Reverse Mortgages- For The Financial Secure
Monday, June 21st, 2010I’m a reverse mortgage professional who closed a for an non ordinary family. Their home was paid off completely. The property was worth well over the Maximum Claim Amount. The husband was still working as a consultant and brought in enough for living expenses and property taxes. With both husband and wife receiving Social Security it seemed that pulling money out of their home was an unnecessary move.
While asking more questions,, I found out that their son had recently completed Veterinary School and was about to begin his own practice. The parents decided to help their son in starting his new business.
This was an intelligent to proceed this way for several reasons:
Tax-free funds
2 – The Funds from the Reverse Mortgage came in a Line of Credit. The funds were doled out in identifiable increments for the purpose of the business only. Many seniors that are in the process of creating a Trust are asked themselves, “What is going to happen if our Son/Daughter gets all of their inheritance in one lump sum?” In too many cases that money gets spent frivolously by a generation that is not used to having large sums at their disposal.
Trying to refinance their home, would have lead for it to be denied. The lending institution usually looks at your situation much differently when your income drops due to reaching a particular age. Regardless of whether social security and equity is present. Applying many times at multiple banks will more than likely be a waste of time.
4. The loan process for this type of mortgage is quick with no aggravation. I came to their home and discussed the product in detail. One required step is going to a session of HUD Counseling. The great thing is the family already attended a session. All I needed to obtain was a few signatures on a couple of documents. For their situation, there was no payoff schedule so the loan closed in under 30 days.
If you would like to learn more or you’re just curious to see if a Reverse Mortgage is a viable product for you, I welcome you to join me for lunch. My name is Addison Jaggers. I host a weekly Lunch & Learn in Santa Ana at Polly’s Bakery Caf(c) and Benji’s New York Deli. Call me for times @ (949) 981-2905 and/or RSVP by email addison.jaggers@wellsfargo.com Follow me on Meetup for updated events.
To get educated and to see if you qualify for a reverse mortgage