Nanci Sloan Cummings Reverse Mortgage Specialist, Alpine Mortgage ARE REVERSE MORTGAGES A GOOD FINANCIAL SOLUT...
A SILVER TSUNAMMI IS COMING4/20/2012 Charbonneau Community Forum 2
WHAT IS A REVERSE MORTGAGE • Government Insured Loan • Age 62 and older • Converts equity to tax free cash ...
HOW IS A REVERSE MORTGAGE DIFFERENT FROM A REGULAR HOME MORTGAGE? • No monthly payments • Based on the prope...
WHO QUALIFIES?• 62 years or older• Primary residence• Standard HUD guidelines• Attend HUD consumer awareness semin...
WHAT COSTS ARE INVOLVED?• HOME VALUE $300,000• AGE 70• INTEREST RAT...
WHAT IF I HAVE AN EXISTING MORTGAGE?• EXISTING MORTGAGE: – REVERSE MORTGAGE MUST PAY IT OFF• ON THE...
ADVANTAGES• HOMEOWNER WILL NEVER PAY BACK MORE THAN THE HOME IS WORTH• THE HOMEOWNER OR HEIRS WILL NEVER BE BURDENED WIT...
DISADVANTAGES• MORTGAGE BALANCE INCREASES OVER THE LIFE OF THE LOAN• THERE MAY NOT BE EQUITY LEFT AT THE END OF THE ROAD...
IN CLOSING DUE TO THE MANY VARIABLES INVOLVED TO DETERMINE IF A REVERSE MORTGAGE IS RIGHT FOR YOU…….IT IS IMPO...
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Nanci cummings

Published on: Mar 3, 2016
Published in: Economy & Finance      Business      
Source: www.slideshare.net


Transcripts - Nanci cummings

  • 1. Nanci Sloan Cummings Reverse Mortgage Specialist, Alpine Mortgage ARE REVERSE MORTGAGES A GOOD FINANCIAL SOLUTION FOR YOU?4/20/2012 Charbonneau Community Forum 1
  • 2. A SILVER TSUNAMMI IS COMING4/20/2012 Charbonneau Community Forum 2
  • 3. WHAT IS A REVERSE MORTGAGE • Government Insured Loan • Age 62 and older • Converts equity to tax free cash • Retain ownership • Any remaining equity belongs to estate4/20/2012 Charbonneau Community Forum 3
  • 4. HOW IS A REVERSE MORTGAGE DIFFERENT FROM A REGULAR HOME MORTGAGE? • No monthly payments • Based on the property qualifying • Not the borrower4/20/2012 Charbonneau Community Forum 4
  • 5. WHO QUALIFIES?• 62 years or older• Primary residence• Standard HUD guidelines• Attend HUD consumer awareness seminar4/20/2012 Charbonneau Community Forum 5
  • 6. WHAT COSTS ARE INVOLVED?• HOME VALUE $300,000• AGE 70• INTEREST RATE: 5.18%• CLOSING COSTS: $6,838• CASH AT CLOSING TO BORROWER: $153,6624/20/2012 Charbonneau Community Forum 6
  • 7. WHAT IF I HAVE AN EXISTING MORTGAGE?• EXISTING MORTGAGE: – REVERSE MORTGAGE MUST PAY IT OFF• ON THE MARKET AND NOT SOLD: – REVERSE MORTGAGE MAY PROVIDE ACCESS TO EQUITY• IN FORECLOSURE: – REVERSE MORTGAGE CAN SAVE THE PROPERTY FOR THE HOMEOWNER4/20/2012 Charbonneau Community Forum 7
  • 8. ADVANTAGES• HOMEOWNER WILL NEVER PAY BACK MORE THAN THE HOME IS WORTH• THE HOMEOWNER OR HEIRS WILL NEVER BE BURDENED WITH A DEFICIENCY• THE BORROWER DOES NOT QUALIFY• THERE IS NO MONTHLY PAYMENT• THE BORROWER CAN LIVE IN THE HOME FOREVER4/20/2012 Charbonneau Community Forum 8
  • 9. DISADVANTAGES• MORTGAGE BALANCE INCREASES OVER THE LIFE OF THE LOAN• THERE MAY NOT BE EQUITY LEFT AT THE END OF THE ROAD.4/20/2012 Charbonneau Community Forum 9
  • 10. IN CLOSING DUE TO THE MANY VARIABLES INVOLVED TO DETERMINE IF A REVERSE MORTGAGE IS RIGHT FOR YOU…….IT IS IMPORTANT TO WORK WITH A LOCAL PROFESSIONAL SPECIALIZING IN REVERSE MORTGAGES4/20/2012 Charbonneau Community Forum 10

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