It seems as if everyone is talking about Reverse Mortgages. Are they bad? Are they good? What are the pitfalls? What kind of problems can they solve?
Today I'll answer the last question above. What kind of problems can a reverse mortgage solve? In this short video you will hear about some of my personal reverse mortgage clients and the solutions they have put in place with their reverse mortgages.
Some of the solutions provided are:
- Eliminate a mortgage payment (Increases cash flow)
- Purchase an investment property (rental income with near 100% cash flow)
- Establish a rainy day fund in a growing line of credit.
- One two combination of eliminating payment AND establishing emergency fund.
- Monthly tax free income.
Please enjoy the video and I'd really love your feedback on it, either here on AR or on YouTube.
By Deborah Nance
Your Local Southern California Reverse Mortgage Professional
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iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin.
Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.