Okay Seniors, this one's real cool!
Now remember, when I say Proprietary Reverse that means we have the capacity to deliever a mortgage up to $4 million, with optional monthly payments. So if you so choose, you need not make any payments for...well let's say; the rest of your life.
So why do I like the "FLEX" you may be wondering, well let me share.
First, remember that available funds are basically determined by your age, and the value of your home, and we'll throw in the existing balance on you current mortgage, if you have one...so here goes!
this plan allows you to take up to 60% of the available equity, at the time of closing. You can use this to payoff an existing mortgage (alieviating the payment), start or strengthen your retirement account, or pay cash for a condo at the beach. Essentially it is your funds, and you control how you would like to use them.
Next, you can take the other 40% in monthly payments (to you). The term needs to be somewhere from 1 to 5 years. So, since you're getting significant monthly payments you can delay filing for your social security (if you haven't done so), allow your retirement funds to grow by leaving them alone, and not drawing against them, or do something crazy like just comfortably enjoy your retirement, or your senior years...it's your money, you earned it...you decide.
I love this plan! It's unique! I have been a lender for 40ish years, and I have not seen anything like it.
By the way if you have any suggestions as to how to best utilize this plan, there is a comment section.
Share your thoughts...Please
So if you need/want additional info, just reach out to the guy in the corner, and as always
when you're looking to acquire information on Reverse Mortgages please make sure you're speaking with a well trained, knowledgable Reverse Mortgage specialist...
ps; that excludes cartoon dogs, and TV stars...in my opinion