With forward mortgages that you have been using your entire life, this is very true if you can’t keep up with monthly payments. With a Reverse (Retirement) Mortgage, you have no obligation to make monthly payments. Reverse Mortgages remain in place until the borrower leaves the home permanently. The only way the property can be foreclosed on is if the borrower fails to pay taxes or insurance, but that is the same for every property owner
One of the most important terms of a reverse mortgage is that the reverse mortgage must pay off any existing mortgage. Understand that the Reverse Mortgage removes the current mortgage and thus the need to make monthly payments. The Reverse Mortgage has no time scale on repayments.
As a borrower, you NEVER OWE MORE than the value of the property even if the loam balance is larger than the value. Even if the property sale doesn’t cover the full sale value of the property, neither borrower or the estate is liable for the remainder of the loan.
There are many tangible and intangible benefits with a Redwood City reverse mortgage.
The most important are:
I hope I have addressed the list of Redwood City Reverse Mortgage myths to bust …
… mortgages aren’t the only money worry that most American have to contend with today.
And as a result I have plenty of clients who say they’ve always avoided them…
… simply because they’re worried that it will impact their social security and eligibility of Medicare.
A Redwood City jumbo reverse mortgage can unlock equity and provide qualified homeowners with usable cash so they can stay in their homes and maintain financial stability.
Contact Laura today to learn more about this program.
