Benefits of a Reverse Mortgage
★ One of the most attractive benefits of reverse mortgages is that no monthly mortgage payments are ever required. You will need to pay all taxes, insurance, maintenance, and HOA dues if any are required.
★ You have several options for receiving your reverse mortgage funds. You can choose a lump sum, monthly payments, line of credit, or a combination of these.
★ With a reverse mortgage, you continue to own your home. The bank does not own your home, and the title stays in your name. You remain the owner of your home.
★ You can choose to roll your closing costs into the loan which means minimal or no out of pocket costs.
★ Social Security and Medicare benefits are not affected because this is a loan and is not considered income.
★ You can pay off credit card and/or medical bills. Again, there are no limitations on how the funds can be used.
★ You can sell your home if you decide to do so, and any future appreciation is yours after the loan is paid.
★ This is a non-recourse loan for you and your heirs. Simply put, this means that if the loan balance is higher than what the home can be sold for, the borrowers or their heirs do not have to pay the difference. However, if the home is sold for more than the loan balance, the difference goes to the borrowers or their heirs.
★ Reverse mortgages are highly regulated and have been proven to be safe and secure. The reverse mortgage program is insured and regulated by the FHA to protect consumers and their interests. The Home Equity Conversion Mortgage (HECM) is one of the most highly regulated mortgages available.
★ You are able to consult with Bob Breedlove, a professional who has a fiduciary responsibility to work in your best interest.