When a number of people think alike, groups start to materialize to show the value of their
thinking. The two groups are Retirement Means a Second Home For Vacations and the second
group believes that without monthly payments on their house Retirement means another way of making
money. I believe both of these groups have merit and I will show you why I believe they are right.
Retirement means second homes especially with a Reverse Mortgage because you can do what most of the others do: take the distribution and use it to buy the vacation home. You will not have a
monthly payment on either home. None is required until you sell the primary residence and on the second home their isn’t a mortgage so there isn’t a payment. Now you will have two homes, not one, and no monthly payment on either house. This could be amazing.
Retirement is a time to make more money on the house and here is a perfect way to do something to make more money. You will not have a payment until you sell. You can invest the same amount you use to pay the lender on the mortgage and all profits go to you.
Take a good look at each idea and see if you think these can be helpful to you.

Reverse Mortgage Vacation Home, Reverse Mortgage On Vacation Home

Most people are nervous about new financial products such as a Reverse Mortgage,  but that
is because you don’t understand it. Most of the people who know less about a Reverse Mortgage
will be ready and willing to tell you all about it, even though they know less than you do.
Thank them for their help, and move on without their help.

Let’s look at the Reverse Mortgage and how you qualify to get one.  You , and or your spouse,
must be 62 years of age and own your residence, whether it is a house, town house, 2-4 units
etc,  Once we determine the age and the equity you hold on your residence we can work out the
formula.  The formula is made up of your age and the equity in your house.  That will tell you how much money you will get from the Reverse Mortgage.  Once you know that you can choose a lump sum, a payment yearly and in either case you could also get a letter of credit.

YOU WILL NOT HAVE TO PAY THE MORTGAGE BACK UNTIL YOU LEAVE THE RESIDENCE.

You, the owner, will receive all of the equity that will be in the house when you are ready to leave.
The interest that you didn’t pay during the term of the lease will be deducted from the amount of
equity is available.  The sky is the limit, but the it doesn’t work the other way.  If the house didn’t
gain enough equity during the years you live in it the lender only gets anything left over from the
owner and never will their be a penny taken from the owner to help cure the loss the lender will take.

The only other monies from the borrower to the lender is the yearly property tax and fire insurance.

There are other ways to make money in this type of mortgage, and they will be explained next.

Reverse Mortgage Evaluation, Reverse Mortgage Valuation

 

 

Reverse Mortgage Strategies For The Largest Monthly Income

If you are 62 years of age and want to retire quickly but you don’t have the money perhaps
this will help. You can only have this loan on your owner occupied building so you could start looking for a new home perhaps with 2,3 or 4 additional units. If you live it a 2-4 unit building which you own
when you get your reverse mortgage you will owe the payback on the new mortgage, which is accrued fir the owner of the place. Fortunately the lenders do not include the rent from your renters
and they are used to do with it as you wish.
A four unit building in the right place may afford you the needed money to come out on the right side of your income with the reverse mortgage. If you don’t quite understand how this work give us a call and we will help you get going.
Many people who are long in the tooth would love to have a second vacation home along with- their owner occupied house but can’t afford it. Here is an idea whose time has come:
Take a reverse mortgage and take the excess money that is available into your payoff and use it to buy a second home. You do not have to payback the money until you leave your owner occupied.
That means you would own a first and second home without a payment which works like a charm.
We would be happy to show you how this works.
Many people who are long in the tooth would love to have a second vacation home along with- their owner occupied house but can’t afford it. Here is an idea whose time has come:
Take a reverse mortgage and take the excess money that is available into your payoff and use it to buy a second home. You do not have to payback the money until you leave your owner occupied.
That means you would own a first and second home without a payment which works like a charm.
We would be happy to show you how this works.
The fourth idea to improve the reverse mortgage is to use what you were using and now it sits
idly by: your payment to the lender for the interest. Now that you have the loan you know you don’t
have to pay until you are unwinding the transaction. That means you owe interest but you don’t have to pay it at this time. If you weren’t in a reverse mortgage every month would require an interest payment and a payment to keep the balance from being delinquent.
ex: If you were in a regular mortgage loan each month you would have to pay interest on it
and a principal payment on the amount owed. Let us say the interest is $135 a month and a principal payment of $250. A total of $385. You aren’t paying either bill so why don’t you pay the $250, to yourself. As long as you are in the house and loan you can put money aside to protect any
chance of losing any money. When you are ready to use it it is your money.
When you are ready to move on you will have to pay back the principal from the amount remaining after you get rid of the house. If there isn’t enough money from the dale of the place the lender gets only what is available. Now you could avoid anything because you don’t have to make
up the deficiency. With your payment to you it goes to you and nobody has any claims on the money but you.
Feel free to call me if you get lost in the paperwork and I will help you see your largess

 

 

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Don’t Evaluate a Reverse Mortgage Until you understand how they work!
1. Most people are wary about new programs especially in the field of finance. A reverse
mortgage is one of the best program ever invented for this industry. It is a program that can
help seniors with their retirement after a life of work.
The major program has the following rules that will help your living during your senior years.
The requirements are as follows:
1. You must be 62 years old, or at least one of the owners of the property is that age to
qualify.
2. You must own a house or condo or apartment that has enough to equity to qualify.
You must have enough reserves to pay your property tax and fire insurance each year.
3. Your working status can be working or retired.
4. You will receive a new mortgage that you can get rid of by selling the property or
have the heirs get the property when you pass on.
5 While you are living there with a mortgage their will be no payments until you leave.
. 6 When you leave the lender gets what he is owed by the sale of the property even if
there isn’t enough money our of the sale to to pay it back. There are no deficiency
judgement.
7. As you get older and your equity increases you can refinance to get more money out
of your place. You can sell the property whenever you can and payoff the lender.
When entering into a reverse mortgage you must be a owner resident of said property,
and be a continuous resident until you get rid of the reverse mortgage.

 

 

 

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 Most people first impressions of reverse mortgages is a fear of losing

                    their house and their money.CAN’T HAPPEN.  No payments means you

                    can’t miss any and if the value of your house drops there isn’t a deficiency

                    payment.  So now sit back and learn about profits, not losses in a reverse

                    mortgages.

                        Write to us or call us for information on the 5 different ways you can make

                    additional money with a reverse mortgage.  You will be surprised how easy

                    and lucrative it can be.

                        I look forward to talking to you.

                        Roger Schlesinger
                        (818(464-5152
                        California Real Estate Broker

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