Reverse Mortgages made Simple!: Your guide to the NEW Reverse Mortgage and Retirement Security - Shattering the Myths, Misconceptions and Confusion ab (Paperback) (ISBN-13: 9798689241722)

Author Rick Foxx, a 25 year Mortgage Industry veteran, explains the inside info on the New Reverse Mortgage! Your guide to the NEW Reverse Mortgage and Retirement Security - Shattering the Myths, Misconceptions and and Confusion about Reverse Mortgages! "If you look at it as a mortgage with Optional payments, and no risk of foreclosure(as long as you pay taxes and insurance), then it will make sense very easily. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit. Unlike a forward mortgage-the type typically used to buy a home-a reverse mortgage doesn't require the homeowner to make any loan payments. But you CAN make payments towards the balance at any time, and pay it off at any time. It's just optional whether you ever want to make a payment! Learn about the benefits of the Reverse Mortgage, and how the New Reverse Mortgage works: 1)NO monthly mortgage payments, your home is making the payments for you! (but you can pay if you want, if you want to keep a large credit line in reserve for future needs such as Healthcare, in-home care, or just going on a round-the-world cruise, it's your money to use as you please) 2)Requires taxes and insurance to be paid, or the bank can foreclose, exactly the same as a "regular" mortgage 3)Your credit really doesn't matter ! All that is required is you have been paying your taxes and insurance on-time, and that's about it! Even if not, we can very likely STILL get you approved!(It's better if you've been paying on your existing mortgage, if you have one, but if not a deal-breaker, remember our example at the beginning of this book - Mr. Williams was in foreclosure and he got his Reverse Mortgage just fine. It required the lender set up an escrow account so there was enough for taxes and insurance for the next 5 years or so.) 4)Your income hardly matters AT ALL! Only need enough to cover taxes and insurance, and a small amount for maintaining the home. Your Social Security income is probably plenty to qualify, so no worries!5)If your home value goes down, NOTHING HAPPENS! Your Line of Credit will actually continue to grow at the same rate as your interest rate, plus the FHA-mortgage insurance . So if you take out a Reverse Mortgage when values are high(like right now, in September 2020), if values go down, your Line of Credit remains locked-in to the high appraised value"This is information ANYONE considering a Reverse Mortgage should have, in order to make an informed, confident decision.

Author: Rick Foxx
ISBN-13: 9798689241722
Publisher: Independently Published
Language: English
Published: 09/22/2020
Pages: 50
Format: Paperback
Weight: 0.18lbs
Size: 9.02h x 5.98w x 0.10d