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Reversed Mortgage

Reversed Mortgage products are part of my practice as a Certified Mortgage Planning Specialist. While a reversed mortgage is not the only choice for seniors over 62, a reversed mortgage is something to consider. Please read my personal experience with a reversed mortgage. Reversed mortgage products offer benefits to seniors that a traditional mortgage can not and are a part of my mortgage planning process.

There are many websites claiming to be reversed mortgage "specialists" offering only the reversed mortgage. I believe that is a disservice to my client. I continue to offer traditional mortgage products as well as the reversed mortgage as I believe that offering only one type of mortgage may not be the best answer to my client's situation. I prefer to look at the specifics of my client's situation and suggest the most appropriate solution. It may be a reversed mortgage or it may not. Any mortgage should be a solution to a problem, not a product to be sold. Now, lets look at what a reversed mortgage really is.

Reversed mortgage products are, at their most fundamental level, designed to allow seniors to maintain their independence with dignity. A reversed mortgage allows you to use the equity in your home to maintain and even improve your lifestyle. A reversed mortgage will NOT cause you to lose your home and I have used a reversed mortgage many times to give seniors the ability to stay in their home when other alternatives have failed. Funds made available to you are not taxable and will not affect your Medicare eligibility. They can be an effective estate and financial planning tool that can be shown to increase the size of your estate as well as to reduce taxes on your estate. They require no income, credit score, or health qualification but are based on your age and the equity in your home. More than anything else, a reversed mortgage can give you peace of mind by allowing you to maintain your independence.

There are several loan types available to you and one may be a better choice depending on your specific set of circumstances

    Fixed rate Home Equity Conversion Mortgage. From the Federal Housing Administration (FHA)

    Adjustable rate Home Equity Conversion Mortgage. From the Federal Housing Administration (FHA)

    Home Keeper. From Fannie Mae

    Cash Account Advantage. From Financial Freedom

Learn more about Reversed Mortgage Myths

Learn more about their use as an Estate Planning Tool

Learn more about the use of a Reversed Mortgage for Long Term Care Planning

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

 

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