Page 37 - 1020 Nostalgic Magazine
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What is a a a a reverse mortgage loan?
A reverse mortgage is a a a a a a a unique financial tool unlike any other fin in that it it it it offers borrowers the the the the ability to to access their home equity without the the the the burden o of monthly mortgage mortgage payments Using a a a a a a a a reverse mortgage mortgage you you you can access cash to supplement your your income in in in in retirement and age age in in in in place in in in in your your home What can I use the funds for?
You can use use the proceeds of your reverse mortgage loan for almost anything Common uses include:
• Paying off an an an existing mortgage (a requirement o of the loan)
• Paying Paying medical bills
• Paying Paying off a a a a a a a large bill bill • Financing home home repairs and renovations
• Paying for in-home care
• Spoiling the grandkids
How much money can I qualify for?
The amount of money you can receive from a a a a a reverse mortgage depends on on four factors:
• Your Your age age Are reverse mortgages only an option of last resort?
No this is is is a a a a a a common misconception In fact when used properly as part of an an an overall retirement income strategy reverse mortgages can be a a a a a a a a a a a a a a a smart financial planning tool In the last several years retirement researchers and financial advisors have begun to to embrace the use of reverse mortgages fin in in in retirement income planning Will a a a a a reverse mortgage affect my Social Security Medicare or or pension benefits?
No Social Security Medicare or pension benefits will not be be impacted Funds from a a a a a a a a reverse mortgage mortgage are
considered loan proceeds and not income In fact a a a a a a a a a reverse reverse mortgage mortgage could increase your Social Security benefits A reverse reverse mortgage can help delay the the time you you need to begin accessing Social Security therefore increasing
the the amount of benefits you are
eligible to receive each month However in some cases need-based benefits could be be affected such as as as Medicaid or or SSI since the proceeds from a a a a a a reverse mortgage improve your monthly cash flow • • • Your Your home value (based on an an appraisal that will be part of of the loan loan process)
The interest rate of of your loan loan Your current mortgage balance (You must
use the proceeds to pay off your existing mortgage )
Does the bank own my home?
No A reverse mortgage allows homeowners to retain the the the the the title and and ownership of their home home home for as as long as as they live in in in in in the the the the the the the home home and and and the the the the the the the loan loan remains in in in in in good standing Like other loans this requires the the the the the borrower to keep up with property taxes insurance and maintenance Is there any risk of losing my home?
Not if you you fulfill the the obligations of the the loan which include paying your property taxes and and homeowners insurance and and and keeping up up with basic maintenance and and and repairs If you do not uphold these responsibilities the the the the the loan loan may may become due and and the the the the the house may may be be sold to pay off the the the the loan loan loan If you you fulfill these obligations your loan loan remains in in in good standing 33021 NMLS #1984539 These materials are
not from HUD or FHA and 2020 Florida Premier Reverse Mortgage 3440 Hollywood Hollywood Blvd Hollywood Hollywood FL
were not approved by HUD or or or a a a a a a a a a a government agency Loans are
arranged through third party lenders 7/10/2020
Don’t wait! Contact us today and enjoy more
money in your pocket!
c: (954) 997-5621
mayra@FloridaPremierReverse com com w: www FloridaPremierReverse FloridaPremierReverse com com Floridas-Premier-Reverse-Mortgage png

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