Michael Friedman/Reverse Mortgages

REVERSE MORTGAGE: How much can I receive?
A reverse mortgage is based on a mathematical equation.

1.) Age of the youngest borrower.

2.) Appraisal value of the home and the county where the property is located.

3.) The interest rate of the current program selected.

This will determine the amount of funds available. Some people think it is better to wait until they are older to obtain a reverse mortgage. NOT TRUE! If you obtain a reverse mortgage at age 62 and allow the full line of credit to grow, you will receive more money than you would have if you waited until you were older. Credit scores are not a deciding factor.

REVERSE MORTGAGE LINE OF CREDIT: Why Wait? Retirement just got more expensive. Why not convert your home equity into a cash flow stream? Income matters most in retirement. Retirement should be a worry-free time. A Reverse Mortgage line of credit is not just for people who need cash. It lets homeowners convert home equity into monthly income and/or a line of credit. You will have immediate access to funds when needed. This is the top reason many wealthy people choose the standby line of credit option. The line of credit can not be frozen, canceled, reduced, or capped. No return monthly mortgage payments are required. Payments are optional. If you make a payment, the line of credit increases dollar for dollar, and the balance of the loan goes down.

REVERSE JUMBO: Up to $4 million- possibly more?

The Jumbo Reverse/Reverse Purchase program is designed specifically for owners of high-value homes. Additionally, the Jumbo reverse home financing tool was designed for individuals who want to retire, as well as those who have already retired. If you are 55 or older, you can even access more of your home’s equity and put it to work wherever you want, giving you more control over your assets, investments, and cash flow. Jumbo reverse mortgages do not require mortgage insurance premiums, and upfront costs are significantly reduced. You can use the proceeds to fund a more comfortable and secure retirement.

REVERSE MORTGAGE: How much can I receive?

A reverse mortgage is based on a mathematical equation. 1.) Age of the youngest borrower. 2.) Appraisal value of the home and the county where the property is located. 3.) The interest rate of the current program selected. This will determine the amount of funds available. Some people think it is better to wait until they are very old to obtain a reverse mortgage. NOT TRUE! If you obtain a reverse mortgage at age 62 and allow the full line of credit to grow, you will receive more money than you would have if you waited until you were older. Credit scores are not a deciding factor.

Researchers agree that it will be difficult for even middle-class Americans to be confident that their nest eggs will last as long as they do. For this reason, an increasing number of academic publications are demonstrating that housing wealth can be integrated into retirement income plans to help sustain cash flow and ensure survival. Because the HECM Line of Credit (also known as a reverse mortgage) cannot be canceled, frozen, capped, or reduced, and actually grows in borrowing power regardless of home value, researchers are advocating that retirees set up a Line of Credit early to diversify their housing assets.
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We are all living longer and running low on money. Hold onto your cash and increase your monthly cash flow.
The Reverse Mortgage Program is an interest-only loan that allows you to skip the interest payments for the rest of your life if you want to.
So, suppose a higher-than-normal unexpected expense comes your way, like a major home or auto repair, the need to help a family member, or anything from A to Z that challenges your monthly budget. In that case, you can skip as many interest payments as needed to deal with these unexpected challenges more easily.

So, if you wish, you can pay your interest expense and any amount towards your balance. You can pay only your interest expense, half your interest expense, or nothing at all. Now, if you decide to pay nothing, the interest expense is deferred to the back of your loan and added to the balance.
Again, no rule says you are not allowed to pay down the interest or more if you want to, but you do not have to.
The Reverse Mortgage Program simply allows you the option to live the rest of your life as comfortably as possible.

Reverse Mortgage Suitability Test:

1. How likely are you to need more money or savings in retirement, either now or sometime in the future?

2. Is it important to you to remain financially independent and not rely on others for support?

3. How long do you plan to live in your current home?

4. Would you be willing to use some of your home equity to improve your quality of life?

5. Is it more important for you to leave as much as possible for your heirs or have more money to use now?

Reverse Mortgage News:
The Biggest Fear during retirement is “running out of money.” According to the Boston College Center for Retirement Research, 53% of all households are "at risk" of not having enough to maintain their living standards during retirement. A reverse mortgage lowers that risk. In the past, retirees relied on Social Security, pensions, and personal savings. In the future, retirees will require multiple income streams. A reverse mortgage can help older adults enjoy a more comfortable retirement.

Researchers agree that it will be difficult for even middle-class Americans to be confident that their nest eggs will last as long as they do. For this reason, an increasing number of academic publications are demonstrating that housing wealth can be integrated into retirement income plans to help sustain cash flow and ensure survival. Because the HECM Line of Credit (also known as a reverse mortgage) cannot be canceled, frozen, capped, or reduced, and actually grows in borrowing power regardless of home value, researchers are advocating that retirees set up a Line of Credit early to diversify their housing assets.

REVERSE JUMBO: Up to $4 million- Possibly more?

The Jumbo Reverse/Reverse Purchase program is designed specifically for owners of high-value homes. Additionally, the Jumbo reverse home financing tool was designed for individuals who want to retire, as well as those who have already retired. If you are 55 or older, you can even access more of your home’s equity and put it to work wherever you want, giving you more control over your assets, investments, and cash flow. Jumbo reverse mortgages do not require mortgage insurance premiums, and upfront costs are significantly reduced. You can use the proceeds to fund a more comfortable and secure retirement.