HEADLINE:   FUGGEDDABOUT IT!

It’s an expression from the late 90’s (think Al Pacino, Johnny Depp and Hugh Grant) that has made its way into contemporary culture.  And with the best accent, it brings such fun to a conversation.

If you are 62 or older, retired with no regular income, and would like a way to access some of the equity in your home through a traditional equity line – FUGGEDABOUT IT!  Current mortgage practices leave little opportunity for non-income earning borrowers, regardless of the equity in their home.

But if you qualify, a Reverse Mortgage allows access some of your equity in your home and there are no income requirements.  A Reverse Mortgage is a powerful financial tool available only to homeowners 62 and older and designed specifically for the needs of a retired population.

A Reverse Mortgage allows homeowners to access a portion of their equity AND NEVER MAKE A PAYMENT UNTIL THEY NO LONGER LIVE IN THE HOME.  Payments ???  It’s another “FUGGEDABOUT IT”!  Absolutely NUTTIN!

And THAT’S one of the features that makes a Reverse Mortgage so desirable.

Moreover, the homeowner ALWAYS retails title to the home and never shares equity with the lender.  No repayment of principal or interest is required of the borrowers while living in the home.  Instead, interest is added to the loan and paid when the house is sold or after the homeowners move from the home.

The proceeds from the loan can be used for any reason what so ever. The most common uses of a reverse mortgage is to allow the homeowner to “age in place” - that is, to stay in the home safely and securely for as long as they wish -- And move from “just getting by” to enjoying their senior years.

Reverse mortgages may not be right for everyone and not everyone may qualify.   They do, however, offer tremendous possibilities for homeowners who want to remain in their homes and who may not qualify for, or are unable to, make payments that are required with an equity line.

If you would like more information on the reverse mortgage options available to you, please contact my office at 650.591.4430