Retirees concerned about their declining 401-K or savings should take a second look at Reverse Mortgages. More and more CPA’s are recommending homeowners use Reverse Mortgages as a good financial tool in their financial toolbox. Homeowners everywhere may borrow up…
The HUD/FHA rules are easy to follow and offer guarantees to the home-owner.
- HUD Program/ FHA Insured, an advance of equity.
- The age of the home-owners must be 62 or older.
- HUD/FHA offers home-owners a percentage of equity, based on age of younger borrower, appraised value of home, and current interest rate. (Note: the older the home-owner, the more received.
- The property must be the homestead and permanent residence.
- The equity funds you receive are NON-TAXABLE.
- Home-owner makes no monthly mortgage payments on a Reverse Mortgage, until the home is sold, move away permanently, or all borrowers pass away.
- Reverse Mortgage can pay off an existing mortgage.
Listen to KAAM The Legends on 770AM on your radio dial every Wednesday afternoon to hear the “Reverse Mortgage Hour” with Norman Williams and Fred Wells discussing – Financial Planning using a Reverse Mortgage. You can also listen to the broadcast over the internet by going to www.KAAMRADIO.com