Financial Security... from a Reverse Mortgage

What is a reverse mortgage?

A reverse mortgage (also called home equity conversion loans) is a loan that enables senior homeowners, age 62 and older, to convert part of their home equity into tax-free* income without having to sell their home, give up title to it, or make monthly mortgage payments. The loan only becomes due when the last borrower(s) permanently leaves the home.

The lender pays you money based on the equity you've accrued in your home; you receive a lump sum, a monthly payment or a line of credit. Repayment is not necessary until the borrower sells the property, moves into a retirement community or passes away. When you sell your home or no longer use it as your primary residence, you or your estate must repay the cash you received from the reverse mortgage plus interest and other finance charges to the lender.

Reverse mortgages are ideal for homeowners who are retired or no longer
working and need to supplement their income. Interest rates can be fixed or
adjustable and the money is nontaxable and does not interfere with Social
Security or Medicare benefits. Your lender cannot take property away if you
outlive your loan nor can you be forced to sell your home to pay off your
loan even if the loan balance grows to exceed property value.

Am I eligible for a reverse mortgage?

Most reverse mortgages require you be at least 62 years of age, have a low
or zero balance owed against your home and maintain the property as your
principal residence.

What are the advantages of a reverse mortgage?

There are many. Here are a few of the most significant:

Remain independent. A reverse mortgage allows you to remain in your home and
retain home ownership.

Stay in your home. It allows you to remain in your home and retain home
ownership.

No monthly mortgage payments. You need not pay back the reverse mortgage
loan nor make any monthly mortgage payments until you permanently move out
of the home.

Tax-free money. Because the money you receive from a reverse mortgage is not
considered income, it is tax free* and will not affect your Social Security
or Medicare benefits.

Freedom and flexibility. The money you get from a reverse mortgage is yours
to use in any way you choose.

How can I use the money I get from a reverse mortgage?

You can use the money for anything you choose, from daily living expenses,
home improvements, healthcare expenses, paying off existing debts, or simply
enhancing your retirement years. For many people, the money provides a
"financial security blanket" in case unexpected.

The Mortgage Company is glad to answer any questions that you may have on
reverse mortgages. Getting a reverse mortgage is a big decision and takes
careful analysis of your financial situation. Accordingly, you want to make
sure that you are dealing with a person who is fully competent and
knowledgeable in the world of finance, as well as being well versed on all
aspects of reverse mortgages. You will work with someone who will listen to
your situation and educate you. We will answer all your questions and will
take whatever time is needed to do so. We will earn your trust by telling
you not only the positives, but the negatives as well of a reverse mortgage,
relative to your situation.

Reverse Mortagage Specialist Cole Graham, can give you the facts you need to
make a smart decision about whether a reverse mortgage is right for you.

Cole Graham

Email:  cole@tmckansas.com

785-825-8100 Local

866-261-5626 Toll-Free

Testimonials:

"My reverse Mortgage was the right decision for me.  The
payments always come on time, and the people are always helpfull."

"I paid off the existing mortgages and some credit cards.  And, I know have
a guaranteed income for the rest of my lifetime."