In the financial world, going in reverse can mean gaining ground! By using a Reverse Mortgage, many seniors are getting money out of their homes by using equity to earn a tax-free income.
If you own a home or condo worth $ 100,000 +, a Reverse Mortgage can be a major benefit. With real estate values continuing to drop, now is the time to take advantage of the various Reverse Mortgage programs before property values drop further. "For many seniors their home is the largest asset," said Stu Naar, Branch Manager for US Financial Mortgage Corp. in Boca Raton, Florida, and "although many shudder at the thought of borrowing on it, a home is a viable way to increase monthly income, providing extra cash for future stability."

As Reverse Mortgages gain in popularity, we now have more programs to offer with Fixed Interest Rates, and loans for 2nd homes. The reverse mortgage doesn't have to be paid until the homeowner sells the home or passes away, and the title to the home will remain in their name.
Many people are confused about this product line. "Even if you have a current "forward" mortgage, the reverse mortgage may be the answer because the current mortgage would be paid off and you would still have additional savings," remarked Naar. There are 4 "Nevers" to keep in mind with a Reverse Mortgage.

1) You NEVER make a payment while living in the home.

2) You NEVER give up title to YOUR home

3) You are NEVER forced to move out

4) You and your estate can NEVER owe more than the value of the property at the time of sale.

A reverse mortgage is not only for homeowners that are financially strapped; it is also a means of improving a senior's quality of life. This is without a doubt, a true "Financial Strategy" that seniors should consider, especially if they are planning on staying in the property for at least 3-4 years or more.

Most banks are not originating Reverse Mortgages, since their profit is realized only when the loan is paid in full at the time the owners decide to sell the property. The homeowner does not make any monthly payments on the money taken with a Reverse, and pays off the total whenever they are ready. There are myths about Reverse Mortgages that need to be dispelled and explained to all potential clients prior to them proceeding. Mortgage companies originating this product have an obligation of Integrity and Honesty in providing the best possible advice to clients to tell a prospective client whether or not the Reverse Mortgage is in their best interest, based upon their individual circumstances.

As Reverse Mortgages gain in popularity, due to the ever increasing cost of living, Senior's are investigating this product thoroughly, making sure that the Lender they select is practicing a very rigid Code of Ethics, and has a good rating with the Better Business Bureau. You hear too many horror stories about unethical Mortgage Loan Officers and Brokers attempting to deceive people with "bait and switch tactics." Because of this increase in popularity, the addition of the Fixed Rate Reverse Mortgage, and loan availability on second homes is jumping to the forefront of conversations among Seniors.

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