reverse mortgages: security in retirement presented by: lorrie larson
TRANSCRIPT
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Reverse Mortgages: Security in Retirement
Pres
ente
d by
: Lor
rie L
arso
n
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• All borrowers must be 62 years of ageAge
• No monthly paymentsPayment
• Must have a minimum of 50% equityEquity
• Must occupy your home as your primary residence. Primary
Reverse Mortgage Basics:
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What have you heard
about reverse mortgages?
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Misconception: If I take out a reverse mortgage the lender will own my home.
Reality: Homeowners still retain title and ownership to their homes during the life of the Reverse Mortgage.
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Misconception: I can’t get a reverse mortgage if I have an existing mortgage.
Reality: With enough equity, you may be able to pay off your existing mortgage or other debt with the reverse mortgage.
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Misconception: I’ve heard I won’t qualify for a RM because of my income.
Reality: Unlike a traditional mortgage where mortgage payments must be made each month, a RM pays you. There are no income, asset or credit qualifications.
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Misconception: There are restrictions on how RM proceeds may be used.
Reality: There are no restrictions. The cash proceeds from the RM can be used for any purpose.
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Misconception: If I outlive my life expectancy, the lender will evict me.
Reality: RM lenders put no time limit on how long you can stay in your home.
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Misconception: My heirs will be responsible for the repayment of the RM
Reality: RMs are non-recourse loans. That means, if the property is sold to pay-off the loan when you pass away or decide to leave the home for other reasons there will be no mortgaged debt for the family and heirs to repay
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Recognizing the value of RM, the US Congress made substantial improvements to the federally issued HECM:
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Raised loan limits
Lowered fees
Created a RM for purchase program
Implemented stricter consumer protections
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My mission is to always provide you with accurate information about what a RM is and how it works so that you can make informed decisions about
whether this product makes sense for your particular situation
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Reverse Mortgage...It’s about the Quality of life