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1. When obtaining a Reverse Mortgage you are diluting the equity in your home. This means you are spending your children's inheritance. A Reverse Mortgage is often referred to as the "Mortgage that pays you". A Reverse mortgage is like any other mortgage. It earns interest every month. The difference is that the interest accrues and increases the balance you owe on your property. Upon the death of the borrower(s) the balance due plus accrued interest must be paid. Your heirs will have the choice of refinancing the property to payoff theReverse Mortgage balance, paying it off from any other assets you may have in your estate, paying it off with their own assets, or selling the property to pay off the Reverse Mortgage. In any case, if there is equity in the property it is your heirs to keep.
2. The upfront cost of obtaining a H.U.D. insured Reverse Mortgage is high, typically $10,000.00 or more. Of that 2% of the lesser of the appraised value of your home or the maximum H.U.D. Insured Mortgage in your county is paid to H.U.D. as an upfront Insurance Premium. Additionally H.U.D. gets a monthly insurance premium equal to 1/2 of 1.00% added to the interest rate.
Lender Fees are Negotiable!!
DO NOT BE MISLEAD!!!
Compare our costs to any other Reverse Mortgage Lender. We will compete to earn your patronage.
Ask about our "Low Fee Guarantee" Call 800-481-9999 ext 118 or e-mail: ken@ampy.com
for details.
3. The above are the only real disadvantages of a Reverse Mortgage. If it is of primary importance to you to leave the maximum inheritance to your heirs then a Reverse Mortgage is probably not for you. If extra income, an additional nest egg, or eliminating existing Mortgage Payments would be of benefit then a Reverse Mortgage could be an ideal answer. To learn more either call 800-481-9999 ext 118 or send an e-mail to: ken@ampy.com
For a customerized Benefit Analysis include:
1. Age of Borrower(s)
2. Approx. Value of Home
3. Zip code
4. Amount of existing Mortgage (if any)
e-mail to: ken@ampy.com
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