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Retirement Help With A Reverse Mortgage
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Retirement Help With A Reverse Mortgage

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  • 1. Securing Retirement Through Knowledge Lock In Your RetirementUsing A Reverse Mortgage www.MortgageRetirementPlan.com
  • 2. Securing Retirement Through Knowledge What Is A Reverse Mortgage?Reverse mortgages enable homeowners age 62 or older to convert their home’s equity into available cash.A lender advances the money based upon the equity inyour home. The loan amount you are eligible to receive depends upon the amount of equity in your home and your age at the time you get the loan. www.MortgageRetirementPlan.com
  • 3. Securing Retirement Through Knowledge Reverse Mortgage Questions Why Use A Reverse Mortgage ? To Provide Monthly Payments, Lump Sum CashPayments or Eliminate Monthly Mortgage Payments With No Tax Implications Who Uses These ? Homeowners From All Income Brackets andDemographic Backgrounds Find Reverse Mortgages Extremely Useful To Benefit Their Retirement www.MortgageRetirementPlan.com
  • 4. Securing Retirement Through Knowledge Reverse Mortgage Benefits No Payments Due…………EverLump Sum and/or Monthly Payments Paid To You Professional Counseling Appointments You Still Own Your Home Little or No Closing CostsPayoff Anytime or Not Till You Are Done With The Home www.MortgageRetirementPlan.com
  • 5. Securing Retirement Through Knowledge Financial Example Of Reverse Mortgage Bill and Wendy Smith Owe $140,000 On Their Home The Home Is Valued At $300,000 They Are 65 and 68 Years Old They Have A $1206 Dollar Monthly Mortgage Payment They Live On $2763 A Month From Social Security They Have $30,000 In Cash Reserves ____________________________________________ After They Close Their Reverse Mortgage They Have No Mortgage Payment Still Receive $2763 From Social Security They Have $75,000 In Cash Reserves www.MortgageRetirementPlan.com
  • 6. Securing Retirement Through KnowledgeReverse Mortgage Qualifications Youngest Homeowner Must Be 62 Requires Roughly 30% Equity No Foreclosure In Last 3 Years No Income or Asset Restrictions www.MortgageRetirementPlan.com
  • 7. Securing Retirement Through Knowledge Reverse Mortgage Options Cash Proceeds Can Be Received In A Lump Sum Guaranteed Monthly Payments As A Credit Line A Combination Of These www.MortgageRetirementPlan.com
  • 8. Securing Retirement Through Knowledge Reverse Mortgage Alternatives Sell The Home Rent It Out Or Lease It Traditional or Conventional Financing www.MortgageRetirementPlan.com
  • 9. Securing Retirement Through Knowledge Reverse Mortgage CounselingBorrowers Meet With A Licensed Loan Officer and A Licensed Reverse Mortgage Counselor Prior To Completing The Loan Application www.MortgageRetirementPlan.com
  • 10. Securing Retirement Through Knowledge Reverse Mortgage BudgetingMonthly and Annual Budgeting Worksheet Completed Covering Before and After Financial Scenarios www.MortgageRetirementPlan.com
  • 11. Securing Retirement Through Knowledge Reverse Mortgage Timing The Reverse Mortgage Process Is Much Easier Then The Traditional Mortgage Process. These Loans MayClose As Quickly As 3 Weeks Once The Application and Counseling Appointments Have Been Completed www.MortgageRetirementPlan.com
  • 12. Securing Retirement Through Knowledge Reverse Mortgage Real EstateMost Types Of Real Estate Are Eligible For Reverse Mortgage Financing: Residential Homes FHA Approved Condominiums Manufactured Homes 2-4 Unit Properties Detached Homes www.MortgageRetirementPlan.com
  • 13. Securing Retirement Through Knowledge Reverse Mortgage Due OnReverse Mortgages Balances Are Not Due Until The Homeowners Move Out Of The Home And TheAmount Due Will Never Be More Then The Value Of The Home www.MortgageRetirementPlan.com
  • 14. Securing Retirement Through Knowledge Reverse Mortgage ExpirationReverse Mortgages Do Not Expire Or Become Due and Payable Unless The Homeowners Move Out www.MortgageRetirementPlan.com
  • 15. Securing Retirement Through Knowledge Reverse Mortgage Payments The Homeowner Is Never Required To Make AMonthly Or Annual Payment However They Can Make Payments Or Payoff The Loan In Full Anytime www.MortgageRetirementPlan.com
  • 16. Securing Retirement Through Knowledge Reverse Mortgage Cash LimitsThe Reverse Mortgage Loan Limit Is Decided By The Age Of The Borrower and The Property Value.The Loan Amount May Be As High As The FHA Loan Limits - $625,500 In King County www.MortgageRetirementPlan.com
  • 17. Securing Retirement Through Knowledge Reverse Mortgage ProcessThe Reverse Mortgage Process Is Much Simpler Then The Traditional Mortgage Loan Application Appointment Counseling Appointment Paperwork Appraisal Documents and Signing Closing www.MortgageRetirementPlan.com
  • 18. Securing Retirement Through Knowledge Reverse Mortgage Payoff The Eventual Loan Payoff Is Not Due Until TheHomeowners Move Out and Is Based On The Original Loan Amount, Any Additional Withdrawals and Accrued Interest www.MortgageRetirementPlan.com
  • 19. Securing Retirement Through Knowledge Reverse Mortgage Reasons To Provide Additional Monthly Income To Eliminate Monthly Mortgage Payments To Withdraw A Lump Sum Of Cash To Establish A Credit Line For Emergencies www.MortgageRetirementPlan.com
  • 20. Securing Retirement Through Knowledge Reverse Mortgage Advantages Simple Qualifying You Continue To Own The Home Multiple Cash Options Credit Line Limit Increases Annually Cash Drawn Can Be Used For Any Purpose No Payment Due Appointment and Counseling Sessions www.MortgageRetirementPlan.com
  • 21. Securing Retirement Through Knowledge Reverse Mortgage Credit Credit Requirements For A Reverse Mortgage Are Much Simpler Then A Conventional Loan Or Line Of Credit – No Credit Score RequiredCredit Is Checked Simply To Verify There Has Been No Foreclosures In The Past 3 Years www.MortgageRetirementPlan.com
  • 22. Securing Retirement Through Knowledge Reverse Mortgage Eligibility The Primary Eligibility Requirements Are Youngest Homeowner Must Be 62 Or Older Property Must Conform To Previously Mentioned Property TypesBorrowers Must Be Foreclosure Free For Previous 3 YearsHomeowners Must Complete Loan Application and Counseling Session www.MortgageRetirementPlan.com
  • 23. Securing Retirement Through Knowledge Reverse Mortgage Tax ImplicationsMoney You Receive From A Reverse Mortgage Is Tax Free and Will Not Impact Your Tax BracketYou Will Also Be Eligible For Your Full Social Security and Medicare Benefits If Proceeds Are Used For Investment You Will Need To Consult Your Tax Professional www.MortgageRetirementPlan.com
  • 24. Securing Retirement Through Knowledge MortgageRetirement@Gmail.comhttp://www.MortgageRetirementPlan.com www.MortgageRetirementPlan.com