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Use Your Home Equity TO create a better Retirement
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Many of the seniors we help are on fixed income. When you eliminate your largest monthly expenses, your cashflow increases and you are more comfortable.
Reverse Mortgages allow you to use some of your home equity, so you can keep more of your retirement money in the bank. In today’s market, it’s vital to keep your “safe money” safe.
Healthcare costs for seniors are at an all time high, yet 9 out of 10 seniors would prefer their home over the nursing home. Use a Reverse Mortgage to pay for home health care, a modification, or even to downsize into your perfect “Forever Home”.
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Welcome to Reverse Mortgage Reality! Our goal is education and service. We aim to teach you how you can utilize a reverse mortgage in Pennsylvania, New Jersey, Florida, or all across the United States. In fact, since 2008 we’ve helped over 460 seniors learn about and get reverse mortgages.
Continue to read below if you’d like to learn how a reverse mortgage in Florida, California, New Jersey, Pennsylvania, Maryland or Colorado can work exactly for you, a loved one or a client.
Here are the types of folks we help…
At Reverse Mortgage Reality, we have an Education First model. Here’s how it works…
A reverse mortgage is a program that’s only available for seniors who are 62+ who own and live in their home. It allows you to take PART of your home’s value in tax free cash, without requiring monthly payments.
If you’re wondering why you don’t get the ENTIRE value of your home, its because you aren’t selling it to the reverse mortgage lenders. You are still the full owner. The reverse mortgage company just gets paid back when you(or both you AND your spouse) pass away or sell your home. More on that later….
When you get a reverse mortgage, first, we pay off anything that’s owed on your home. This means a first or second mortgage, a HELOC, any sort of loan, taxes or judgments.
Next, if you qualify for extra money, you can take it up front in 2 lump sums, you can take it in monthly income(just like an annuity), or you can leave it in a line of credit that actually grows tax free over the years.
A reverse mortgage SHOULD NOT be cookie cutter. At Reverse Mortgage Reality, we realize that no 2 seniors have the exact same situation(or needs), so often we structure the reverse mortgage differently.
For example, a senior who has a free and clear home and needs home health care to Age In Place would take their money differently than a senior with a large mortgage on her home. The senior needing in home care would take a combination of up-front cash and a reverse mortgage line of credit, while the senior with a mortgage would primarily use the reverse mortgage to pay the mortgage company off(and possibly get a few dollars after that).
If you’d like a reverse mortgage calculator…below we’ll show you how much cash you can get and your options.
Here are the different types of reverse mortgages. In New Jersey(as well as Pennsylvania, Florida and across the country) reverses are broken into 3 main types. Those are the federally insured reverse mortgage(HECM), the JUMBO reverse mortgage(or proprietary reverse mortgage) and the reverse mortgage for purchase. Below we’ll go over each option…
This stands for Home Equity Conversion Mortgage. A HECM is the most common type of reverse on the market today. It covers the above characteristics under “What is a reverse mortgage?”
The HECM is insured by the FHA and covered by “MIP”, which is a sort of federal insurance. MIP protects your heirs in case the real estate market drops(think 2008).
In addition, HECMs cover homes up to a maximum value of $970,800. Yes, we can do HECMs for pricier homes, but there might be better options(see jumbo reverse mortgage below).
The vast majority of reverse mortgages issued these days are HECMs, but if your home is worth over $700,000, you should explore the jumbo(or proprietary) reverse mortgage as well.
A jumbo is for homes who have higher values than $970,800. Being outside of the FHA, high value home owners can get more of their equity from a jumbo(or proprietary) reverse mortgage.
For example, a senior who’s home is worth $1,300,000 would be able to get FAR MORE CASH from a JUMBO Pennsylvania reverse mortgage than a traditional HECM.
Despite being outside of the FHA, Jumbo Reverse Mortgages give the same “non recourse” protections to heirs that HECM’s give. There are other advantages too; Jumbos never require mortgage insurance and in some circumstances they are actually easier to qualify for.
For full details on the Jumbo Reverse Mortgage CLICK HERE.
A reverse mortgage(or HECM) for purchase is a unique tool that allows seniors to “rightsize” to their forever home and remain financially stable. With a HECM for purchase, a senior will invest approximately 45-75% into their home with the reverse covering the rest. Furthermore, you’ll have no mortgage payments to pay for the rest of your life(you are responsible for paying property charges including taxes, homeowners insurance and hoa dues).
Here’s an example of how a reverse mortgage for purchase works. Frank is 68 and wants to move from New Jersey to Pennsylvania to be closer to his grandkids.
Frank finds a wonderful home in a 55+ Community that he buys for $403,000. Because of his age, Frank invests just $216,000 into the home, and the reverse mortgage covers the remainder. And of course, Frank has no mortgage payments. He just has to stay current on his property taxes, homeowner insurance and HOA dues.
Frank is elated with his reverse mortgage; he’s got money in the bank AND he doesn’t have any monthly payments.
For full details on the HECM for Purchase CLICK HERE.
You just briefly read about how Frank used a reverse mortgage to purchase his forever home close to his grandkids. In addition to buying a home, how else can a senior use a reverse mortgage in Florida(or Pennsylvania, New Jersey, etc)?
✅Eliminate Your Existing Mortgage/Bills and Save Cashflow
✅Pay for Home Health Care to Age In Place
✅Buy Your “Forever Home”…Just Like Frank
✅Get Annuity Style Income(but without the taxes)
✅Create a Line of Credit that Grows Over the Years(again tax free growth)
✅Fund a Business
✅Take Care of Family Members
✅Aid In “Grey Divorce”
✅Self-fund Long Term Care(by either buying a policy OR setting your own line of credit)
✅Create Another Bucket of Money to Draw From
Stop Drawing Down Retirement Accounts(and save the taxes too)
✅Etc Etc Etc
The bottom line is, if you’re looking information, have a question or want a quote we’d be glad to help. At Reverse Mortgage Reality, we help folks all over Pennsylvania, Florida and New Jersey(and the country), and we’d be elated to help you. Reverse Mortgages are a wonderful program for senior citizens, and we’re more than happy to walk you through the process hand-in-hand. For contact information…
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Contact Information: Phone (888) 309 9705 or Email jason@keyhomelending.com
