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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    1,  You must own your house and you can have mortgages on it.
    2.  If you are single you must be 62 years of age.  If you are married
         one of the two of you must be 62 years of age and the other doesn’t
         have to be that old.
    3.  Everyone who wants to be on title of the reverse mortgage must be 62
         years of age.
    4.   Anybody who is on title cannot be in bankruptcy.
    5.   Income for the borrowers is ignored by the lender.
    6.   We can only use $650,000 as the highest value on your house.  When
          you take the reverse mortgage and wish to sell the house you will get the
          entire value of the house even though it is above $650,000.  When either you or
          heirs sell you must pay back what you received when you started and the
          accrued interest.  If the amount of the sale is less than what you owe you
          will be excused for the unpaid balance.  THERE ISN’T ANY DEFICIENCY
          JUDGEMENT!
     To find out what you could qualify now please send us the dates of birth of the title
      holders, how much  you owe on your mortgage, your street address and a copy of
      your social security card.
      We will find the value of your place, with a mortgage on it and if no mortgage a value
      will also suffice.
      I will contact you after I forward the results and go through it with you.  If you want
      to go forward I will explain the options to you and get it going.
      I am looking forward to hearing from you.  If you wish to call my phone is (818)464-5152.
      Roger Schlesinger

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