Now is the Time to Learn About Reverse Mortgages

Presented by 1st American Senior Funding.

With the new programs available in the Reverse Mortgage industry, this is a great time for homeowners,  ages 62 and older, to take the time to educate themselves about the new programs. Reverse mortgages are now more than ever a financial tool that retirees and seniors can use for their retirement plans.

Many people wonder when is the best time to take out their Social Security benefits and often ask themselves, “Should I take the benefits at 62, 67 or 70?” Beginning at age 62, Social Security benefits increase until you are 70 years old, which means that the longer you wait to receive your benefits, the more money you can receive. For example, you can receive more money if you take out your benefits at 70 as opposed to 62.  A study has shown the most Americans take their Social Security benefits too early, which can be a risky financial strategy.

A reverse mortgage can be used to help seniors take advantage of their full Social Security benefits. You have a way to supplement your income by receiving monthly payments or using the credit line option.  This could allow you to wait to draw your Social Security benefits until you reach the maximum payments.

 

 

The proceeds from a Reverse Mortgage are tax-free and will not affect your Social Security payments. You still retain title to your home, just as in a traditional mortgage. You never have to worry about making a mortgage payment and you can repay the loan anytime with no penalties.

As with any mortgage you need to speak to professional, one that will take the time to explain the programs to you and answer your questions.  A Reverse Mortgage can be a bit overwhelming to some people and that is why the professional you seek out needs to be knowledgeable, available and most importantly, respectful to you and your family. Borrowers are also required to meet with an third-party reverse mortgage counselor, in addition to your Reverse Mortgage Specialist, the counselor is there to help ensure that you understand how the loan works.

1st  American Senior Funding has been helping seniors exclusively with Reverse Mortgages since 2003.  We have a very helpful and knowledgeable group of individuals that enjoy helping our clients through the entire process.  We are with you every step of the way to answer all of your questions.

We would enjoy the opportunity to speak with you to help you make the decision to move forward in a Reverse Mortgage, if that is the option you choose. Speak with a Reverse Mortgage Specialist at 1-888-QUALIFY today.

Read Related Articles:

Top 5 Questions About Reverse Mortgages Answered 

Misconceptions About Reverse Mortgages

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