Bev and I took a class yesterday about Reverse Mortgages from Barry Scholes at 1st Reverse Mortgage USA (303.324.0514, email@example.com) and it was very interesting. Candidates for reverse mortgages have to be 62 years or older and can refinance or purchase a home using a Reverse Mortgage. A Reverse Mortgage is a non-recourse FHA approved product.
Many couples go all their lives paying off their home and are sitting on an illiquid asset that is free-and-clear of any loans. However, they don’t have enough money to pay their bills once they are on fixed incomes. Although they may not have a payment, they really need some cash. Now you can use a Reverse Mortgage to get part of the value of the home paid to you either in a lump sum, by taking draws on a line of credit, or receiving monthly payments! You don’t have to make payment at all!
Consider a home purchaser that has $400,000 in cash to buy a home that has a main floor master and some handicap features. This buyer is concerned that the real estate market will decline and is a little leery of putting all their money into the home. Now you can use a Reverse Mortgage and put only 45% or less down in cash, and not be required to make a payment!
This product could be very useful to many seniors and we encourage you to call us or Barry if you have questions. Todd Groth can be reached at 720.203.9624 or look us up online at http://www.bevgrothproperties.com/