Monthly archive for October 2017

Too Old for Trick Or Treating? Well, We Can All Say ‘Boo’ to all of the Myths About a Reverse Mortgage

Too Old for Trick Or Treating? Well, We Can All Say ‘Boo’ to all of the Myths About a Reverse Mortgage

studio shot of smiling pumpkin and corn candies on white background

“Well, I have heard about a Reverse Mortgage,  but I just don’t think that it is a good idea.”  We hear this sentiment often from consumers because they are unsure of a Reverse Mortgage due to all the “myths” about it.  Like all products in the market, the Reverse Mortgage is not without its myths and misconceptions.  As discussed in a previous blog, there is a lot of information out there about a Reverse Mortgage via advertising. However, most consumers may not understand the truth about the Reverse Mortgage fully.

At Reverse Mortgage Answers, we provide clear and concise information about all of the things you need to know about a Reverse Mortgage.  We address the myths and misconceptions, so you have the facts to make the decision that is right for you.  Additionally, our company has had over 25 years of experience delivering high-quality customer service to our clients due to our integrity.  Whether you are reading this post at home, at work, or even while enjoying Halloween candy with your grandkids, we honestly care about clearing up any confusion or objections you may have about a Reverse Mortgage. We know that considering something new and financially rewarding may seem more intimidating, or “good to be true” upfront.  As a result, we want to ease your mind and give you confidence throughout every step of the process.

Let’s begin by clearing up any confusion about this program:

Common Myths and Facts about the Reverse Mortgage Program:

MYTH:                      If I do a Reverse Mortgage, the bank owns my home. 

FACT:                       You never give up ownership.  The Reverse Mortgage is a lien on your property just like any other mortgage.

MYTH:                      I cannot do a Reverse Mortgage because I already have a mortgage on my home.

FACT:                  Paying off a current mortgage is the first thing most people do with the proceeds from this program.  By getting rid of your mortgage obligation, you can put all of that money back in your pocket each month. 

MYTH:                      If I do a Reverse Mortgage, I cannot leave my house to my children when I die.

FACT:                       Since you always maintain homeownership, you have the freedom to leave your home to anyone you choose. 

MYTH:                      If I do a Reverse Mortgage, I cannot sell my home.

FACT:                       As a homeowner, you can sell your home at any time.  If you choose to sell your home, you must pay off whatever you owe.  The remainder of the money is yours to keep. 

MYTH:                      The money I receive from the Reverse Mortgage will adversely affect my Social Security and pension.  Also, it may put me into a higher tax bracket forcing me to pay more taxes.

FACT:                       The money you receive from the Reverse Mortgage is TAX-FREE because it is considered a loan, not income.  As a result, it will not affect your Social Security or pension.

MYTH:                 My spouse will be forced to pay back the money if I die first.

FACT:                       The loan becomes due only when BOTH original borrowers no longer live in the home.

Reverse Mortgage Answers strives to be one of the first professionals a client, business professional, or family member turns to when needing the right advice about the Reverse Mortgage.  Our success over the last 25 years speaks for itself.

Call us now and let us help you.  Also, keep us in mind that next time you hear someone talk about the Reverse Mortgage.  We are here to give you the right Reverse Mortgage Answers.  Call us at 1-800-420-5515.

 

Help! How Do I Know if A Reverse Mortgage Is Truly Right for Me?

Help! How Do I Know if A Reverse Mortgage Is Truly Right for Me?

It’s no secret that more and more consumers are becoming aware of what a Reverse Mortgage is, how it works, and who qualifies for it. Between television commercials, brochures, blogs, and online advertising, the Reverse Mortgage is becoming extremely popular. However, some consumers may still not feel as though it is “right for them.”

This hesitation can be due to some factors including not having the right resource to turn to for guidance and accurate information. Here is how Reverse Mortgage Answers can happily be your guide! With over 25 years of professional experience, Reverse Mortgage Answers has successfully been the ideal source for thousands of clients, aged 62 and over, to turn to for guidance when financial burdens are heavy. If a senior homeowner feels overwhelmed with their current mortgage or just needs more cash, a Reverse Mortgage is the answer.

A Reverse Mortgage can be a safe and secure option to access the equity one has stored within their home. Since Reverse Mortgages are highly monitored and regulated by the Department of Housing and Urban Development, a senior homeowner is protected.  A Reverse Mortgage is merely a “secure source of revenue.” Since the government insures it, there is no need to worry about whether or not it will place you in financial trouble.

The Reverse Mortgage was designed for senior homeowners to have access to something that they have already spent years paying for: the accrual of their home equity through monthly mortgage payments.  Here is how to know if a Reverse Mortgage is right for you:

  • You are 62 and over, and at least half of your home loan is paid off
  • You want to stay in your home
  • You would like to make improvements to your home
  • You are on a fixed income and need help with expenses
  • You want to travel or pursue other interests
  • You are interested in a possibly downsizing

“That sounds good and all, but if I did this how much would I receive?”

The amount one can receive depends on the home value, current interests, and the client’s age.  Reverse Mortgage Answers would be happy to help you with the process if you feel ready to move forward and gather more information.  We can do a free, no-obligation analysis so you can find out how much you may be able to receive.  Call Reverse Mortgage Answers now at 1-800-420-5515.

HUD Reveals Pressing Problem of Senior Housing. A Reverse Mortgage Can Solve It!

HUD Reveals Pressing Problem of Senior Housing. A Reverse Mortgage Can Solve It!

Close up of a senior couple dancing

A recent publication by the Department of Housing and Urban Development states ”Reverse Mortgages may be one solution to the pressing problem of senior housing that many aging homeowners will soon face.” According to the publication, older populations face a wide range of housing challenges including affordability, physical accessibility, and access to medical services in/around their home. Even though the older population projects to multiply over time, senior housing problems will make it difficult for many seniors to remain inside their homes for as long as they can.

How is the Reverse Mortgage one of the best solutions to address housing matters with our aging population? With the Reverse Mortgage, aging homeowners can access their home equity, which is often their “largest asset” according to HUD’s publication. The federal government insures Reverse Mortgages through the Home Equity Conversion Mortgage program. The homeowner must continue to pay home insurance, property taxes, and ongoing maintenance of their home. With the different payout options of the loan, senior homeowners would have the funds made available to age more comfortably within their home and alleviate homeownership costs.

With the current challenges that the senior population faces, a Reverse Mortgage can be the solution one needs to end headaches associated with mortgage debt, increasing living costs, and health care costs. Additionally, a Reverse Mortgage would decrease the economic pressures that seniors encounter due to declining or fixed incomes. The funds made available from the current home equity could convert into accessible resources that could not only alleviate the burdens of debt and expenses but keep seniors safe in their home.

Reverse Mortgage Answers is here to provide more details along with 25 years of professional experience to serve our clientele. Please call us toll-free at 1-800-420-5515, and we will be more than happy to help. We look forward to your call.

Are You a Senior Homeowner? Reasons Why You Will Rejoice After Second Quarter’s Results…

Are You a Senior Homeowner? Reasons Why You Will Rejoice After Second Quarter’s Results…

During the second quarter of 2017, senior homeowners saw an increase in their home equity grow by $150 billion.  How can homeowners age 62 and older take advantage of this increase?  The answer is the federally-insured Reverse Mortgage.

According to the National Reverse Mortgage Lenders Association (NRMLA), this increase in home equity means great things for senior homeowners.   Since health care spending is increasing, “seniors can benefit from the rise in their home equity to help fund this and other costs of aging” remarked NRMLA’s president and CEO, Peter Bell.  He continued his statement by including that “housing wealth provides older homeowners with an available source of funds to manage the costs of caregiving and other expenses incurred in the last third of life.”

However,  there is still a large percentage of senior homeowners who are unaware about how to access their home’s equity value.  The solution is the Reverse Mortgage.  NRMLA revealed that more than one million seniors have a Reverse Mortgage, and 14% took out the loan to fund ongoing health or disability expenses.  Fourteen percent equals 140,000 out of one million seniors who turned to a Reverse Mortgage to experience the liberation of having the money to afford medical bills, medication, and healthier food options.  With more and more Americans taking their health care more serious,  this report is excellent for the remainder of America’s seniors who do not know about a Reverse Mortgage, and what it can do for them financially.

Alternatively, there may be senior homeowners who have heard the term “reverse mortgage,” but have received false information about what it is.  It is indeed true that there is a wealth of information from various sources about Reverse Mortgages. However, misconceptions are still out there about the Reverse Mortgage.   For example, a common misconception is that taking out a Reverse Mortgage means that a senior is “giving up their home.” That is not true; the individual will only owe what they borrowed plus interest. They will still own their home.  This type of false information may make seniors hesitant to take out this loan.  As a result, their mortgage debt has increased along with other expenses while they manage to live on a fixed income.   Seniors need to get the facts for themselves from a trusted resource that has experience in the field.

A Reverse Mortgage gives a senior the opportunity to continue living in their home while having access to funds so they can have the type of retirement they deserve.   It is the perfect opportunity to enjoy this stage of life with the funds acquired from being a homeowner.  If you have questions along with a piqued interest in how to achieve the financial liberation you have been hoping for,  look no further! Here at Reverse Mortgage Answers, LLC we have over 25 years of professional experiencing helping thousands of senior clients. Give us a call today at 1-800-420-5515.

The Top Five Things That a Reverse Mortgage Means for You!

The Top Five Things That a Reverse Mortgage Means for You!


Are you nearing retirement and getting anxious about where you stand financially? You may worry that your retirement funds will not be enough to cover all of your expenses. If you are like most retirees, you may be contemplating supplementing your retirement income.  On the contrary, have you already retired and found it difficult to keep up with your monthly expenses? Between mortgage payments, medical bills, and other money-related issues that suddenly arise- it may seem as though there isn’t a clear solution.

If either scenario applies to you, you may not be aware that as a senior homeowner, you already have the solution to supplement your income right now!  Think about it: you have already worked hard over the last 30 years or more paying a monthly mortgage which built equity into your home. Allow all of that labor and equity you saved to help you with a product called a reverse mortgage.  A reverse mortgage is a loan product that allows senior homeowners, as such as yourself, to access some of the saved equity in your home while you are currently residing there, as long as you meet all loan terms. To qualify you must be 62 years of age and older, own your home, and the home must be your primary residence.  Here are the five things that a reverse mortgage means for you:

  • No More Monthly Mortgage Payments – Wouldn’t that be amazing? Research shows that homeowners spend roughly 30% of their monthly income on retirement expenses. Since paying off your existing mortgage is a requirement of completing the reverse mortgage loan, you will no longer make monthly payments.

 

  • Aging Inside the Comfort of Your Home – Memories, raising your family, and great sentimental values are inside of your home. It would be devastating to think about giving that up! Research shows that 81% of seniors would prefer to age in their home and hire in-home services if need be. A reverse mortgage would make that dream come true!

 

  • Affording Medical Bills – Moving into retirement age should never allow you to compromise your health. Hesitating to move forward with a certain treatment plan or purchasing medication due to lack of funds can be problematic! With a reverse mortgage, you’ll have the extra funds available to keep your health a priority.

 

  • Eliminating Credit Card Debt – Having rotating credit card payments with climbing interest rates can be a never-ending cycle. A reverse mortgage loan could pay off your existing credit card debt, and help to rebuild your credit score while putting those funds back where they belong: into your wallet.

 

  • Personal Assistance – The application process for a reverse mortgage is a personal, scary, but rewarding experience all at once. However, here at Reverse Mortgage Answers, you don’t have to be alone.  With over 25 years of experience, you can trust that you are in the hands of qualified professionals who will guide and contact you throughout the entire process.

So, give us a call today at 1-800-420-5515 if you are interested in learning more about the benefits of a reverse mortgage and how it could benefit the quality of your retirement!

 

 

 

 

 

 

 

Location

Headquarters
614 Old Edmondson Ave., Suite 200
Catonsville, MD 21228-3360
Toll Free:
1-800-420-5515

Maryland Office:
410-788-7070

Eastern Shore Office:
410-600-0600

District of Columbia:
202-719-0625

Virginia:
703-879-2316

Licenses

NMLS # 179014
www.nmlsconsumeraccess.org

Maryland - Lender # 06-20057

District of Columbia - Mortgage Broker # MLB179014

Virginia - Licensed by the VA State Corp. Commission, Mortgage Broker # MC5642

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