"Reverse Mortgage Seattle Bellevue Eastside Tacoma Everett"

Benefits of a Reverse Mortgage

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#1 You remain the owner of your home.

 

A common misconception of reverse mortgages is that the lender takes ownership of your home. This is false. You continue to maintain ownership of your home, as long as you comply with the terms of the loan and pay your taxes and insurance.

 

#2 There are no monthly mortgage payments required from you.

 

One of the most attractive benefits of reverse mortgages is that payments are made TO you, as long as you live in your home. This is quite different from a traditional forward mortgage where you must pay funds in a monthly amount. With reverse mortgages, you receive funds. The loan is repaid when you sell your home, move to another primary residence, or when the last borrower leaves the home.

 

#3 You are protected if the housing market declines.

 

The reverse mortgage loan is insured by the FHA (Federal Housing Administration). With federal insurance comes greater security. If the loan ends up amounting to more than the value of the home when sold, government insurance will cover the difference. This means that the loan will be paid in full using only the proceeds your home sells for, and no more.

 

#4 You may choose from several options of disbursement.

 

Each individual senior has different needs. Thus, there are different disbursement options to cover different needs. This includes the choice to receive funds in a full or partial sum, a line of credit, monthly payments, or a combination of any of these.

 

#5 Social Security and Medicare benefits are unaffected.

 

Government benefit programs that do not test financial resources, such as Social Security and Medicare, are not affected by reverse mortgages. Reverse mortgages are considered loan proceeds and not income. Do note, however, that income awards such as Medicaid and Supplemental Security Income may be affected.

These are only a few of the many reverse mortgage benefits. For a complete view of how a reverse mortgage can benefit you in your particular situation or to learn more about reverse mortgage pros and cons, call us at 844-303-4976 now...   or click

 

 

Your Reverse Mortgage Professional will sit down with you and go over a customized financial strategy in order to take full advantage of all the benefits a reverse mortgage has to offer you.