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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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