Is A Reverse Mortgage a Good Idea?

YES!! The answer is simple, why would you take out a Home Equity Line of credit and use those funds as a sort of retirement account? Why would you? The drawbacks are that you would have to begin repayments immediately. So you would be using the money borrowed to make your payments. This action does not absolve any existing debt you may have, namely your existing mortgage. In a Reverse Mortgage you are never required to make a payment, only pay taxes and insurance. Also, in a Reverse Mortgage you have the option at anytime to repay the Government Guaranteed loan without penalty.

So for older Americans in this position a Reverse Mortgage has become a popular solution to all of these situations.

• Do you have a current mortgage you would like to pay off and not have an obligation to make monthly payments?

• Do you need supplemental income to help you maintain your lifestyle?

• Do you have bad credit?

• Are you 62 years old or older?

If you need cash and have equity in your primary residence you can utilize that cash as you see fit. No payment is required until the surviving spouse (60+ yrs old) is deceased. If your property is worth less at the time of death your Heirs are not responsible for any loss. If there is equity in your property at the time of death, your Heirs sell it and keep the equity.

Are Reverse Mortgages a Scam?

NO!! This program is overseen and Guaranteed by the United States Government. BEWARE, Not All Lenders are the same! Some Brokerages and Lenders charge more fees than others. At Senior Financial Network we are proud to offer the lowest rates and fees available. Call (561) 395-1079 or Email us for more information on our Complimentary Mortgage - Insurance consultation and FREE Appraisal report (paid at closing).