TIS THE SEASON TO CONSIDER A REVERSE MORTGAGE

4 Questions to ask yourself if you are undecided about whether a Reverse Mortgage is for you:

Question 1:  How long do I plan to stay in my home?

If your answer is “forever” or at least the next two to three years minimum, then a Reverse Mortgage may make sense.

Question 2:  Would more money improve my quality of life?

Are you struggling to pay heating bills and buy food?  Have you stopped your favorite magazine subscriptions, quit going to the movies or out to dinner, or even cancelled cable TV because these luxuries just don’t fit into your budget?  If a little more cash every month would make your life more comfortable, or allow you to even splurge on something special,  a Reverse Mortgage is a safe way to get that cash.

Question 3:  Is the cost of living outpacing increases in your retirement income?

As prices go up, seniors on a fixed income are the first to feel the pinch.  Property Taxes on Long Island are expected to go up in 2010.  How about gas?  Heating oil?  Medical insurance and the cost of prescriptions?  These costs are not going to go down.

Question 4:  Do I worry about money and my financial future?

A Reverse Mortgage can relieve much of the burden.  Funds can be used to pay off an existing mortgage, putting those payments back in your pocket, easing worry about rising interest rates and eliminating risk of foreclosure due to non-payment.  The money from a Reverse Mortgage comes to you every month as a set amount, or you can establish a line of credit, which actually increases over time, to be accessed whenever you need cash.

Feel free to call with your questions and concerns—I can help. 1-800-525-9940.  Or email me at PWhitlock@ChoiceHomeMortgage.com

Happy Holidays!