Reverse Mortgages combat uncertainty

By Alain Valles, MBA, MS

So many things are causing fear. Globally—world conflict, the next Covid strain, gas prices, and inflation. Personally—cash flow needs, mortgage payments, credit cards, medical bills, deferred home repairs, and future unexpected expenses. 

Financial pressure and uncertainty may not only lead to higher anxiety but also being forced to sell one’s home. A reverse mortgage may be your solution to reducing financial stress and being able to afford your home and live financially strong. 

What is a reverse mortgage? 

For homeowners at least 62 years old with sufficient equity, a re verse mortgage is a government guaranteed loan that allows you to  receive cash when needed or desired. The primary benefits of a re verse mortgage are: 

• No monthly mortgage payment 
• 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 debts • Money received is tax free and when done properly will not impact  assistance programs 
• 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 

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 “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.  

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 per sonal 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. 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.