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What Makes a Good Reverse Mortgage [INFOGRAPHIC]

Posted by The Aramco Group on Fri, Nov 3, 2017 @ 09:11 AM

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Reverse mortgages aren’t for everyone, but in some cases they can help you more easily reach your retirement goals. Use these questions to evaluate your eligibility and decide whether a reverse mortgage is right for you.

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Are You a Good Candidate?

  1. Do you plan on staying in your home for a long time?
  2. Is anyone on title at least 62 years of age?
  3. Are most of your assets tied up in a home with good equity?
  4. Is the property your primary residence?
  5. Do you own your home free and clear or do you have a mortgage on your home you would like to pay off?
  6. Are you able to pay ongoing property charges such as taxes and insurance?
  7. Is your home a single family residence, 2-4 unit building, or HUD-approved condominium or manufactured home that meets FHA requirements?

 

  1. Do you plan to move out of the home? Reverse mortgages are for long-term homeowners.
  2. Does your home have low equity? Low equity leads to high mortgage rates and a loan that is prohibitively expensive.

How Can a Reverse Mortgage Help You Reach Your Retirement Goals?

  • Do you want to retire early?

If you want to retire early without drawing on social security benefits, you can replace your loss of income with a reverse mortgage disbursement. Remember, the longer you defer social security benefits, the more you get in the long term.

  • Do you need more retirement savings?

If you need to stretch your retirement savings, whether it’s to remodel your home or support pay for long-term, in-home care, you can use a reverse mortgage to supplement your income in lieu of drawing on a retirement investment.

  • Do you want to pay down debt?

A reverse mortgage can help you pay off the balance on your mortgage or any other debt you may be holding.

  • Do you want to let your investments grow?

Retirement Funds can offer hassle-free investment growth during retirement. You can use a reverse mortgage payment to supplement your income while you allow your funds to continue to grow for future tax-free withdrawals.

No Cost Options

  • $0 – No closing cost*
  • ZERO Closing cost plans
  • ZERO Origination fee plans
  • ZERO Monthly servicing fees

*Based on $175,000 minimum loan amount. 60% or less PLF utilization. Not all borrowers qualify. Appraisal and counseling fee must be paid separately by borrower.

Select a Certified Reverse Mortgage Professional (CRMP) to help you with your reverse mortgage needs. The professionals are well-versed in reverse mortgage lending and are held to strict, ethical practices.

Secure your future and make the reverse mortgage process a piece of cake with a mortgage specialist that is dedicated to helping you understand your eligibility, benefits, and options.

Topics: Reverse Mortgage