I’m a reverse mortgage specialist who closed a for an unique family. They owed nothing on their home. The family’s residence greatly exceeded the maximum claim amount. The husband was still working as a consultant and brought in enough for living expenses and property taxes. With their financial abundance including the equity from the residence, was it necessary to draw money from their home?
During my inquiry, I found out that their son had recently completed Veterinary School and was about to begin his own practice. They decided to assist they son with the creation of his new business with funds from a Reverse Mortgage. Imagine the pride they will feel once their son has built a thriving business with their direct influence.
There are many reasons why this was the best way to approach this:
#2 – The Funds are in the form of a line of credit. The funds were doled out in identifiable increments for the purpose of the business only. The number one question many seniors ask when designing a trust is, “What happens if my children get their inheritance in a large sum?” Most of the time, the inheritance proceeds get spent prematurely when having that kind of money in your hands.
3. If the family tried to apply for a refinance on their home, it would have been denied. The lending institution usually takes your situation differently, nine times out of ten when your income drops due to reaching a specific age. Regardless of whether social security and equity is present. Applying many times at multiple banks will more than likely be a waste of time.
4. The loan process for this type of mortgage is quick with no aggravation. I came to their home and discussed the product in detail. One required step is going to a session of HUD Counseling. The great thing is the family already attended a session. All I needed to obtain was a few signatures on a couple of documents. For their situation, there was no payoff schedule so the loan closed in under 30 days.
I am here to answer any questions or give you more information on reverse mortgages. I do hold monthly lunch and learn presentations in the California area. Contact me if interested here.
To see how you can apply for a reverse mortgage
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MLA Style Citation:
Jaggers, Addison "Reverse Mortgages- For The Financial Secure." Reverse Mortgages- For The Financial Secure. 27 Jun. 2010. uberarticles.com. 29 Dec 2014 <http://uberarticles.com/finance/loans/reverse-mortgages-for-the-financial-secure/>.
APA Style Citation:
Jaggers, A (2010, June 27). Reverse Mortgages- For The Financial Secure. Retrieved December 29, 2014, from http://uberarticles.com/finance/loans/reverse-mortgages-for-the-financial-secure/
Chicago Style Citation:
Jaggers, Addison "Reverse Mortgages- For The Financial Secure" uberarticles.com. http://uberarticles.com/finance/loans/reverse-mortgages-for-the-financial-secure/
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