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The money can be loaned to you as a lump sum, a fixed monthly payment or as a line of credit that you use whenever you need it. The amount of money that will be loaned to you depends upon the age of the youngest person who is taking out the reverse mortgage, the appraised value ...
Reverse mortgage training is the way to begin learning about this valuable niche. You'll learn the things that really matter about these special loans, like: Minimum age required Credit is not relevant Income is not relevant No repayment required until death ...
A reverse mortgage is a first mortgage loan that can be used to pay off an existing mortgage, get cash out, or set up a line of credit for future draws.
If you are in La Quinta or the Coachella Valley area, a reverse mortgage can be a viable option to help supplement your other investments during retirement.
To be eligible for a reverse mortgage, the requirements are as follows: A minimum age of 62 years old or older A minimum net disposable income on a monthly basis (which is used to show that the homeowner can still maintain to pay utilities and minor living expenses) ...
A reverse mortgage is advisable for people who have retired, or are in need of additional cash flow to meet their living expenses, but have no means of generating income. In order to qualify for a reverse mortgage, certain criteria must be met. The minimum age of the property owner must ...
Reverse mortgage documents timeline In an ideal situation, you’ll have all of the necessary documents ready before you start applying for a reverse mortgage. However, that isn’t always the case. At a minimum, to start the process, you’ll need to get a counseling certificate and some basi...
Some other helpful options are signing up for Medicare at age 65 to help with yourmedical expensesand delaying yourSocial Security benefitsuntil you turn 70 to maximize the amount you’ll get. No matter which alternative you choose, avoid getting a reverse mortgage at all costs. Don’t let ...
Example of a Reverse Mortgage Net Principal Limit To qualify for a reverse mortgage, you must be age 62 or older and have enough equity in your home to make it profitable and affordable. For example, let’s say the Smiths own a home worth $300,000, and the principal limit factor is...