Reverse Mortgage – Know the Facts from the Myths A reverse mortgage is a financial tool that can provide security in your retirement years by tapping into your largest financial asset: the ownership of your own home. You’ve worked hard over your lifetime and tried your best to save for retirement. However, with many Americans living longer, many folks are concerned that they may outlive their retirement savings. And the idea of having to scrimp and save throughout one’s retirement is not very appealing! Most everyone has heard a bad story about reverse mortgages of the past. But most seniors are not familiar with the new guidelines that will lay to rest those concerns. Here are just some facts to consider: The bank does not own your home! You and only you remain on the title. Your heirs will have access to the remaining equity after paying off the balance of the reverse mortgage, or they may just walk away. Because a reverse mortgage is government insured, no one is saddled with any debt after you pass away. A reverse mortgage can be repaid at
any time with no prepayment penalty. To obtain a reverse mortgage, only one spouse needs to be over the age of 62, and the younger spouse can Rob Miller, President remain in the home without a mortgage payment as long as he or she desires, even if the older spouse has passed away. Of course, the property taxes and homeowner’s insurance must be paid and the home maintained. The amount of money that will be available to you is determined by the appraised value of your home, the amount of equity you have, and the age of the homeowners. Because of the new guidelines, you really owe it to yourself to learn the facts from the myths when it comes to a reverse mortgage. To learn more, contact Rob Miller, NMLS No. 142151, President of Glendale Mortgage, NMLS No. 127720, to discuss the possibilities. (610) 853-6500/toll-free: (888) 456-0988
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Put Your Equity to Work! Get Tax-Free Cash for Any Purpose
P A re you 62 years old or
older? P Do you need more monthly income, and want to retain ownership of your home?
P D o you own your home
and live there? PW ould you like to remain in your home and eliminate your mortgage payment?
Call today to receive a FREE consultation! Contact Rob Miller at Glendale Mortgage to learn about the benefits of obtaining a Home Equity Conversion Mortgage. ROB MILLER, NMLS #142151
President, HECM Mortgage Specialist
Direct: 610.853.6500 Toll Free: 888.456.0988 RMiller@GlendaleMortgage.com
Your Financial Partner Glendale Mortgage NMLS 127720 is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. If you qualify we will reimburse you for the cost of the appraisal at closing. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Licensed by the Pennsylvania Department of Banking, State of Delaware Bank Commissioner, and the New Jersey Department of Banking and Insurance. www.nmlsconsumeraccess.org
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