Are you over 62 and looking for a way to access the equity in your home?
We can provide you a cash out option that gives you $4,000,000 in cash with our reverse mortgage!
A reverse mortgage may be the right solution for you! Here are 10 benefits of a reverse mortgage:
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Provides a source of income: Reverse mortgages allow you to access the equity in your home and use it as a source of income.
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No monthly mortgage payments: You don't have to make monthly mortgage payments with a reverse mortgage.
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You retain ownership of your home: With a reverse mortgage, you retain ownership of your home.
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Tax-free income: The money you receive from a reverse mortgage is tax-free.
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Use the money for any purpose: You can use the money from a reverse mortgage for any purpose, such as home repairs, medical expenses, or travel.
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Flexible options: There are several options to choose from, such as a lump sum, a line of credit, or a combination of both.
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No credit or income requirements: Unlike traditional mortgages, there are no credit or income requirements for a reverse mortgage.
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No impact on Social Security or Medicare benefits: A reverse mortgage does not affect your Social Security or Medicare benefits.
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Non-recourse loan: Reverse mortgages are non-recourse loans, which means that the lender cannot go after your assets or the assets of your estate to repay the loan.
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Professional advice is available: Reverse mortgages are a complex financial product, so it's important to seek professional advice before making a decision.
A reverse mortgage is a financial product that allows homeowners who are 62 years of age or older to access the equity in their home and use it as a source of income. With a reverse mortgage, the borrower does not have to make monthly mortgage payments and retains ownership of the home. The money received from a reverse mortgage is tax-free and can be used for any purpose, such as home repairs, medical expenses, or travel.
You can use the money anyway you see fit.
- Pay expensive health care costs
- Make upgrades to the house without the need of working and qualifying the traditional way for income
- Cash out of the property in order to offset death taxes
- Cashing out is tax free so the money received isn't consider income
- Reduce tax liability
There are several options to choose from with a reverse mortgage, such as a lump sum, a line of credit, or a combination of both. Unlike traditional mortgages, there are no credit or income requirements for a reverse mortgage. Additionally, a reverse mortgage does not affect Social Security or Medicare benefits, and it is a non-recourse loan, which means that the lender cannot go after your assets or the assets of your estate to repay the loan.
It is important to note that a reverse mortgage is a complex financial product and it is recommended to seek professional advice before making a decision. If you're interested in learning more about reverse mortgages and how they may benefit you, please contact us for more information and to schedule a consultation.
If you're interested in a reverse mortgage, please connect with Carlos Campos, Managing Director and he will provide you a quote right away.
How to determine the max loan amount for a reverse mortgage or home equity conversion mortgages?
The max loan amount is determined by age of the youngest borrower, or eligible non-borrowing spouse current interest rate, and the lesser of the appraised value, FHA mortgage limit, or the sales price.
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