They want to enjoy living in their own homes forever. Thousands of Seniors are using the reverse mortgage loan to convert a portion of the equity in their home into a tax free cash* to supplement their income. A reverse mortgage loan will allow you to retire in the comfort of your home without having to worry about making regular monthly mortgage payments.
With a reverse mortgage loan, you only need to pay for your taxes, insurance, and property maintenance. A reverse mortgage loan from Southland Mortgage Inc. can help you achieve your goals of remaining in your home and potentially increase your monthly cash flow. A reverse mortgage loan may even allow you to delay social security benefits.
With a reverse mortgage loan, you only need to pay for your taxes, insurance, and property maintenance. A reverse mortgage loan from Southland Mortgage Inc. can help you achieve your goals of remaining in your home and potentially increase your monthly cash flow. A reverse mortgage loan may even allow you to delay social security benefits.
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2. Be contacted about a mortgage at my phone number even if my phone number appears on a State or National Do Not Call Registry, or any other Do Not Contact List. This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).
A Home Equity Conversion Mortgage (HECM) is the formal name of the federally-administered loan that many commonly refer to as the 'reverse mortgage' loan. The Home Equity Conversion Mortgage is administered by H.U.D. (The Department of Housing & Urban Development) and may help qualified homeowners 62 and older enhance their cash flow during retirement.
Do I have the financial resources to help my parents with their medical and living expenses?. What are my parents' wishes as to staying home if medical care is needed for an extended time? Will Mom and Dad use up my inheritance? While tapping into their home's value, your parents' home may appreciate in value, which could allow for some equity to be left at the end of the loan, but not always.
A reverse mortgage loan is not for everyone. We can provide detailed loan scenarios to you (with your client's permission) to help reach a decision that is aligned with the interest of all parties. We are upfront with all our clients about the advantages and disadvantages of a reverse mortgage. Proceeds received from a reverse mortgage typically do not affect Social Security or Medicare.
Many ask, "is a reverse mortgage a good idea?" While there can be speculation, our hope is that you become fully informed of this unique mortgage loan and make the appropriate decision for you and your family given your unique situation. It can be scary making a major decision about one of your biggest investments, the place that means the most to you.
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