A Reverse Mortgage can offer Seniors an option to Age-in-Place at home. They are federally insured with the rules and guidelines all set by FHA and HUD. It may surprise you to learn that this program began in 1988 under Ronald Reagan’s administration with the express purpose of helping seniors remain in their homes.
As your local reverse mortgage professional, my 30 years in the business, combined with the last 13 working exclusively with Reverse Mortgages, has equipped me the knowledge and experience to clearly explain the benefits. I will tell you up front; this program is not for everyone, but for some it can be a life changing event. We offer a stress-free review of the facts, so you can determine your best option with no hassle.
Through the years I have helped those that faced the sudden loss of family income. This often occurs after the passing of a spouse. I’ve helped others plan ahead for a quicker and more comfortable retirement by establishing a ready source of cash or income stream. I have also helped those wanting tax free cash from the equity of their home for personal reasons (a special purchase, gifts to their children or gifts to their church, etc.). In all of these situations there are no required monthly payments. That means the mortgage and/or debts get paid, and the cash that was taken from the income stream or the line of credit are all obtained without a monthly mortgage payment for life. However, don’t be confused, nothing is free and there are other conditions. We can talk about that in detail.
The thought that a Reverse Mortgage is just for those struggling with financial difficulties is not the case. While it is common for us to pay off an existing mortgage or advance immediate cash to pay bills, it is just as common for us to setup a line of credit or income stream on a home with no existing mortgage.
There is a difference on how you can obtain a Reverse Mortgage. The movie stars on TV hawking Reverse Mortgages will give you their spiel over the phone when offering you their program. We don’t think that’s the best process, and we certainly don’t do it that way. We believe that in order to make an informed decision you need all the facts and a ten-minute phone call simply cannot accomplish that. We will discuss the basics with you over the phone to see if you qualify. We then prefer to follow that up with a face-to-face discussion with you and your advisors about all of the various options. This can take place in the comfort of your home. Our experience has proven that the process works better that way. It is important to point out that we are Seniors as well, and we strictly practice social distancing and all other safety protocols.
Once you’ve made the decision to go forward, we will visit you again to complete the application. You deal directly with us throughout the entire process, all in the comfort of your home.
I invite you to give us a call. I look forward to discussing the various options that might work for you.
Jack Cawthon is a Denton area mortgage broker (and native Texan) with more than three decades in the mortgage business. For more information call Jack at 940-289-3100 or visit his website at www.PreferredReverse.com