REVERSE MORTGAGES: simple but powerful

By
Mortgage and Lending with Fairway Independent Mortgage Company 385907

let's just look at what everybody knows, well maybe everybody knows, or hopefully everybody know, or maybe somebody knows.

 

a Reverse Mortgage does not require the buyer (purchase) or the homeowner (refi) to make a monthly payment!

 

So let's say the required principle and interest payment is $1,000 a month currently, and the senior acquires a reverse mortgage. the required payment is now...

 

$0.00

 

simple math; that's $12,000 per year, $60,000 every five years, and $120,000 every 10 years

 

the obvious is that that will change the seniors financial position immediately. so what to do with the $$$$

it's their choice; investment, add to the retirement nest egg, improved live style (yes they should be enjoying their retirement/senior years), protection against tramatic life events, home health care; the list goes on, and on, and on.

 

so, here's a personal example; i didn't plan on having a second heart attack, but i did anyway. that's the way it works. just because you don't plan on something happening doesn't prevent it from happening. i was/am on 100% commission, and that came to an abrupt end. i did have a mortgage payment, and that didn't (come to an abrupt end.) My expenses actually increased as my income decreased, and vanished.

 

it would have been nice not to have had to make a payment.

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Florida
Groups:
Realtors®
All Things Florida
RE/MAX Active Rain Bloggers
Florida Realtor® Network
Posts to Localism
Tags:
reverse mortgages
florida
palm beach county broward county
reverse mortgage planner reverse mortgage loan officer
dadae county collier county

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,773,432
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have it seen a really good program of this.  I know my parents did one without telling me and costs were over 25 percent of the homes value

Nov 07, 2018 11:22 AM #1
Ambassador
1,474,457
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I have never been big on reverse mortgages but I have an investor who is older doing one to use funds to invest in rental houses.

Nov 07, 2018 02:28 PM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
285,803

Jay Beckingham

Seniors ROCK!
Ask me a question
*
*
*
*
Spam prevention