THE REVERSE MORTGAGE
If you are over 62 years of age, own a home, and are looking for ways to help you weather your retirement comfortably and free up more of your retirement income in order to maintain your quality of life, a reverse mortgage is a fantastic and relatively new financing option that may be just right for you.
You may have already heard of reverse mortgages from friends or mortgage professionals you know, and you may also be interested in obtaining one, but the fact is that it's not very easy to find enough cold hard facts about them to make a decision. We'd like to help you de-mystify this incredible financial tool.
First, let's look at some of the more basic facts. To begin with, a reverse mortgage is simply a financial tool that lets you tap into your available home equity as a source of cash. Sadly, many people invest in their home's equity their entire lives without realizing a return on that investment. The purpose of a reverse mortgage is to help you get that return.
Next, you'll be glad to know that a reverse mortgage requires NO income qualification, NO monthly mortgage payments, NO asset qualification, and MINIMAL credit verification. It also needs to be repayed ONLY at a maturity event such as death, property sale, or relocation. Reverse mortgages are also set up so that you CANNOT owe more than your home's appraised value at the time of repayment.
One major myth concerning the reverse mortgage is that you will lose the title to your home as a result. This is FALSE, as the mortgage is simply a lien against your home, and you retain full ownership of the property. As always, consulting with family members is a crucial part of the process, and it will be important to help them understand the benefits for you, while de-bunking the misunderstandings surrounding this type of loan.
To contact a home financing specialist who can guide you through the specific options available, please fill out our online application, or call 1.800.436.0445.
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Flagship Financial Group, LLC is licensed in most states. Applicable law requires that the following licensing information be listed. Department of Corporations under the California Residential Mortgage Lending act; Licensed Mortgage Lender (FL); Arizona Mortgage Banker, License Number BK-0112158, Georgia Residential Mortgage Licensee # 17297 3130 W Maple Loop Dr., #200, Lehi, UT 84043 (GA); Illinois Residential Mortgage Licensee; Registered under the Kansas Mortgage Business Act License Number of 2002-4309; Mississippi Registered Mortgage Company; Maine Mortgage Lender License# SLM9424; Licensed by the New Hampshire banking department; Mortgage Broker 13439; Licensed by the Pennsylvania Department of Banking (PA); Virginia State Corporation Commission License #2449. In certain states in which we do conduct business, certain restrictions and limitations apply.
