Wednesday, May 15, 2013

What is a Reverse Mortgage - Reverse Mortgage in Utah





What is a Reverse Mortgage - Reverse Mortgage in Utah




If your home is fully paid off, and




If you have enough cash in the bank, and




If you have a monthly income sufficient to pay all your bills,                                    


YOU DO NOT NEED A REVERSE MORTGAGE!


But


If you are still making mortgage payments, or


 If you need to have more cash in the bank, or 


If you need more monthly income to live comfortably, or


 If you need a lump some of cash to pay off bills, or 


Help a child go to college, or pay for a mission, or


Travel or do or buy??


MAYBE A REVERSE MORTGAGE IS FOR YOU!


For some a reverse mortgage is not needed; but 


For others a reverse mortgage is a God-send.


Why Lillie and Jim Chose a REVERSE MORTGAGE


(Ages 72 AND 77)




Lillie and Jim purchased a home in 2005:


Purchase Price…………$220,000.00


20% Down Payment...........44,000.00


30 Yr. @ 6.82%..............$176,000.00 loan amount




Their principle and interest payment was $1,000.00 a month for 30 years.  There are 360 monthly payments in a 30 year loan (12X30=360).  In five years they had made 60 payments but still had 300 ($1,000.00) payments left to pay.  In other words they had paid $60,000.00 of the $360000.00 but still had $300,000.00 more to pay.  They still had 25 years to go or 300 more $1,000.00 payments.




                              WHAT WERE THE OPTIONS?




Let the home go into foreclosure


Ask the children to make the mortgage payments


Put the home on the market and try to sell it.


Refinance the home 


Rent out the home.


Get an FHA Reverse Mortgage Loan 




What is a Reverse Mortgage - Reverse Mortgage in Utah


Reverse Mortgage for Seniors in Salt Lake City - 801-277-5100 Call Mark Hammond, Your Utah Reverse Mortgage specialist. Based in Salt Lake City, Utah. Learn about Reverse Mortgages and save!


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