Reverse Mortgage

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     Mention the words “reverse mortgage” and you are likely to get various responses — many of them either totally incorrect or at least misleading, and sometimes presented by competitive agents who are giving you views to support their own sales agendas.

      “Reverse what?” you say.

     “Oh, that loan where you get money but the bank takes your home, right?” Or, “Oh yes, I’ve heard about that, but it sounds too good to be true...and if it sounds good, it’s probably not.”

   Hmmmmmmm.

     The point is that there are many misconceptions about Reverse Mortgages — what it does and doesn’t do.

     Despite the increased popularity of Reverse Mortgages, a lot of misinformation exists and a lot of the facts about Reverse Mortgages are misunderstood.

     So, let’s “set the record straight”. OK? You should make any decision you make based on the truth that the Reverse Mortgage is right for you and your family.

START with the BASICS

     A Reverse Mortgage is a loan that enables homeowners 62 and older to convert home equity into tax-free income without selling your home, or having to make monthly mortgage payments in your lifetime.

     The program is backed by the Federal Government to increase declining income during retirement years and to keep seniors independent from the need for government assistance. (The government was never very good at social programs. Don’t you agree?).

     Now, you can use your own money to stay financially independent.

     The HUD Reverse Mortgage program was established by the US Congress and regulated by the Department of Housing and Urban Development (HUD).

     With a Reverse Mortgage, the payment stream is “reversed”, and the lender makes payments to you. The loan is repaid when you no longer occupy the home as your principal residence for whatever reason including your decision to sell the house, move to some other location or pass on.

     You can use the money you receive for anything you wish, and it can be taken in lump sum, by line of credit or in monthly payments.

     This is the Reverse Mortgage in a nutshell — so let’s highlight some of the important points to remember:

     You must be 62 or older to take advantage of a Reverse Mortgage. If your spouse is less than 62 and listed on the title of your home, special arrangements are required.

     You do not give up ownership of your home if you decide to apply for a Reverse Mortgage.

     You do not pay back any of the loan until you no longer occupy your home as your permanent residence. You can pay off your RM anytime you wish and move elsewhere — in the same way you would do with any other kind of mortgage.

     The money you receive from your Reverse Mortgage is tax free.

     You can use the money for anything you wish.

     So, let’s get into a little more detail on how the Reverse Mortgage works and how it can benefit you.

What are the requirements?

     You must be 62 years or older. If more than one person is listed on the title of the home, then both individuals must be more than 62. If more than one person owns the home, and one of them is less than 62, that person will have to be removed from the title of the home in order for the other person to qualify.

     You must have sufficient equity in your home. An outstanding mortgage balance is OK — and will be paid off from the proceeds of your Reverse Mortgage, but there still has to be equity beyond the normal mortgage that can be accessed once the mortgage is paid off to make room for the RM.

     The home must be your primary residence. For people with more than one home, you must choose which one is primary, but you can live in both of them and still be eligible for an RM.

     Eligible property types are: 1. Single family homes; 2. Manufactured homes built after June 1976; and 3. Qualified condos and townhouses.

How much money can I get?

This depends upon several factors:

     Your age at the time of closing (The older you are, the more money you will be eligible for).

     The appraised value of your home up to the HUD maximum lending limit for your area.

     The interest rate at the time of origination.

     The type of Reverse Mortgage selected.

What can you do with the money?

     It’s your money. You can do whatever you wish with it.

     Some get things they need like healthcare/medication, new car, home improvements, pay bills, and/or pay off a mortgage, travel, visit family, gifts or college for children — all sorts of things — some even establish a cash reserve for unknown emergencies — everyone has difference priorities for the money.

     Some use their money to invest in an income protection plan that provides immediate guaranteed income.

Out-of-pocket expenses.

     A home appraisal is required and normally costs about $450. Applicants are expected to pay this themselves at the time of the appraisal. This may be the only out-of-pocket cost.

Other costs paid in escrow.

     A home inspection may sometimes be required as in the case of manufactured homes which may need additional “tie-downs” to qualify for HUD codes. These are not expensive and can usually be taken out of escrow after closing.

Interest

     Loan interest accrues and compares favorably with other mortgage rates.

Can I end up owing more than the value of my home?

     No. RMs are known as “non recourse loans”. This means you or your heirs can never owe more than the value of the home, even if the house depreciates in value or you live longer than expected.

When I die  or “call” the loan, does the bank sell my house to collect its money?

     No. You own the home, not the bank. The bank does not hold title — you do. If your heirs want to keep the house for what equity is left or just because they like the house and want it for their own, the mortgage is paid off with another loan just as you would if you have a mortgage now and leave the home to your heirs. In either case, the mortgage is paid off and the home is transferred to heirs.

What about a new home purchase?

     Now, for the first time, WSB Mortgage is able to provide a Reverse Mortgage for a new home purchase. Ask your real estate broker or call me about details.

Is a Reverse Mortgage right for you?

     Do you want to stay in your home for the foreseeable future?

     Would you be able to improve your lifestyle or provide yourself with peace of mind if you had additional cash now?

     Could you use an additional $100,000 or more in retirement?

     Do you need help paying for medical bills, home improvements?

     Pay off contracts, mortgages? A new car — all without payments?

     Would you like to travel, see family or just improve your way of life.

     If the answer is yes to these questions Maybe a Reverse Mortgage would be the right choice for you.

What is the process?

     1.  Ask for a free quote to see how much money you would receive based on eligibility.

     2.  Discuss this concept with me or some other advisor that can help you ask the right questions.

     3.  Receive FREE HUD approved counseling to make sure you didn’t miss anything.

     4.  Complete an application. This starts the process. I assist you with the application and advise you in decision making.

     5.  Proceeds should be available to you in about 30 days as in most any other kind of mortgage except that you will NOT BE TURNED DOWN for any of the reasons other mortgage companies may do. Credit issues are ignored — so are issues of discrimination you may have experienced.

     The sooner you get started, the sooner you will have money you need. Once approved, your loan closes and you get your money in the way that works best for you — directly into your bank, by check in the mail or overnight.

     Contact me, Warren Strycker, loan officer at WSB Reverse Mortgage of Arizona, 928 502-0371 or 345-1200, to answer questions or to start the process.

     I will serve you as advisor and friend through the process. I have done this many times in the Yuma County area and have great stories to share with you about how these loans have benefited people just like you.

     Working with an experienced Yuma County Loan Officer assures the best service possible.

     We have multi-lenders and multiple choices for reverse mortgage loans. Call 928 345-1200 now for assistance on the best choice.

 Why work with a highly qualified and local professional loan officer?     

     Why not?

     Out-of-town agents are, well, out-of-town, don't answer your questions, won't attend your close. Why not do it the best way and get a friend to stand by you? You'll be delighted you did.

Why not Wells Fargo or some other bank?

     WSB Mortgage provides choice of eight (8) lenders. Wells Fargo provides just one -- their own. Go figure.

Get a quote online today. 

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http://www.reversemortgage4arizona.com/

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