FREEDOM TO CHOOSE... your retirement options.
Updated: Apr 14, 2022
Three basis about reverse mortgage loans you should know:
Receive Tax-Free Money From Your Home Equity
A reverse mortgage can be used to turn equity in your home into cash that can be used for many different purposes that may enhance and extend your retirement. If you currently have a mortgage, a reverse mortgage could eliminate your current monthly payment (except taxes, insurance and maintenance) and also allow you to access any additional equity (over and above your mortgage balance) to create accessible cash which is not readily available while in the form of home equity. (*This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation.)
Eliminate Your Monthly Mortgage Payment
A reverse mortgage loan is a mortgage that does not require a payment until you pass away or move out of your home. You are required to always pay taxes , insurance and maintenance on your home, but whether you take a line of credit, monthly checks, or a lump sum, you will not be re-quired to make a payment and maintain the home during your lifetime as long as you live in your home.
Never Owe More Than What The Home Is Worth**
When you permanently move out of your home, whether you sell it or pass away, neither your estate nor you heirs are responsible to pay the deficit if the balance owed on your reverse mortgage exceeds the home value. However, should your heirs want to keep your home, they may pur-chase it for 95% of the current appraised value (**There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes, insurance and maintenance. Credit subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.)
Find Out More About the HECM Line of Credit!
The Most Common Uses of a Reverse Mortgage Loan When You Don't Need the Money Now:
Use as a standby line of credit
Bridge the Medicare Gap from 62-65
Pay for life insurance without impacting overall cash needs
Use for tax planning purposes by using optional payments strategically*
Save on taxes by decreasing withdrawl rates on IRA's and other taxable accounts*
Purchase a second home
*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.
Register for one of Joan Qvigstad’s Reverse Mortgage Seminars and learn if a reverse
mortgage loan is right for you! You can call her at 360-271-5946 or CLICK HERE to register!