Mortgage 101: Understanding Reverse Mortgages


[Music] Here's Olga with advice from Affinity on making the process of homeownership as easy as one, two, three We are talking mortgage 101 this morning, and with me are John Alexander and David Villarreal joining us for our mini-series and it's sponsored by affinity partnerships

Today we're talking reverse mortgages Good morning! Good morning to you, thanks for being here again! So you know I've heard so much about reverse mortgages there's so much confusion sometimes, what is it? Well reverse mortgages in a simple way is a loan that's placed upon a home that one owns, that has sufficient equity and that equity can be used and tapped for purposes of whatever need you may have It's not limited in terms of how that money is spent so I think it's a great tool for people who need financial planning And how exactly does it work, keep it simple? It really is, it's an easy method to access the equity in your home you spend your life building up and paying those mortgage payments and now you want to be able to access This is a way for individual 62 years of age or older to access that and use that money for whatever they feel like and it's a safe thing to do and remember you know not giving up your title, you're not giving up ownership it's something you continue to own and you'll be able to use the value that you put into your home for your own personal use

And who qualifies, is it just 62 and older? Is that it? Well that is the benchmark 62 is a required age of a homeowner to qualifyThere's other conditions but that your mortgage professional can work with you on but you also need to know that this type of loan has certain tools to it that a mortgage professional must complete and it protects the borrower And quickly so if I have a reverse mortgage on my house how do I receive payments? There are a couple ways you can either take it as a lump sum you can have a variety of lump sum and monthly payments but the good part about it is you never have to pay another mortgage payment again It's automatically paid off, so you can just move forward and extract the equity that's in your home Lots of options,lots of possible options

Again, great information- great mortgage tips, we're going to see you again for more in the future Thank you gentlemen! Thank you and if you'd like to learn more about reverse mortgages you can just go to site USAreversecom, That's usareversecom or just check out our website the balancingactcom [Music]

Source: Youtube


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