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Benefits of Reverse Mortgages
Reverse mortgage programs have been rapidly growing
in popularity in recent years and today; hundreds of
thousands of homeowners are using reverse mortgages
to improve their quality of life for their retirement
years. After a rough few years in the financial markets,
many seniors are now concerned about how they will be
able to fulfill their financial obligations, travel,
and enjoy their retirement. Reverse mortgages can help
homeowners convert a portion of their equity into an
income stream without having to sell their property,
give up title, or make monthly mortgage payments for
the rest of their lives. Plus, the income earned with
a reverse
home mortgage is completely tax-free*.
Reverse Mortgage Benefits:
- No monthly payments and no repayment is required until borrower is no longer
using their property as their primary residence, all parties on the deed pass
away, fail to pay their property taxes and homeowners insurance.
- Tax free monthly income*
- Payments can be used for whatever the borrower wants to spend the money
on including home renovations, consolidating debt, paying for medical expenses
and insurance costs, and traveling and other leisure activities
- Reverse mortgages provide a tool that allows seniors to tap into the equity
that they have built in their homes. Plus, there are no income or credit qualifications.
In today's tightening credit markets, reverse mortgage products may be one
of the best and only solutions available to most retired homeowners.
- Possibly the greatest benefit of all, reverse mortgage programs may help
seniors remain in their homes that they have worked so hard to pay for throughout
their lives.
- A reverse mortgage is what we call a non-recourse
loan. This means that with a reverse mortgage you
are not personally liable. The liability is only to
the extent of the value of your home at time of sale,
death or vacating the premises as your permanent residence.
You are not liable nor are your heirs personally liable;
they can either sell the home at time of your death
or keep the home and pay off the remaining balance
of the Reverse Mortgage.
Call AAXA's Reverse Mortgage Team today at 877-728-3569 to learn more
about the pros and cons of reverse mortgages.
*Consult a financial tax professional for details.
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