Reverse Mortgage Continued

Reverse Mortgages are not for every client over the age of 62. You need to sit down with a professional that will give you the Good, Bad, and Ugly of Reverse Mortgages. Visit other web sites about Reverse Mortgages such as:

AARP's Web Site
http://www.aarp.org/money/revmort/

HUD/FHA's Web Site (Top Ten Questions)
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

These are 2 starting spots to learn!
You can also visit my web site at:
http://www.new-hampshire-home-mortgage.com/Reverse-Mortgage.html

We are updating our information online this week and will get more up to date information.

For example did you know if it makes sense you can get a Reverse Mortgage if one of the spouses are Under age 62? If it makes sense is the key to this statement! You need to do some serious financial thinking.

Or how about using a Reverse Mortgage to buy a new home or to downsize into a condo! WE have seen many people go to single floor living with a new home with all of the upgrades to keep you in your home, safe, and comfortable!

The other item people consider with Reverse Mortgages is using them to pay for at home health care or Visiting Nurses. There are some great opportunities to stay in your home but still have the care you need.

Why would you NOT want a reverse mortgage...

• You are not able to put the home in an Irrevocable Trust. If this is one of your goals for estate planning then you would need to change that part, the home can be in a Revocable Trust.
• You have added a child to your deed... this would have to change as well. You are financially stable, you have plenty of income from stable sources -- there is no need for you to get one!
• You don't have a mortgage now and your kids are assisting you with other financial needs -- you don't need one!
• The thought of a rising debt falling equity loan is not what you want -- Get something else that fits your goals.
• You are only planning on staying in your home for a very short period.. A reverse may not make sense depending on what you are planning -- Consider all the angles

Just because there is a significant amount of discussion about Reverse Mortgages does not mean you need one. Meet with an FHA Approved Lender or Broker that you feel comfortable with and that is responsive to your questions and calls. If you are feeling pressured -- STOP and find someone else to work with. The mortgage process needs to be comfortable and to move at your pace not that of the Mortgage Company -- Remember You Are the Client and You Are In Charge!

I can be reached via my website at: http://www.new-hampshire-home-mortgage.com/ We have a free information package available if you are interested.

Matthew J Butt -- evolutionmortgage@tds.net