This is a loan that has existed since 1961. According the AAG, “The very first reverse mortgage is written to Nellie Young in Portland, Maine by Nelson Haynes of Deering Savings & Loan. Haynes designs this unique type of loan to help the widowed wife of his high school football coach to stay in her home after losing her husband.”
For people 62 or older, who either have a hard time making the mortgage payment, or have a house almost paid off and now find themselves needing cash for medical bills or house repairs or other life big expense.
You can get the loan to just pay off the mortgage you currently have and never have to make a payment again, or you can get monthly checks to supplement your income like a pension would or you can even have a line of credit available for future needs.
Who can a reverse mortgage help?
This type of loan can help the homeowner who doesn’t qualify for a traditional loan either because of income or credit.
This type of loan helps the person who has a lot of equity and could use some financial relief.
This type of loan is excellent for the person who has a big repair needed and does not want to get a 2nd mortgage and can’t make the payments on a bigger refinance mortgage.
Myths about reverse mortgages
There are many myths out there about Reverse Mortgages. Some are based on what the loan used to be and some are just flat out made up.
- When the borrower dies the lender takes the house away
- Your heirs will have to pay the difference if the loan is upside down at the time of your passing
- That if you go to a home the loan is due and payable
- That when you die your younger spouse will be kicked out or forced to sell
We now offer reverse mortgages!
If you are 62 or older and you are interested in a reverse mortgage, then CALL ME at 310-218-6855 for a free analysis of whether the Reverse Mortgage is right for you and how much the program would give you.
Cheers to better cash flow and a freer life ahead!