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FINANCIAL SECURITY IN 2010
January 7, 2010 by pwhitlock · Leave a Comment
A Reverse Mortgage can be a great way to establish financial security. There are lots of people – and I’ve met quite a few of them – who own a home free and clear yet they worry about money every month if not every day.
Think of your home as a great big piggy bank that youv’e been putting spare change into for years. You put in a whole bunch when you bought it, put in a lot more with every improvement you made over the years, and value has been piling in as your home appreciated over the years.
But how to get it out?
A home equity loan is one way, but banks charge interest and payments are required every month. A Reverse Mortgage is not so different, but YOU ARE NOT REQUIRED TO MAKE A SINGLE PAYMENT AS LONG AS YOU LIVE IN YOUR HOME. Big difference there.
Imagine a loan that pays you. The piggy bank spits out a few or several hundred every month for expenses. Or you can draw it out as you need it. The amount available depends on how much is in there (determined by the value of your home and your age). The older the homeowner, the more money is available.
Your home will always belong to you. As long as you are current on homeowners’ insurance and property taxes, and maintain the property to a reasonable standard (you do this anyway!), NO-ONE CAN EVER FORCE YOU OUT OF YOUR HOME.
Think about it. Think about the difference a few or several hundred more dollars a month might make to you, and call to find out how much is available. An experienced expert is only a phone call (or email) away.
631-758-9200 extension 228
