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Josh Blum
(754) 247-1168 Contact Me
Home Equity Retirement Specialist, CRMP | NMLS #1741208 | 754-247-1168
I've helped hundreds of retirees and their trusted professionals retire more comfortably with more peace of mind through education, consultation, and white-glove service.
A reverse mortgage is the key that allows you to open the door to the money already in your home. This is the key to the safe and secure retirement you've always wanted and deserve.
A reverse mortgage works by letting you borrow the money in your home with no required monthly payments. Think of it like this: your house is a bank and you are being given access to the money in the vault. How you spend that money is really up to you.
A reverse mortgage loan uses the wealth in your house to provide you a 'housing pension.' It's called reverse because instead of making payments to your house, your house can make payments to you.
Reverse mortgages have this myth that you can't get out of them. Instead, the opposite is true! You can choose to pay off the loan, sell your home, or, if eligible, refinance, all at any time.
Generally, you can expect to receive somewhere between 35-55% of the home's value. More importantly, you'll get peace of mind, security, and a more stable retirement.
Anyone 62 or better with a reasonable amount of equity in their home could qualify. The most likely to qualify still have money available and have been responsible with their finances.
Typically you'll need at least some equity in your home. A good guideline is roughly 60%, and many people have successfully gotten a reverse mortgage with even lower equity positions.
There are absolutely no prepayment penalties with a reverse mortgage. You have the ability to make any sort of payments you'd like, and at any time. The only thing that could stop you from paying off your reverse mortgage at any time is you.
The loan matures once you pass (or if you're married, you both pass). This means your estate or your beneficiaries can choose to pay off the loan, refinance into a new loan in their names, or sell the home to satisfy the loan. The sale of the home for at least 95% of appraised value is always guaranteed to satisfy the loan obligation of the estate or beneficiaries.
*Borrower must occupy the home as a primary residence and remain current on property taxes, homeowner's insurance, the costs of home maintenance, and any HOA fees.
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Borrower must occupy home as primary residence and remain current on property taxes, homeowner's insurance, the costs of home maintenance, and any HOA fees.
Mutual of Omaha Mortgage, Inc., NMLS ID 1025894. 3131 Camino Del Rio N 1100, San Diego, CA 92108.
www.mutualreverse.com
Josh Blum services the Fort Lauderdale and greater South Florida area including Miami Dade County, Broward County, Collier County, Palm Beach County, Martin County, and St. Lucie County, .
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