The DAY I turn 62. I’m getting a reverse mortgage. Why would I want to keep making mortgage payments when I don’t have to? That $2,000 is going straight into a mutual fund to increase my retirement cash. It’s a great tool!
I’ve been doing reverses for a dozen years or so, here in Southern CA. If you plan on living in your home indefinitely, then yes, a reverse can certainly improve the retirement picture for you. The principal limit is lower, the younger you are, though, and they work only of the current mortgage balance is relatively small or if the home is free and clear. Most borrowers chose the credit line option. The unused portion grows in tandem with the underlying interest rate of the loan, which is a big plus. About the only people not happy about you taking a reverse are any heirs, since it impacts their inheritance. :-O
MBS Highway is a communication tool that will help you improve your batting average and turn more conversations into applications. Every morning, you’ll receive a coaching video from Barry Habib which will help you beat your competition and be a true advisor in this rapidly changing environment.
The National Association of Mortgage Brokers is the voice of the mortgage industry representing the interests of mortgage professionals and homebuyers since 1973.
In addition to mandating members adhere to a professional code of ethics, NAMB provides mortgage professionals with education opportunities, and offers rigorous certification programs to recognize members with the highest levels of professional knowledge and education.
Ryan Hills and his team over at the RESource are great friends of ours. Tune-in their latest weekly episode right here on the home page of the National Real Estate Post. Ryan delivers fantastic content beneficial for both mortgage and real estate professionals.
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The DAY I turn 62. I’m getting a reverse mortgage. Why would I want to keep making mortgage payments when I don’t have to? That $2,000 is going straight into a mutual fund to increase my retirement cash. It’s a great tool!
I’ve been doing reverses for a dozen years or so, here in Southern CA. If you plan on living in your home indefinitely, then yes, a reverse can certainly improve the retirement picture for you. The principal limit is lower, the younger you are, though, and they work only of the current mortgage balance is relatively small or if the home is free and clear. Most borrowers chose the credit line option. The unused portion grows in tandem with the underlying interest rate of the loan, which is a big plus. About the only people not happy about you taking a reverse are any heirs, since it impacts their inheritance. :-O