If Reverse Mortgages are a joke than I would definitely respond to your threat, above, with a little   bit of sarcasm.  You won’t need to worry about your living because I am sure your three young   adults will be thrilled to take on your financial and physical needs, You won’t need to worry about   living because you have three children in their 20’s who should easily  have  money and an abundance of love to take care of you the rest of your life

Reverse Mortgage Benefits Santa Monica

  I don’t know whether to laugh or cry about the above mentioned comment because I generally
 talk with the children about helping their parent or parents out when they are senior citizens
 Half of the children do not like the house and want no part of helping their parent(s) to stay there.
 The other half are interested because they are pretty sure they will get the house.  I tell the kids
 all you have to do is to pay your parent(s) a monthly stipend that will pay their bills. “Wow,” is    the    first reply followed by the next: I can’t afford it but that shouldn’t rule me out of getting the house.
    So let’s get on with the proposition,  If you are 62 or over and only one of the two spouses has to  be that  age or older.  Both of you need to be on the loan to get the payment(s) on your current loan.
    You do not qualify for the Reverse as you do for a regular mortgage loan.  With the reverse you  need enough equity to qualify with your current ages, 62 or older.  You will most likely end up     with 25% to 45-50% of the value of your house with a maximum value on the house of $650,000.

Reverse Mortgage Benefits Santa Monica

     Why take a Reverse Mortgage?.  .  .
       You only need to have a property that is owner occupied.
       You will not show your income, your net worth, your employment and your citizenship.
       You will show you have enough income or savings to pay the property tax each year.
       When you close out the Reverse by leaving the house, selling the house or giving it away
       you will receive the sale price of the property.
You should be starting to understand the reverse mortgage benefits in Santa Monica
        If the property goes down in price you are not required to make up the deficiency,.
        That simply means that you would not lose a penny on the house with a Reverse Mortgage.
   What happens if you don’t take the Reverse if the house goes down in value when you want
   to sell?  I will show you how you can lose money if the aforementioned happen.  On the other
   hand you can make even more money on the Reverse Mortgage with a simple maneuver
   that will be in my next blog!
Reverse Mortgage Benefits Santa Monica

About Roger Schlesinger

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