What to do, what to do.?  

How are we doing out there?, I just filled my cars gas tank and it wasn't pretty, went food shopping and another 10 to 20 % price increase and don't get me started on Home owners insurance. So we drive smarter, eat less (that may not be all that bad) and pray we don't get hit by the big one (Hurricane that is )

 

I can see why one of the major concerns on most senior’s minds, is the fear of either outliving their retirement savings or just not having enough to enjoy life in the golden years.  We know the issues with Social Security, and even if our finances were properly managed it looks like it will be difficult to make ends meet. The fact is that many baby boomer's are living beyond their means.  Debt is at an all-time high in this country. The crisis in the mortgage industry is impacting many seniors largest asset, their home and the equity, having those fears are real and justified for seniors and boomer's alike.

One of the most important things we can do is manage or virtually eliminate debt, we need to save more and start building equity for the future this is very important.  Why?  Having such a plan can mitigate our fear about out living our money.  The equity in your home can be the ticket and can make the difference.

When the time is right senior homeowners with equity, can tap into it with a reverse mortgage.  They can have access to these funds with a lump sum, a credit line, or monthly income and there will be no burden of making mortgage payments.  The money derived from the reverse mortgage along with social security, perhaps some personal investments and savings can ensure the quality of life that the boomer's have been accustomed to most of their lives.

With a reverse mortgage, the debt can never exceed the value of your home, so none of the debt will pass on to heirs (non-recourse). Heirs will inherit the remaining equity in the home. But the amount of equity is diminished by the debt.

Those who have experience the Great Depression feel there primary asset was their home and that the home was something that needed to be passed on to the next generation.

 I don't necessarily feel that way in the case of the future generations.  They will be using the equity to travel or to meet their own personal needs rather than pass it on to the children.

           There's no reason not to pursue your dreams, life is too short.  If you're a homeowner 62 or older, a reverse mortgage may help you do some of the things that you have always dreamed about... For a FREE Reverse mortgage analysis.

contact me Jim Saeger at info@myfloridareverse.com

or 727 596 9095

 

 

The reverse mortgages is a great choice for many seniors to enhance their lives.

The reverse mortgage qualifications are simple all persons on title must be age 62 or older, they must have about 50% equity in the home. Credit is not an issue. A reverse mortgage differs from the standard equity line in that there are never any payments required with the reverse mortgage while the senior lives in the home.  The formula that FHA uses includes the property value, the age of the youngest individual on deed (62 or older) and the current interest-rate based on the constant maturity index CMT Treasury Bill or the LIBOR index.

 

Example: a 62-year-old with a $200,000 home and today's interest-rate could receive a little over $100,000 out of the equity.  This amount is after closing costs and all other fees have been handled.  The net available to the senior can be taken in a lump sum, a monthly payment for the rest of his/her life of approximately $570 or a credit line to be used as needed.  The credit line has a growth rate attached to it,so that the balance will grow and more $$$ is available each year.The money withdrawn from the credit line does not draw interest until it is used.  The credit line is probably the most used of the features that are available with the reverse mortgage.

 

 REVERSE MORTGAGE HELP

Seniors interested in learning more about a reverse mortgage will often use a reverse mortgage calculator. The reverse mortgage calculators you find online require the estimated current value of the home, the total amount of liens (if any) on the property, the ages of individuals on the deed and the ZIP code.  The reverse mortgage calculator requests the ZIP code because each county in each state may have a different maximum loan limit set by FHA.

 

 **** FHA reverse mortgage limits have been increased, call for an update*****

 

A reverse mortgage calculator will give a value that is fairly close to what an actual reverse mortgage estimate will show.  This is a great way to get an idea of how much you could receive from a reverse mortgage, but remember it is just an estimate, most reverse mortgage products use variable interest rates and some reverse mortgage calculators do not always stay completely accurate or current with the interest rates.  There are also some reverse mortgage calculators that will ask for the age of the individual and not the exact birthday.  This can result in the difference between the estimate that would be provided by a reverse mortgage loan officer and an estimate prepared by the calculator. The home value is also a determining factor in the estimate.

 

The reverse mortgages is a great choice for many seniors as it does not limit them to what they can use the money for.

 

If they want to pay off an existing mortgage or credit card debt, purchase  long-term health-care, do upgrades to the home,

enhance your retirement income,

or purchase a new car, it's up to you.  I have seen grandparents set up college funds for the grandkids to make sure that funds would be there when they go to college.  One of my clients even took a trip to Las Vegas, a life long dream to play bingo there. I never recommend going to Vegas

 

In qualifing cases a Reverse Mortgage can be used in stopping foreclosure and allowing the senior to remain in the home.

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If you have reverse mortgage questions or want a reverse mortgage analysis, please

 

contact me for your reverse mortgage considerations, information is FREE

 

Jim Saeger RMS

info@MyFloridaReverse.com

MyFloridaReverse.com

PH 727 596 9095