Reverse Mortgage? What the Sam Hill is that?

Many people have heard of the term “Reverse Mortgage”, but do not actually know what it is. Well, if you are over the age of 62, and feel like Tom Selleck didn’t accurately explain what the Sam Hill a Reverse Mortgage actually is, you’re not alone!

We have many clients who reach out to us and are interested in a Reverse Mortgage, but usually only know the big points of:

  1. I have to be 62 years of age or older
  2. I don’t have to make a mortgage payment for the rest of my life.

However, other than that, they need more information! Well, we don’t want you to sit here and read a novel, but just know that we are not like other companies when it comes to reverse mortgages here. No predatory lending, no selling you on products that do not make sense, and no signing documents before you know what is going on. Some of the things we cover prior to the Reverse Mortgage process are:

  • A financial assessment of our clients to check their capacity to pay the taxes, insurance, and ongoing maintenance of the property
  • Reverse Mortgage Counseling to establish competency and comprehension of the programs
  • Finally, we make sure their spouses and next of kin understand they are protected if their spouse or parent takes out this reverse mortgage.

Whether you own your home or are buying a home, a reverse mortgage could be the right product for you! Learn more about the Reverse Mortgage types:

The HECM, or Home Equity Conversion Mortgage, is what is commonly know as the “Reverse Mortgage”. This is a government-insured product, that is made specifically for homeowners 62 years of age or older who have a significant amount of equity in their primary residences. Not just for individuals who are house rich and cash poor, this product can help you access the equity in your home, very similar to a cash-out refinance, but with the HUGE benefit of no monthly mortgage payment required!

Now, the number one concern we get is “Are my children going to be able to get my house when I am gone?”, and the simple answer is yes. They actually get a choice of what to do with the home, but that is something we will go over in full detail on our initial call. The big takeaway is that this is no longer the terrible product of the past where the banks just got your home, and your children were left with nothing. With Moneylink Mortgage, you can feel comfortable getting more information about this fantastic product!

Do you live up north and looking to move to the beautiful Sunshine State? Do you need to move closer to family? Are you looking to downsize in your retirement? All of these would be fantastic reasons to do a HECM for Purchase or a “Reverse Purchase” as we like to call it. You can get the property you want, while only putting down cash for the difference between the HECM loan and the purchase price, and STILL eliminating the requirement of a monthly mortgage payment! You can increase your purchasing power by utilizing HECM financing and keep your cost of living on the lower side at the same time! The Reverse Purchase product is a win-win, see if you qualify today!