There’s a lot of misinformation out there about reverse mortgages, so let’s separate the fact from the fiction. To qualify for a reverse mortgage, you don’t have to own your home and you don’t have to surrender the title… you retain ownership. A reverse mortgage is a way for senior homeowners to generate additional cash flow in retirement by tapping into the equity in their home… and it is not merely a lifeline for those in financial desperation. Reverse mortgage rates are not high and depending on the type of loan that you choose, the rates are often comparable to a traditional mortgage. A reverse mortgage, however, does eliminate monthly mortgage and interest payments, and the resulting savings gives you additional cash to fund a more comfortable lifestyle in retirement. It’s not true that your heirs will get stuck repaying the loan, because they will have the option to either sell it or refinance it when the time for a payoff occurs. In fact, depending on how the value of your home appreciates over time, a reverse mortgage could provide a source of equity to those same heirs if they simply choose to sell it. To find out the truth about reverse mortgages, call us today.
Whiteboard Videos for Financial Advisors, Loan Officers and Reverse Mortgage
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