By Alain Valles, MBA, MS
Yes – for many, reverse mortgages conjure up negative thoughts. But the reality is once one is educated about reverse mortgage then these myths disappear. Here are a few examples of recent clients:
Tom & Sue: were in financial balance but had no extra funds for home repairs, travel, or reserves. Obtaining a reverse mortgage let them receive money every month for travel, give access to funds for repairs, and have a $150,000 reverse mortgage line of credit in case of emergencies.
Bill: a widower struggling with a large monthly mortgage payment and high credit card debt. Everyone was telling him he should sell and rent. The reverse mortgage paid off the mortgage and $25,000 in credit cards creating over $1,900 a month in cash flow savings allowing him the opportunity to live in his home for life.
John & Betty: for better or worse, got divorced at age 70+. One spouse desired to retain the home and the other wanted their share of the equity. The reverse mortgage allowed the retaining spouse to pay the leaving spouse off while being able to afford to keep the home.
Carl, Cathy, and Doug: The three adult children caring for their moth er with advanced Alzheimer’s. Thankfully they had a proper Pow er of Attorney and were able to obtain a reverse mortgage allowing $10,000+ a month to be accessed to pay for 24/7 at home care.
These are just a few of the hundreds of Reverse Mortgage Success stories that I’ve had the honor of creating.
A reverse mortgage gives qualified borrowers the option to receive cash as a lump sum, a monthly check, or a line of credit with NO minimum required monthly mortgage payments. The homeowner is, of course, required to pay ongoing real estate taxes, insurance and meet other loan guidelines.
Take Action!
781-724-6221
A great place to start is get your free “How to 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.
To receive your free copy or ask questions, please call me at (781) 724-6221 or email me at av@powhse.com.
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. NMLS #1740551. He can arrange but does not make loans. Alain can be reached directly at (781) 724-6221 or by email at av@powhse.com.
