The Holidays Are Over – Time to Get Serious
781-724-6221
By Alain Valles, MBA, MS
Happy Healthy New Year
That blessing is not just for your physical wellbeing but also your financial health. If you find yourself worried about making ends meet, stressed about your ability to pay for unexpected expenses, or want a plan on how to age in place then a reverse mortgage should be part of the conversation.
A Phone Call Away
A five-minute call or email will give you the initial information of how much money might be available and what you need to qualify. The only personal questions asked to run initial scenarios are:
- Estimated home value
- Current mortgage balance, if any
- Date of birth
- Have the real estate tax & insurance been paid on time
What is a reverse mortgage?
For homeowners aged 62 or older, a reverse mortgage is a government guaranteed loan program that may allow 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
- 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.
No Regrets! Take Action!
Development
A great place to start is get your free “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, please call me at (781) 724-6221 or email me at av@powhse.com
I am also available to evaluate your specific situation, answer your questions, and calculate how much money is available to you.
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.
