 2018 - 19:53:23.

Reverse Mortgages Julie Hiltsley (619) 997-5083 or email julie.hiltsley@fairwaymc.com Retire in a Home that's Right for You A reverse mortgage is a way to turn Reverse mortgages should be considered in most retirement plans
Why they are not is due to people like Dave Ramsey saying they're scams
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Bird's eye view of Reverse mortgage scheme where senior citizens need not worry for money if they own any immovable asset
This scheme provides for What is a Reverse Mortgage?. Reverse Mortgage Loan - How to Get Loan after Retirement? How to Create Retirement Corpus? To Learn Money Everyday, Subscribe to our YouTube Channel .

Reverse Mortgages
Julie Hiltsley (619) 997-5083 or email julie.hiltsley@fairwaymc.com
Retire in a Home that’s Right for You
A reverse mortgage is a way to turn the equity in your home into cash which is usually tax free* without having to make monthly mortgage payments. Instead of monthly payments, the loan is taken against a senior’s home equity and repaid in one lump sum when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes, insurance and maintenance (and HOA fees, if applicable). These loans can potentially help seniors gain financial independence from increasing living expenses.

Reverse Mortgage Eligibility
One borrower must be 62 years or better
Own your home and have equity
Home is required to be your primary residence (live in your home 6+ months per year)
Property must be a single-family home, 2- to 4-unit dwelling or FHA-approved condo
For a home purchase, you must have an adequate down payment for your new home based on your age*
*Not available in all areas. Please contact your Fairway reverse mortgage planner for more details.
No credit score requirements, some income and credit qualifications apply to ensure you have the ability to pay taxes and insurance

Potential Advantages of a Reverse Mortgage
Receive money from your home equity which is usually tax free.*
A reverse mortgage makes payments to you from your accumulated home equity, which may enhance and extend your retirement goals. You can receive your money in a lump sum, line of credit, monthly payment or a combination of all three. However, if you choose a line of credit, you may have the option of paying down the line if you want to have less cash and increase your equity.
* This information does not constitute tax advice or financial planning advice. Please consult a tax advisor for tax advice and a financial planner regarding enhancements to retirement plans.
Eliminate your monthly mortgage payment.
With a reverse mortgage, you will not be required to make a monthly payment during your lifetime as long as you live in your home, pay taxes and insurance, and maintain the home (and pay HOA fees, if applicable).
Never owe more than what the home is worth.*
When you permanently move out of your home, whether you sell it or pass away, neither your estate nor your heirs are responsible to pay the deficit if the balance owed on your reverse mortgage exceeds the home value. If your heirs want to keep your home, they can purchase it for 95% of the current appraised value.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes, insurance and maintenance (and HOA fees, if applicable). Credit is subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Bridge the Medicare gap from age 62 to 65.
Many seniors delay retirement until they are 65, because they cannot afford to pay for their health insurance before Medicare kicks in. By utilizing proceeds from a reverse mortgage, you can avoid paying income tax on money drawn from your IRA or other accounts to help keep your retirement funding plan* in place without diminishing your current assets.
*This information does not constitute financial planning advice. Please consult a financial planner regarding enhancements to retirement plans.
Delay Social Security payments to increase monthly income.*
Since proceeds from a reverse mortgage do not count toward your income, you can delay taking money out of your IRA and avoid paying additional penalties and/or taxes. If you have not drawn Social Security yet, you should consider discussing this with your financial and tax advisors.
*This information does not constitute tax or financial planning advice. Please consult a tax advisor and/or financial planner regarding your specific situation.
Pay for long-term care expenses.
With the proceeds from a reverse mortgage, you could purchase long-term care insurance to handle these expenses without losing your home in the process

To learn more about reverse mortgages, please contact your local Fairway reverse mortgage planner.

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