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Reverse Mortgage
A mortgage program designed for age 62+
You've put a lot into your home - Perhaps now is the time it
should start working for you!
6 Ways a Reverse
Mortgage Can Improve your Quality of Life:
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Eliminate your monthly
mortgage payment |
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Receive extra monthly
income |
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Eliminate credit card
debt |
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Receive a lump sum or
line of credit |
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Enhance your estate
planning |
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Just enjoy life a bit
more |
The Reverse Mortgage does not
affect Social Security or Medicare; the proceeds are tax
free and you retain full home ownership.
What is a Reverse Mortgage?
A reverse mortgage is a special type of loan made to age 62+
homeowners to enable them to convert the equity in their
home to cash to finance living expenses, home improvements,
in-home health care, or other needs.
With a reverse mortgage, the payment stream is "reversed."
That is, payments are made by the lender to the borrower,
rather than monthly repayments by the borrower to the
lender, as occurs with a regular home purchase mortgage.
A reverse mortgage is a sophisticated financial planning
tool that enables age 62+ homeowners to stay in their home
and maintain or improve their standard of living without
taking on a monthly mortgage payment. Program participants
do not have to meet income requirement and there are only
minimal credit requirements to qualify for a reverse
mortgage.
The size of reverse mortgage that a borrower can receive
depends on the type of reverse mortgage, the borrower's age
and current interest rates, and the home's property value.
The older the applicant is, the larger the monthly payments
or line of credit.
A reverse mortgage isn't repayable until the borrower no
longer occupies the home as his or her principal residence.
The repayment obligation for a reverse mortgage is equal to
the principal balance of the loan, plus accrued interest,
plus any finance charges paid for through the mortgage. And,
very importantly, this repayment obligation cannot exceed
the value of the home. .
Ladd Financial looks forward to the opportunity to help you
determine if a reverse mortgage could be the right financial
solution for you or your family. Please give us a call today
and let’s get started helping you make those important
determinations.
Please contact us if you
have any questions.
203-454-5233
· 800-889-LADD |
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