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Why a Reverse Mortgage
There are many reasons a
Reverse
Mortgage will benefit you. Some of the most common are: -
Eliminate a present mortgage and
house payment -
Increase monthly income -
Provide for
home improvements -
Pay off existing debt (current mortgage, credit cards,
other personal debts and loans)
-
Offset the cost of prescription medications -
Establish either
life Insurance or long term care insurance -
Travel -
Contribute to grand children’s college education -
Estate
planning -
Any purpose you choose
In addition to these reasons to get a reverse mortgage, the added benefits include: -
You continue to own and occupy your home -
NO RECOURSE (you can never owe more than the value of your home) -
NO pre-payment penalty -
NO monthly payment -
Tax free income -
The loan does not require repayment until you fail to occupy the property for a period
of 12 consecutive months -
A variety of ways you can choose to receive the money -
You decide HOW to spend it -
Loan is based on your age and
property value, NOT your credit or income. -
HECM loan is insured by the Federal Housing Administration to protect you.
With a
Reverse Mortgage, instead of using income to gain equity, the borrower is using EQUITY to Increase Income!
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