Reverse Mortgages

You may have heard things about Reverse Mortgages. In recent years, these mortgage products have become popular to help many American families plan for a successful retirement. However, do not confuse older reverse mortgages with those of today.

Today's Reverse Mortgage is NOT the reverse mortgage of yesteryear!

The use of home equity or "housing wealth," as it has come to be known, has become a prevalent practice among consumers and financial planners throughout the country to assist consumers with products and services that might otherwise be out of their financial reach.

Today's reverse mortgages have become a very viable option to access the equity in your home to enjoy a more successful retirement. For many middle and upper-middle-income Americans, their home represents their single most significant financial asset. Reverse Mortgages are an option for many people to overcome various bumps in the road in retirement.

These include:

  • Additional disposable monthly income, with no related monthly payment
  • Elimination of present mortgage payment and other installment debts
  • Funding for Long Term Care Insurance - Both traditional and single premium
  • Funding for long-term care health care
  • Gifts to children/heirs before death
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  • Has substantial experience in Long-Term Care Insurance
  • A Strong understanding in underwriting, policy design, and claims experience.
  • Represents all or most of all the leading insurance companies.
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Just Ask Mike

LTC NEWS has teamed up with the host of the TV Show "62 Who Knew" to answer questions you may have about reverse mortgage products.

As the President & CEO of Professional Mortgage Alliance, LLC, Mike Banner is one of the country's leading experts in reverse mortgages.

As the host of the TV Show "62 Who Knew" and columnist on LTC NEWS, Mike has become an outstanding source for information on retirement planning, aging, caregiving, long-term health care, and other issues related to aging.

Ask your question below, and Mike will respond to you via email – personally and confidentially.

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There is so much more to know about Reverse Mortgages.

With a Reverse Mortgage, at least one borrower must be a minimum of 62 years old. There is no obligation to make any monthly principal and interest payments. Although you may make principal reductions if you choose to do so. The loan does not come due until:

  • The last borrower passes away.
  • The home is sold.
  • The home is no longer your primary residence.
  • You fail to pay your real estate taxes or insurance.

How much you can borrow depends on three factors.

  • Equity in your home
  • Age of the youngest borrower
  • Limited income & credit qualifications

Interestingly, most Reverse Mortgage consumers are eliminating their present mortgage payment, which significantly improves their disposable monthly income.

A reverse mortgage can be a perfect solution for many homeowners to produce additional cash flow during retirement. A reverse mortgage can fund Long-Term Care Insurance, especially for those who might have thought they could not afford it. The policy will then provide you with asset protection and access to quality care, including in-home care that allows a person to stay in their home and avoid or delay the need of a facility.

For a homeowner who has poor health and is not eligible to obtain Long-Term Care Insurance or a person who already needs long-term health care, a reverse mortgage can provide the necessary resources to pay for extended health care.

KEY FACTS

Here are some key facts about today's Reverse Mortgages:

  • You are NEVER obligated to make a monthly principal & interest payment!
  • The money you withdraw in a Reverse Mortgage comes to you tax-free and can be used for any purpose.
  • The loan gets paid once the last borrower passes away or the home is sold.
  • Your heirs still get the remaining equity in the home.
  • Your estate is never liable for any additional loan balance in excess of the home's value (if the value of the home falls).
  • Reverse Mortgages can be used to fund traditional Long-Term Care Insurance or an asset-based "hybrid" policy that includes a death benefit.

Get free information about reverse mortgages and if it makes sense for you to consider by completing the information below. A licensed real estate mortgage broker will provide the information with no obligation.

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