Pros & Cons
Learn the Pros & Cons of a Jumbo Reverse Mortgage
Pros of a Reverse Mortgage
- Allows homeowner to stay in their home
- Can pay off existing mortgages, line of credit, and other liens.
- No monthly mortgage payment are due for as long as home owners live in the home and meet the requirements for maintenance, paying property taxes, and insurance
- It is an interest only loan and not payable until the last person on title sells, moves, or dies.
- Heirs inherit the home and keep any remaining equity after the balance of the reverse mortgage is paid off.
- Loan proceeds are not taxable.
- Social Security income is not affected.
- The closing cost fees are very low and can be financed into the loan.
- We offer large Lender Credits to offset the other fee costs.
- There are NO government MIP, FHA mortgage insurance fees, ever.
- The SELECT Jumbo Reverse Mortgage Line of Credit GROWTHS monthly.
Cons of Reverse Mortgage
- Medicare and other need based government programs can be affected if too much funds are drawn down in a one month period.
- You are spending a portion of your children inheritance on yourself in order to live a better financial life.
- It is 100% up to you. Do you want to retire Better?
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