Is a Reverse Mortgage Right For You?

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Like most people, I'm exploring different strategies that will allow me a comfortable retirement. As we all know, retirement requires money! 

One of the options at my disposal is a Home Equity Conversion Mortgage (HECM) or commonly know as a reverse mortgage. It is a home loan only for homeowners who are 62 and older. With a reverse mortgage loan, monthly mortgage payments are eliminated. Interest and fees are added to the loan balance each month and the balance grows. The loan is repaid when the borrower passes away or no longer lives in the home.  Reverse mortgage borrowers must pay property taxes, homeowners insurance, keep the property in good condition, and use it as their primary residence.

As a notary signing agent, I've sat at the signing table with many a borrower guiding them through their reverse loan documents. These borrowers who utilize this type of loan product were able achieve their financial freedom while not having to move out of their house. In one instance, an elderly couple didn't want to go to an assisted living facility, they wanted to age gracefully at home. Their reverse mortgage allowed them to stay put and have the cost of in-home care covered.

If you're nearing retirement, consider investigating the reverse mortgage strategy. I know there is a lot of misconceptions and myths surrounding this product. Did you know that a reverse mortgage can: 

  • increase your monthly cash flow
  • reduce your debt
  • protect your other investments?

And if you were thinking of downsizing, you can actually purchase a home with a reverse mortgage.  

Headshot of Mike Hauxhurst Cherry Creek Mortgage
As mentioned earlier, I've been looking into a reverse mortgage myself. If you need someone to talk to in California, I can direct you to Mike Hauxhurst with Cherry Creek Mortgage. Mike is a certified mortgage planner with decades of experience in the loan industry. He can, in clear cut terms, explain the reverse mortgage process to you and how it can benefit you in retirement. You can find Mike on LinkedIn or call (562) 986-5626‬.

 

Maria Weston Notary Signing Agent

When you need a notary signing agent experienced in reverse mortgage loan packages, call me! 562-786-5174

Weston Mobile Notary

Location: California, USA

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