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quick fact:
41% of people aged 55 to 64 don’t have any retirement savings at all
How does a reverse mortgage work?
After years of paying on your mortgage and building equity, you can finally make that equity work for you — all while maintaining or establishing financial self-reliance. A reverse mortgage allows older homeowners to access a portion of the equity they’ve worked so hard to build.
When you decide to get a reverse mortgage, you no longer make monthly payments. The bank pays YOU instead. You can receive your funds as a monthly income stream, in a lump sum payout or as a combination of the two. Your choice!
A reverse mortgage DOES NOT affect Home Ownership. YOU RETAIN TITLE.
The bank loans you this money based on the current market value of your home, enjoying supplemental income from a home you spent years paying for.
The loan is eventually repaid – either when the home is sold or when you pass away – this includes the amount borrowed, plus any interest. At that time, the remaining equity belongs to you, your surviving spouse or heirs to your estate.
The surviving spouse can choose to stay in the home for the rest of their life if they choose.
To see how much you qualify for, contact Dwayne Stein personally at 504-207-7600 or email info@mortgagegumbo.com for a personal appointment to review and discuss the many possible options of receiving your money.
IS THIS A GOOD IDEA?
Many seniors today are finding that they just don’t have the retirement funds they really need. A reverse mortgage can be a big relief offering them greater financial independence and comfort during their golden years, allowing them to sit back, relax, and enjoy everything they’ve worked for.
- It’s easier than you think
- Enjoy supplemental income for the rest of your life
- Stay in your home
- Income is tax free
- Leave your home to heirs
- Keep the title
- Keep your financial independence
- Get cash in one lump sum, monthly payments or line of credit
- Never owe more than what your home is worth