 |
Learn the facts about Reverse Mortgages! Hello from Jim & Doris Grasmehr Your Reverse Mortgage Senior Loan Specialist! Thank you for visiting our site. We are in our mid 70's and have had Reverse Mortgages for the last 5 years. Since then we have helped over 100 seniors get thiers. |
|
All Loans Funded by WSB Mortgage Services Inc. Who is WSB? Click Here |
| For the Families of
Seniors A reverse
mortgage could be the
ideal way for your parents to
benefit from the wise investment they made
in
real estate perhaps decades ago.
If
you are the son or daughter of a senior who is age 62 or older, you
should understand the facts about reverse mortgages because many parents
consult with their children about estate planning.
• Get money without movingA reverse mortgage can help your parent's) create a new source of tax-free money without having to sell their home. In fact, they can stay in the home they love for as long as they'd like.• Financial independenceA reverse mortgage allows seniors to tap into money they've earned in the form of home equity, and avoid having to depend on children or relatives for financial assistance. •
|
Keep
title to the house
Your parents
retain full Title to their home and have no risk of losing the home to
the reverse mortgage lender. And no matter what happens to the housing
market. your parents can never owe more than the value of their home
when it is sold.
• Proven safeOver 350,000 Americans have already benefited from reverse mortgages. The fact is that HECM reverse mortgages are government insured loans and many safeguards are in place to protect seniors from unethical lending practices. • Repayment optionsIf your last-remaining parent passes away while living in the home, you, as the heir's), simply payoff the reverse mortgage loan balance in full. If you -or a sibling or other relative want to keep the home in the family, you can refinance or use other assets to pay for it. If no one in the family is interested in keeping the home, it can be sold to repay the loan. Any money left over goes to the estate to be shared according to your parents' last wishes.
|
How the Reverse Mortgage
Program Works Like any other financial
transaction, getting a reverse mortgage involves a number of steps
designed to protect both. you and the lender. ..
Here are the steps you can " expect to go through when you apply through the Financial Freedom reverse mortgage program: 1. Initial discussionThe first thing we like to do is talk to you, either over the phone or in person, about whether a reverse mortgage is right for you. We talk about the pros and cons of the program, how it works, how much money you might receive and anything else you'd like to know about. Then you decide whether you want to take the next step. 2. Counseling If you decide that a reverse mortgage is the right choice, you receive independent counseling from a certified, HUD approved counselor to make sure that you have had all your questions answered and that there has been no confusion. It's a protection device that the government has built into the process of obtaining a reverse mortgage.
|
3. Appraisal
Then we help you arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines. 4. Inspection In many cases, an inspection is required to make sure that the home is structurally sound and that there's no extensive termite or dry rot damage. 5. Underwriting After the appraisal and inspection reports are completed, we go through all the normal processing procedures that you might find in any mortgage.6. Closing The final step of the program is the closing where you receive the money, or proceeds, from your reverse mortgage. You can choose to receive the payment in one of three ways: as a lump sum, as a monthly payment or as a line of credit. Then it's up to you: pay bills, fix up the house, help a family member, or use the money to enjoy your life
|
SeniorZone.net © 2006+
This site was last updated 11/28/08