6. Remain in home
7. Daily Living expenses
8. Pay off debt
9. Funeral expenses
10. Behind on RE taxes
11. Purchase of smaller home (downsize)
13. Eliminate monthly mortgage payment*
14. Increase the monthly cash flow
15. Make sure surviving spouse is financially
Reasons Most People Use A Reverse Mortgage:
1. When a spouse passes, one of the SS checks goes away
2. When an IRA-401K-Pension stops paying out
3. Low on savings
4. Home repair
5. Unexpected medical bills , LTC, Perscription drugs
Reasons Most people Use A Reverse Purchase Mortgage:
1. Downsize to a smaller, lower maintenance home 6. Buy or sell a condo
2. Buy a home closer to family or friends 7. Purchase a more expensive home w/o incurring a monthly mtg payment
3. Lower their costs of living during retirement 8. Preserve their cash
4. Enjoy carefree living in a senior housing community 9. Minimal credit scores,income requirements
5. Purchase a single level, more accessible home 10. Enjoy a more comfortable retirement
ReverseJumbo Purchase Available up to $ 4 million
* The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home.
My name is Michael Friedman and I am the owner of Reversing Pa Mortgage, LLC. For the past decade I have been educating hundreds of seniors/older adults on the benefits of the Reverse Mortgage and the Reverse Purchase program. I am local and meet with all of my clients in person. When we meet, I will review your situation, confirm your eligibility, and you will decide if a reverse mortgage is the right plan for you.
Reverse Mortgage Suitability Test:
"Reverse Mortgages Make a Difference in People's Lives"
TIPS FOR OLDER HOMEOWNERS:
DON'T WAIT UNTIL THE LAST MINUTE: Timing is critical when making decisions about the home. You or your family could end up facing a serious crunch if you wait until a crisis to start thinking about how to use home equity. To avoid stress, disappointment, and costly delays,plan in advance.The longer you wait, the harder it can be to find a good situation.
HAVE READY CASH FOR EMERGENCIES: It helps to have a three month emergency fund of cash you can access easily, such as a money market account or short-term certificate of deposit. If this is not possible, make plans and prepare for how you would pay for an emergency. If you run short, use credit cards sensibly. Beware of anyone who offers a quick fix to your financial problems.
Pennsylvania Department of Banking and Securities- License # 53672 - Company NMLS# 1396947 - PA mortgage originator license #131880
"This material is not from HUD or FHA and has not been approved by HUD or a government agency."
*At least one homeowner must be 60/62 years or older
*Homeowners continue to pay property taxes and insurance
*Purchase dollar amount based on appraisal value, sales contract and lending limit