ABOUT REVERSE MORTGAGES
TIM ODDO 303.233.4500 [email protected]
Reverse Mortgages are often misunderstood.
For the right situation they can be a fantastic and life-changing loan.
Providing Financial Freedom for Homeowners
PROVIDING REVERSE MORTGAGE EDUCATION TO CLIENTS & PROFESSIONALS
LEARN ABOUT REVERSE MORTGAGES: FROM PERSONAL CONSULTATIONS TO CE CLASSES
I love helping homeowners and empowering professionals (real estate agents, financial planners, etc.). If you have any questions, would like to meet over coffee, or schedule a training or class, please don’t hesitate to call me.
How Can I Qualify For A Reverse Mortgage?
Here are some of the key distinctives about a HECM reverse mortgage:
A HECM reverse mortgage is a deed restricted loan based on age.
The minimum age for at least one of the borrowers in the home is 62 years of age or older.
So even if you’re 50 years old and you own your home free and clear, you don’t qualify for a HECM reverse mortgage.
The second key distinctive is your home title. This is the biggest misconception about a reverse mortgage. In a reverse mortgage the borrowers
remain on title, they continue to own the property , NOT the lender.
Any real equity and any real appreciation above what you have in the reverse mortgage is still your equity.
The third distinctive is about prepayment. There is no prepayment penalty on a HECM reverse mortgage.
If you don’t think you’re going to be in your home for at least 2 years I would recommend not doing the reverse mortgage. This is because there are
upfront costs that need to be paid.
But the fact is is you can prepay this mortgage off at any time. If you had to sell after two or three or five years there’s no penalty whatsoever.
fourth thing payments
The 4th distinctive is there’s no monthly mortgage payments. We do this loan to create more cash flow. Cash flow is especially important when you’re retired or semi-retired and you want to have fun, spend more time with your kids and/or your grandkids. You want to go on more vacations. Or you just want to help pay for medical expenses.
A reverse mortgage, when properly executed, creates financial freedom.
If you have any questions or you need more information about this powerful financial planning tool, give me a call!
HECM Loan Specifics
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Myth: A Reverse Mortgage is Expensive
Reverse Mortgage Myth Buster #4 Another misconception I hear a lot is…the idea that a Reverse Mortgage is expensive…well…here’s the truth. The basic costs of a Reverse Mortgage really aren’t that different than a traditional forward mortgage, i.e. there are title and...
Myth: Reverse Mortgage is a Loan of Last Resort
Reverse Mortgage Myth Buster #3 Another common misconception I hear is that “a Reverse Mortgage is a loan of last resort.” The assumption has been that a Reverse Mortgage should only be considered after you have exhausted all other financial options and you have...
HOW CAN I HELP YOU?
Let’s answer your questions about this powerful loan.
Please don’t hesitate to call, text, or email me. Thank you!
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