At Fidelity Capital Home Loans we are reverse mortgage experts. A reverse Mortgage is a powerful financing tool available to homeowners 62 years and older. This Program allows the homeowner to live in their own home without making payments for the rest of their life. The interest is added to the balance and even if the balance exceeds the current value of the home the home owners still are not required to make any payments. For some homeowners this is security but for many others this is not the reason they choose a reverse mortgage.
In addition to the relief of mortgage payments a reverse mortgage can provide a lump sum of cash at closing, a monthly stipend to the borrower or an equity line they can draw on in the future. This loan can be used to purchase of refinance a 1-4 unit primary residence and the borrowers must maintain residence to qualify for the reverse mortgage. If the borrowers should move or if heirs take over the property they have one year to pay off, refinance or sell the property.
If you own or purchase a 2-4 unit home you can receive rent checks and still have no mortgage payment. –Get a Quote and find homes near you.— Interested but still not sure?
• Pay off your forward mortgage to reduce your monthly expenses.
• Re-model your home to accommodate aging limitations.
• Maintain a line of credit (that grows) for health emergencies and surprises.
• Cover monthly expenses and hold on to other assets while their value continues to grow.
• Cover monthly expenses and avoid selling assets at depressed values
• Pay for health insurance during early retirement years until Medicare eligible at 65.
• Pay your Medicare Part B and Part D costs.
• Combine life tenure payments with Social Security and income generated by assets to replace your salary and maintain your monthly routine of paying bills from new income.
• Pay for your children’s or grandchildren’s college or profession education.
• Maintain a “standby” cash reserve to get you through the ups and downs of investment markets and give you more flexibility.
• Combine proceeds with sale of one home to buy a new home without a forward mortgage and monthly mortgage payments.
• Pay for long-term care needs.
• Fill the gap in retirement plan caused by lower than expected returns on your assets.
• Pay for short term in-home care or physical therapy following an accident or medical episode.
• Pay for a retirement plan, estate plan or a will.
• Convert a room or basement to a living facility for an aging parent, relative or caregiver.
• Set up transportation arrangements for when you are no longer comfortable driving.
• Create a set aside to pay real estate taxes and property insurance.
• Delay collecting Social Security benefit until it maxes our at age 70 1/2.
• Eliminate credit card debt and avoid building new credit debt.
• Cover monthly expenses in between jobs or during career transition without utilizing other saved assets.
• Cover expenses and avoid capital gains tax consequences of selling off other assets.
• Purchase health-related technology that enables you to live in home alone.
• Pay for an Uber or Lyft account so you have mobility and access to appointments and social activities.
• Help your adult children through family emergencies.
* Enjoy Life you can’t take it with you.
Get the Fidelity Capital Home Loans Reverse kit sent to you today!
Per HUD Mortgagee Letter 2014-10, “This material is not from HUD or FHA and has not been approved by HUD or a government agency”
Homeowners’ responsibility to continue paying taxes, insurance and to keep the home maintained.
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