Reverse Mortgages: What You Should Know
Reverse mortgages are very special home loans especially designed for seniors 60 and older.
If you have sufficient equity in your home, you may be able to convert that equity into tax free cash, as monthly income, lump sum cash, Line of Credit or a combination of all three. There are no monthly mortgage payments required for as long as you live in the property as your primary residence. You must continue to maintain the property, pay property taxes when due and keep the home insured.
With a Reverse Mortgage, you remain on title and retain ownership of your home. The Bank does NOT own your home.
No More Monthly Mortgage Payments for Life. When the last surviving borrower permanently vacates the property, the loan balance becomes due. Reverse Mortgages are insured by the Department of Housing (HUD). The mortgage is a “non-Recourse” loan.
This balance can be paid off by selling the home or refinancing the loan into another mortgage. Your estate has zero liability beyond the loan balance or the then current appraised value of the property, whichever is less. Reverse Mortgages are insured by the Department of Housing (HUD). All excess proceeds belong to the borrowers or their estate.
Talk to the Rainmaker and get the facts. Start living your retirement dreams with a Reverse Mortgage. LEARN MORE: www.RainmakerReverse.com
Freddie Lambert Western Sales & Marketing Director Rainmaker Reverse Mortgages America’s Premier Reverse Mortgage Lender www.RainmakerReverse.com (949) 861-0911 FAX: (949) 431-2463