Reliable Senior Help, Part 1
Reverse Mortgage - New and Improved
Okay, so I am going to break apart the myths surrounding Reverse Mortgages and this is the first in a series. Out with the old and in with the new! In this series I will address issues such as, "I heard that the bank owns your house if you have a Reverse Mortgage" and, "I want to leave something for my heirs". I will also address why it is important that there is no qualifying especially in a Reverse For Purchase.
What is a Reverse Mortgage?
A Reverse Mortgage is a way for seniors, 62 or older, to take a portion of their equity from the home to use in any way they see fit.
For instance, if someone you know has trouble paying their bills each month. Possibly the can no longer make their mortgage payment. Maybe they want to take their family on a cruise around the world. And then again, maybe they need help with health care expenses or simply in-home care expenses.
So, how can I get the money out in a Reverse Mortgage?
There are three ways to take part of the equity out of your home! First, you can receive monthly payments. Secondly you can receive a lump sum. And thirdly you can get a line of credit. There is also a Reverse For Purchase which is amazing for people wishing to relocate or downsize.
I belong to a national group of Realtors. So if you are relocating to be near a family member, or just to a new place, I can refer you to someone to help you navigate the process in that area. And then you will always know you have an honest and reliable Realtor wherever you go!
How do I know if I qualify for a Reverse Mortgage?
There is technically no qualifying. All you have to do is be 62 years or older and have equity in your home.
Does this matter to you? Yes! We have all heard the stories about how the investors with cash offers are buying up all the properties and people with loans are having to write many, many offers. Because there is no qualifying, a Reverse for Purchase is just like a cash offer! This puts you as the buyer at the top of the list and hopefully your first offer will be accepted!
How do I know how much money I can get from a Reverse Mortgage?
The amount of money you can get from a Reverse Mortgage depends on two things; Your age and the amount of equity you have in your home.
Why do you care about me as a senior? You aren't even close to my age.
I grew up with a father who was nearly 30 years older than my mother. When I was born, he was already almost 59 years old. And because of this, I grew up with many seniors and am comfortable with them. Not only that, because my dad was older, I knew from a very young age about the people trying to take advantage of seniors. I feel protective of them. I would want EVERY senior I deal with to have honest and reliable dealings and have the all information to make an informed decision about what is best for them and their family.
Sometimes, a Reverse Mortgage is not the best thing for you or your family member. This will be discovered as the questions about what you are trying to accomplish come to light. Sometimes there are better options. And as in the case of my parents, they worked hard for what they have. Isn't it time that they were properly taken care of?
If you have more questions or need help with a loved one, please don't hesitate to contact me. No question is too small, and I am never too busy to help you out.
Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana.
Warmest Regards,
Linda K. Mayer, Realtor
Linda K. Mayer, Realtor
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
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