REVERSE MORTGAGES VS. REGULAR MORTGAGES
If you are over 62, own a home and answer B to any of the following questions you may benefit from a reverse mortgage and should consider getting more information from us.
1. What type of mortgage is more secure as you approach retirement or once you are retired?
a. A mortgage that requires monthly principal and interest payments be made and if not made your house is subject to foreclosure or you are forced to sale to avoid foreclosure; OR
b. A mortgage that allows you the option of whether to make a monthly payment or not and if you choose not to you are not subject to foreclosure or forced to sale to avoid a foreclosure.
2. If you own your home and you do not have a mortgage, which would you prefer as you approach retirement or once you are retired?
a. No ability to access your home equity in retirement for emergencies, to manage cash flow in retirement or to meet other financial needs unless you get a mortgage that requires monthly payments of principal and interest (assuming you can qualify when the need arises); OR
b. The ability to access a growing percentage of your home equity whenever you want and for any purpose without the requirement to make monthly payments of principal and interest.
3. Which of the following mortgages would you prefer as you approach retirement or once you are retired?
a. A mortgage that requires you or your beneficiaries to pay the full balance of the mortgage even if the house is worth less than the mortgage at the time of sale; OR
b. A mortgage where you and your beneficiaries will neve be required to pay more than the house is worth even if the mortgage balance is higher.
4. Which type of mortgage would you prefer if married as you and your spouse approach retirement or once you are retired?
a. A mortgage where if one spouse passes away the surviving spouse IS REQUIRED to continue to make monthly principal and interest payments, even if they have lost a portion of their income, if they want to remain in their current home; OR
b. A mortgage where if one spouse passes away the surviving spouse is NOT REQUIRED to make monthly principal and interest payments and can remain in the current home for as long as they desire.