It is unfortunate, but there are quite a few myths surrounding reverse mortgages. For this reason, many people never look into this way of bettering their financial situation. Once you are aware of these myths, as well as the truths that refute them, you will be in much better position to make an informed decision.
Here are several of the most common reverse mortgage myths:
[The lender will own your home]
For whatever reason, this has quickly become the biggest reverse mortgage myth out there. During the entire course of the reverse mortgage you or your estate retains ownership – the lender never takes over the title. Just like a traditional mortgage, the lender is only interested in the outstanding balance.
[You need to make a lot of money and have great credit to qualify. ]
This is definitely a myth. Simply put, there are no income and credit requirements in place. The entire process is hinged on your age, value of your home, and location. Believe it or not, you can even qualify for a reverse mortgage if you are going through bankruptcy.
[You have to make monthly payments]
One of the benefits of a reverse mortgage is you are never asked to make a single payment. The only payments that are made will be coming from the lender to you. That being said, the homeowner is still responsible for the upkeep of the home as well as taxes and insurance.
[You must be debt free.]
Every year, many people with a lot of debt qualify for and take advantage of a reverse mortgage. Even if you have a traditional mortgage on your home you can still quality for a reverse mortgage. Many people find this hard to believe, but it is true – your debt does not matter. It is important to note that if you have a traditional mortgage the loan must be paid off with the proceeds of the reverse mortgage. From there, the remaining amount is distributed to you.
[They are only for cash poor seniors. ]
While those with little cash can definitely benefit from a reverse mortgage, there are others who also find this to be a great idea. Many people are interested in staying in their home, but using it to fund their retirement. Along with this, there are always going to be people who just like the security of having cash on demand.
[You have to take the money in one lump sum. ]
This is not true. With a reverse mortgage you can opt to receive your proceeds in many ways including: term, tenure, line of credit, modified term, modified tenure, or a lump sum.
These common reverse mortgage myths stop many people from moving forward. Now that you know the truth, you are in better position to decide if this financial decision could benefit you. Don’t let any of these myths hold you back from applying for a reverse mortgage.
Tuesday, April 16, 2013
Monday, March 18, 2013
Get grand-fathered in.
April 1st 2013 is the deadline for eligibility of the Standard Fixed HECM Reverse Mortgage. Without a case# on or before, borrowers will no longer have access to the Standard Fixed which gives you the most equity out and accompanied with the Fixed Rate. Call 800-781-5968 for more information. or visit FazeOneFunding.com
HECM FIXED SAVER still available but gives Senior Homeowners less equity out. The 2 HECM Lines of Credit are also available to, but both are Adjustable Rates.
April 1st 2013 is the deadline for eligibility of the Standard Fixed HECM Reverse Mortgage. Without a case# on or before, borrowers will no longer have access to the Standard Fixed which gives you the most equity out and accompanied with the Fixed Rate. Call 800-781-5968 for more information. or visit FazeOneFunding.com
HECM FIXED SAVER still available but gives Senior Homeowners less equity out. The 2 HECM Lines of Credit are also available to, but both are Adjustable Rates.
Saturday, March 9, 2013
Get a Reverse Mortgage Proposal...Free
Free Reverse Mortgage Proposal.
Our professionals will help you go through the pros and cons of a reverse mortgage. We want to put each of our clients in the best position possible to enjoy their golden years. We will never talk our clients into something that will not benefit them, and we want to make sure you are aware of every step of the process along the way.
With a Reverse Mortgage Loan You:
Welcome To Faze One Funding
When it comes to Reverse Mortgages, Education is the key. Our pledge to you, is to complete the education process, so you are able to make an informed decision. We always encourage prospective clients to invite family members to be a part of the discussion with us during the education process.Our professionals will help you go through the pros and cons of a reverse mortgage. We want to put each of our clients in the best position possible to enjoy their golden years. We will never talk our clients into something that will not benefit them, and we want to make sure you are aware of every step of the process along the way.
With a Reverse Mortgage Loan You:
- Stay in your home
- Can pay off your bills
- Can travel and take the trips you have dreamed of
- Enjoy your time together without worrying about money
Friday, March 8, 2013
Reverse Mortgage Workshops
Faze One Funding, LLC Westchester County NY Reverse Mortgage Broker specializing in educating Senior homeowners, is hosting a free Reverse Mortgage Workshop this Sunday March 10th, 2013 at 11 am.
The event will explain the Pros and Cons of a reverse mortgage. Q & A Session, and Free Reverse Mortgage Guide.
The first 4 callers receive 2 free movie tickets. No Obligation, Family Members Welcomed
Dunkin Donuts and Coffee will be served. Must RSVP please call 914-772-7330. Location 880 Mile Square Road Yonkers NY 10704
Visit www.FazeOneFunding.com or www.ReverseDreams.com for more information.
The event will explain the Pros and Cons of a reverse mortgage. Q & A Session, and Free Reverse Mortgage Guide.
The first 4 callers receive 2 free movie tickets. No Obligation, Family Members Welcomed
Dunkin Donuts and Coffee will be served. Must RSVP please call 914-772-7330. Location 880 Mile Square Road Yonkers NY 10704
Visit www.FazeOneFunding.com or www.ReverseDreams.com for more information.
Tuesday, February 26, 2013
Sunday, February 24, 2013
Monday, February 18, 2013
Tax Relief for Senior Home Owners 65 and over
Senior citizens who wish to continue receiving Enhanced STAR in future years without having to reapply and submit copies of their tax returns to their assessor every year are invited to sign up for the STAR Income Verification Program. See Form RP-425-IVP for more information. Seniors who do not choose to enroll in the income verification program must reapply each year to keep the Enhanced exemption in effect. If you are receiving the Basic exemption, you usually do not need to reapply in subsequent years, but you must notify the assessor if your primary residence changes and must provide income documentation when requested.
Deadline: The application must be filed with your local assessor on or before the applicable taxable status date, which is generally March 1; in Westchester towns it is either May 1 or June 1 - contact local assessor; in Nassau County it is January 2, and; in cities, check with your assessor. For further information, ask your local assessor.
Friday, February 15, 2013
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