SHOULD I GO FOR THIS, OR KEEP AWAY FROM IT?
What should I do, Think or Blink?
Well, Are you going to find out about the so-called danger in the
Reverse Loan? I recently heard from a lady in Orange County who has
a husband who thinks it could be a scam but he hasn’t a place to find out about
this loan any other loan.
If you don’ have a familiar mortgage broker or mortgage company why not give
Roger Schlesinger, the Mortgage Minute Guy, a call or send him a message.
We loan in every state! The following is easy to understand how the loan works and why
it is so desirable. The loan is for senior citizens and not available to those under 62 years of age
Let me get right into the Reverse Mortgage from beginning .to redemption.
You must own your property and live in it as your primary residence. This program is aimed
for seniors who live in their own property, but they are able to own other residential or commercial
property as well.
You may live in a single-family house, a duplex property (2 families), triplex or a 4-plex house
as long as the seniors own their own property.You may. You can also buy a condo of different
sizes as long as the senior lives in one of the units and of course, he is 62 or over.
Once the housing is settled we can start the program. The reverse mortgage company will
hire an appraiser to do a full appraisal and arrive at a value. This value will be added to
the age of the youngest borrower. The next step is to use the age of the borrower and the value
of the building(s) to get a value. The older the borrower the larger of the value of the property. The higher the age will increase the larger percentage of the value will go to the borrower. When you reach 99 the money in the house is yours! That will be the value of the
current house less the money that was being put on the mortgage each year.
THE REASON FOR THIS LOAN!
You will pay off your current mortgage with the Reverse with their mortgage as designated above.
The BEST REASON for the Reverse is the money that you are putting in by increasing the note
every year. The note is your old mortgage plus the interest you accrue each year and thus you can’t lose your house because the mortgage is being adjusted by the Lender. The only money you pay is for your fire insurance on the house and the taxes on the property. YOU CAN’T LOSE YOUR HOUSE BECAUSE THERE ARE NO PAYMENTS.
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