781-724-6221
By Alain Valles, MBA, MS
No regrets. If you are at least 62 years old and own a home with some equity, then you should learn about the pros and cons of a reverse mortgage. Being financially prepared for life’s unknowns, retirement, cash needs, home repairs, or medical requirements is critical for maintaining your quality of life and keeping your home.
What is a reverse mortgage?
A reverse mortgage is a government guaranteed loan that allows you to receive cash when needed or desired. The primary benefits of a reverse mortgage are:
- No monthly mortgage payment required
- You may receive a lump sum amount of cash, a monthly check, and/or have a line of credit that grows as you get older
- Easier qualification than conventional loans
- No minimum credit score required
- May be used to pay off current mortgage and other debt
- Money received is tax free and when done properly will not impact assistance programs
- May close in a trust
- The loan is non-recourse meaning you do not sign personally
- You continue to own and control your home
- Note — you are required to pay your insurance and real estate taxes.
There is no cost to learn
Development
Regardless of what you’ve heard about reverse mortgages, it can be complicated to determine if a reverse mortgage is the best path for you.
A great place to get free information is the “Use Your Home to Stay at Home” 36-page book. This is the official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development and published by the National Council on Aging.
For more personalized information, please give me a call at (781) 724-6221 to receive your free copy of “Use Your Home to Stay at Home” or email me at av@powhse.com. I am available to evaluate your specific situation and calculate how much money is available. The only upfront personal question asked is your date of birth. Thank you and stay safe!
Alain Valles was the first designated Certified Reverse Mortgage Professional in New England. He obtained a Master of Science from the M.I.T. Center for Real Estate, an MBA from the Wharton School, and graduated summa cum laude from UMass Amherst. He is the senior reverse mortgage loan officer MLO#7946 at Powerhouse Funding Corp.
