Reverse Mortgages Could Increase!!! Learn How?
The stock market is all over the place, as well as investment portfolios. So when those don’t kick out the retirement income some expected, taking out “reverse mortgages” may increase.
With a regular mortgage, you pay down the loan on your home—paying less interest over time while increasing equity. Life is good.
With a reverse mortgage, you draw from the equity in your home built up over the years. But you have to qualify.
1. You have to be at least 62 years old
2. You have to own your property outright (or owe a small amount on a traditional mortgage)
3. You have to live in the home as your primary residence
4. You can’t be delinquent on any federal debt
5. You have to meet with an approved counselor
Once approved, though, a borrower can withdraw funds as a lump sum, a fixed monthly amount, a line of credit, or a combination of those options. The loan comes due once the borrower moves out…or dies (at which point it’s junior’s responsibility to decide how to pay it off [buy he/she’s only got 30 days to decide]).
Reverse mortgages. They’re a thing. And they may increase during these uncertain times—just another potential, unusual trend.
Learn more at https://fallerfinancial.com/note-resources/.
Call 844-433-6683 or email firstname.lastname@example.org to sell your mortgage Note, or request a consultation at fallerfinancial.com/contact.
Photo by Evan Dvorkin on Unsplash