Here a few facts and a quick way to determine what a client may be eligible for in proceeds
Reverse Mortgage Fast Facts
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Age 62 and Over Borrowers
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Principle Residences Only
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All Liens (Mortgages, Home Equity Loans etc) Must be Paid off From Reverse Proceeds First
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No Monthly Mortgage Payments Required
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No Minimum Credit Score Requirements
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No Standard Income Verification
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All Borrowers Remain on Title to Home
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Loan is Repaid when Last Surviving Borrowers Leaves the Home
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100% of All Remaining Equity Passes on to Heirs or Estate
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The Line of Credit has a Build in Growth Factor
(The Unused Portion Grows) -
A Reverse Mortgage Can be Used to Purchase a New Principal Residence
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Around 50% of Home Value is Usually Accessible from the Reverse Mortgage (This is a Ballpark figure) See Calculator below for greater accuracy
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