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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!

 

 

 

 

 

 

 

How Building and Maintaining a Good Credit Score Helps You in the Long Run!

How Building and Maintaining a Good Credit Score Helps You in the Long Run!

When it comes to the term “credit score,” people are usually hesitant and reluctant to listen any further. It’s the term that will follow us everywhere we go, but we don’t want it to. In fact, 80% of Americans instantly develop anxiety the moment they hear anything pertaining to “credit.”Unless someone is applying for a mortgage loan or trying to purchase a new car, no one really likes to continue the conversation about the importance of one’s credit score, and why creating and maintaining a healthy score is important.

However, there’s no doubt that an individual’s credit score can and certainly will affect them in different aspects of life. For example, your credit score determines the type of vehicle you can drive, how high your mortgage will be, and what types of personal loans are available to you. Sounds a bit overwhelming, doesn’t it?  With the proper financial guidance and tools, building a healthy credit score doesn’t have to be overwhelming. In fact, it’s easier than you think.

Some of the easiest ways to build and maintain a healthy credit score are to make payments on time, use your credit card regularly,  try to keep your credit lines open as long as possible, keep your debt low, and make sure that you open credit lines gradually.  Building and improving credit isn’t an overnight process; it takes time and effort. Be sure to practice patience as you wait to see the fruits of your labor.  It will be worth it!

Additionally, it’s  also important to understand what affects one’s FICO score before applying for a credit card:

  • 35% – The biggest factor or slice of the FICO score is the ability to make payments on time. Utilize a calendar or online banking to ensure payments are made on time.
  • 30% –  Keep your debt balances below this percentage in relation to your credit limit per line.
  • 15% – is the length of your credit history, which is important, because lenders are comfortable measuring your ability to stay current on payments.
  • 10% – a diverse line of credit (car loan, mortgage, credit card, etc.) accounts for 10% since more credit lines are better than just one.
  • 10% – this final percentage accounts for the gradual addition of new credit lines. In layman’s terms, avoid applying for too many lines of credit all at once. This will bring your score down.  Tip:  Try to space applying for different lines of credit out over time to avoid negatively impacting your credit score.

 

With the aforementioned tips and information, continuing the conversation about credit should be less anxiety-inducing.  There are great advantages to having and maintaining a healthy credit score!

Taking Control Of Your Finances

Taking Control Of Your Finances

Reality: we are living longer and expenses are increasing.

*Are you 62 or older?
*Are you still making mortgage payments?
*Are you worried about running out of money?
*Are you in need of additional tax-free money?

Call us to find out how we can give you the retirement you deserve.
Take control now!

Are You Gambling On Retirement?

Are You Gambling On Retirement?


Living on fixed income is like gambling. You’re betting that the cost of living will not exceed your fixed income. Unfortunately, this has been proven wrong year after year. Give us a call and find out why Reverse Mortgages have become a popular way to hedge your bet against inflation.

Are You Living On Fixed Income?

Are You Living On Fixed Income?


Living on a fixed income can be tough. Find out why Reverse Mortgages have become so popular. Give us a call and see how this safe and secure financial tool can fix your repair costs.

Are You Ready To Cross That Bridge?

Are You Ready To Cross That Bridge?

Have you ever considered using your home equity as part of your retirement plan? With a Reverse Mortgage equity line, you can have access to the cash you have invested in your home without creating a monthly payment.  Here are a few examples of how you can effectively use you home equity in retirement:

  1. You can convert an existing traditional mortgage to a Reverse Mortgage. This means that you no longer have a monthly mortgage payment so you can keep that money in your pocket where it belongs.   
  2. You can create a monthly flow of income for as long as you live in the home.
  3. You can set up a Reverse Mortgage line-of-credit that gives you access to money at any time.  The Reverse Mortgage is the ONLY line-of-credit that grows giving you access to more money in the future. Best of all, this line-of-credit never needs to be renewed or paid back as long as you live in your home.

    Do yourself a favor and give the Reverse Mortgage a closer look.  It is an innovative tool to improve retirement security. Recent federal legislative changes have made the Reverse Mortgage safer and more affordable than ever.  Give us a call and get the answers you need to make an informed decision before crossing that bridge. 

What if you don’t have enough saved to retire?

What if you don’t have enough saved to retire?

  Every time I see an advertisement regarding retirement portfolios on TV, I cringe because those retirees look happy. It seems they have been planning and getting all their ducks in a row forever. I applaud all who have done so, but wonder how many of us are really able to prepare like those people?

    If you are approaching retirement now or are already retired, it’s important to have a good plan in place. Reverse Mortgages are a popular retirement tool that give homeowners the ability to tap into their home equity without taking on the burden of monthly payments. If you would like to learn how a Reverse Mortgage can work for your unique financial goals, give us a call.

Concerned About Health Issues? A Reverse Mortgage May Be The Answer.

Concerned About Health Issues?  A Reverse Mortgage May Be The Answer.


The cost for medical treatment continues to rise, especially during retirement.
A 65-year-old couple retiring in 2017 can expect to need approximately $260,000 to cover health care costs in their nonworking years, according to Fidelity, a financial services company.

If you currently live in your own home and are at least 62 years old, a Reverse Mortgage provides an option to cover ongoing expenses, including medical fees.

A Reverse Mortgage allows you to convert some of the equity of your home into cash. Best of all, you do not need to repay the loan during your lifetime as long as you comply with all of the terms.

Aging In Place Requires Planning

Aging In Place Requires Planning

Paying for medical expenses and maintaining a home can be difficult, however the goal of Americans is to do both. Eighty-three percent of retirees and those close to retirement want to stay in their home as they age, according to the a recent survey released this year by The American College of Financial Services.

“Many people think that they’ll only be able to stay in their home temporarily,” But a Reverse Mortgage can allow them to modify their homes or get the care they need to stay in their homes indefinitely.

You might use the cash from the Reverse Mortgage loan to add safety features such as grab bars, a ramp for the outside entrance, or a stair lift chair.

Life Without Mortgage Payments

Life Without Mortgage Payments


One of the key advantages that a Reverse Mortgage offers is the opportunity to increase your current income. The cash you receive from the Reverse Mortgage can be used for any reason. Best of all, if you currently are making monthly mortgage payments, imagine what you could do each month with that money!

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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