10 Reasons to Get a Reverse Mortgage
- The homeowner intends to live in the home for the foreseeable future.
- If there’s a need for monthly cash flow without having to sell stocks or other assets at a loss.
- As a safety net: when the homeowner wishes to secure a line of credit for unforeseen contingencies in the future and have the peace of mind that the line of credit will not be frozen when home values fall. A regular line of credit or “HELOC” CAN be frozen closed or reduced by a non reverse mortgage lender with little notice to you if the lender feels the house has depreciated in value. Reverse mortgages are a lifetime loan and cannot be reduced or altered once the loan is completed.
- When inflation has increased monthly retirement withdrawals that significantly reduce the number of years a retirement nest egg will last.
- When the homeowner wishes to secure access to a portion of their home’s value at its present appraised value instead of when the price of the home has fallen in a down market.
- Elimination of a mortgage that requires monthly payments, a reverse mortgage requires no monthly mortgage payments
- If a home needs aging in place modifications such as ramps, handrails, a walk in tub.
- To create an income stream for expenses related to in-home care provider expenses as an alternative to selling the home and being in an assisted living or nursing home.
- For the home to being “paying for itself” for home expenses such as fire/casualty insurance, property taxes and home maintenance.
- To have more monthly budget liquidity for fun activities such as a trip and dining out excursions.
===Grass Valley Local ! Sierra Foothills Revere Mortgage and Shawna McDonald, Reverse Mortgage Loan Officer, 13 year specialization solely in reverse mortgage loans, successfully having completed hundreds of them. Representing 10 of the largest reverse mortgage lenders; get great rates & local, personalized service face to face, in my downtown Grass Valley office (or by phone, your choice), from loan start to finish. Visit my website
www.SierraFoothillsReverse.com Available by confirmed appointment in my downtown Grass Valley office or by phone (530) 497-3010 NMLS #271335 | CalDRE #00585530 Zying Mortgage Inc. Company NMLS 76801 |Company CalDRE # 014461===