What is A Reverse Mortgage - Keller Williams Realty



What is A Reverse Mortgage?

A Reverse Mortgage is a loan that you obtain on your property that you do not have to pay back – until you move away or die!

In order to get a Reverse Mortgage you have to have the following qualifications:

1. You have to be 62 years or older

2. You have to own your home

3. You need to have some equity in your property.

That’s It!

There is NO income qualification!

There is NO Credit Qualification!

HOW LONG DOES IT TAKE? The average time is 4 to 6 weeks.

WHAT ELSE DO I HAVE TO DO?

- You have to have counseling done if you decide you want to get a Reverse Mortgage.

- The counseling usually takes about 15 minutes over the phone.

- My office will order an appraisal for you and we will order a Termite Inspection.

- There is NO – Out of Pocket Expenses!

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HOW MUCH MONEY CAN YOU GET?

- The Amount you receive depends on the property value

- It depends on your age.

- It depends on if you have a loan that needs to pay off.

- The loan limits can range from $362,400 for the FHA Federally Insured Programs up to $5,000,000 for some Jumbo loans.

- Most of the rates are adjustable but there is a fixed rate program available

- Rates are determined and locked in during your loan application process so we are not able to quote you a rate. They change weekly.

HOW DO YOU GET YOUR MONEY?

- Once your loan is done you can get your funds in a lump-sum; line-of-credit, or receive monthly payments or a combination of both.

WHAT IS THE DOWN-SIDE OF THE REVERSE MORTAGE?

- The heirs to your estate will not have all of the property’s value and equity if you were to pass away. They would have to possibly sell the house to pay off the loan and take the balance of the equity and use that as their inheritance.

- Most kids, grand-kids are happy to see their parents and grand-parents utilizing the equity in their home to live a better quality of life.

- I generally will structure a way where we can pay off the loan – without having to sell the house – using tax-free money. In order to qualify and use the techniques, each person would have to qualify for some of the other programs.

MOST PEOPLE THINK THAT IT IS TOO GOOD TO BE TRUE!

- I have a list of clients that would be happy to talk to you about the Reverse Mortgage and what there experience has been.

- Most clients have lines of credit, others have taken over $200,000 in cash!

- Some don’t like it and others absolutely love it – and are extremely grateful!

- I encourage you to do some research and to learn for yourself.

If you would like to get started and want more information , I am here to help.

You are more than just a client to me – you will have me for life and I am here to answer all of your reverese mortgage, real estate and estate planning questions!

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