Reverse Mortgages. What is a reverse mortgage? Traditional ways to receive cash from your home:

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Presentation transcript:

Reverse Mortgages

What is a reverse mortgage?

Traditional ways to receive cash from your home:

How is a Reverse Mortgage Different?

You can receive the cash from your home in several ways:

When DO you pay back the loan? Typically, only when you:

How does a reverse mortgage work?

“Equity” is the $ value of your home that YOU own (as opposed to a lender)

Example of traditional “forward mortgages”:

Example of “A Reverse Mortgage”:

However there are exceptions to debt increasing and equity decreasing:

Who can qualify for a reverse mortgage?

To qualify, you must pay off your existing mortgage. You can do this by:

How much can I qualify for?

How much total cash will I receive?

When do I pay it back?

Lenders can also require repayment if you:

A reverse mortgage can also contain an “acceleration clause,” which makes it payable in full if you jeopardize the security of the lender in some way. For instance:

How much will I owe?

You will never owe more than the value of the home when the loan is repaid

No matter how long you live, no matter how much your home value declines

How is it paid back?

What does a reverse mortgage cost?

Other costs for a reverse mortgage:

Important information regarding the costs of the loan:

Remember you are still a homeowner and still responsible for:

Are there different types of reverse mortgages?

About the HECM

HECM is usually the lowest cost reverse mortgage available.

Is a reverse mortgage right for you?

Thank you!

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