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Reverse requires expertise

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Mortgage Professional America | 01 Aug 2014, 07:39 AM Agree 0
Adding reverse to your product mix can be lucrative -- but it's not something you want to just dabble in
  • William Matz | | 01 Aug 2014, 09:54 AM Agree 0
    Reverse mortgages are not that difficult for anyone with mortgage experience and some financial training/education. The danger of reverse mortgage specialists is that they are unlikely to offer [or even be aware of] the full range of forward mortgage options. Both forward and reverse options should be offered to borrowers to allow for an informed decision. And it is important to include the financial and or/estate planner in the process to ensure that all the pieces fit properly.
  • Bruce Goldman | | 02 Aug 2014, 08:18 AM Agree 0
    “ The reverse mortgage mortgage program was created to help retirement planning and allow people to stay in their home they love. It enables homeowners age 62 and older to withdraw some of the equity in their home as tax-free money”

    You can use the money for anything, there are no restrictions on how you use the money you receive from a reverse mortgage. I can first be used to pay off a traditional mortgage, ( if you have one) Many people take advantage of the program to supplement or delay social security income, pay off debts and medical expenses, make home improvements, or simply gain financial security. Our clients say they like these benefits the most:

    · Relief form financial stress

    · The ability to continue to own and afford to live in the home they love

    · There’s are no monthly mortgage payments as mortgage as the home remains their principal residence

    · A credit line that grows over time

    · Any funds that are withdrawn are tax-free income

    Depending on your situation and the reverse mortgage Product you qualify there are options to receive your tax free money. You can select from these options:

    · Receive a lump sum payment

    · Utilize a line of credit to access money as you need it.

    · A combination of monthly payments, a full draw at closing or accessing your line of credit as you need it

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