These are actual Reverse Mortgage customer scenarios showing how the reverse mortgage proved to be a great solution for them. Reverse Scenario: Larry & Julie are 70 years old, owe $75,000 on their $550,000, with a $1,200 monthly payment.They are looking for about $50,000 on a HELOC in order to remodel their kitchen.They are living…
I pulled this word by word from the AARP handbook. There are also single-purpose reverse mortgage loans offered by states or local governments — these are often designated for paying property taxes or covering home repairs — as well as proprietary reverse mortgages with fees and terms that can vary by lender. Proprietary reverse mortgages…
“This IS a Reverse Mortgage Customer!” Maria is 62 years old and still owes $125,000 on her $500,000 home. She has a good job and intends to work for another 6 years, retiring at age 68. She has no problem making her $1,200/month P&I payment on her current mortgage (with a 5% interest rate), BUT she…
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But here’s one move borrowers can make right now.Waiting for the Fed to cut so Reverse Mortgage rates will go down is a ‘flawed’ idea, one professor says. I found this article I wanted to bring to my viewers. The 30-year mortgage rate fell to the lowest level in a year in early September, a…
As most of you know by now, the Federal Government was shut down effective October 1 and will remain shut down until Congress comes to an agreement to continue funding the government. We will keep you updated as we learn and hear more here at SimpleReverse, but in the meantime, what does this mean for…
(HECM) Reverse Mortgage vs (HELOC) Home Equity Line of Credit Over 1.5million baby boomers utilize HELOC’s on an annual basis as a way to access their home equity to help fund retirement, pay for home improvements, consolidate debt, pay for home healthcare, or many other reasons. Today, we want to address the advantages to these…
Peter is 75 years old and is beginning to struggle to pay for and maintain his existing $750,000 home. So, he was planning on selling that home, netting about $500,000, and using the proceeds to pay cash for a new $500,000 home in a maintenance-free senior community.· His only income is his $3,500 a month…
