Is A Reverse Mortgage Right for You?

continued from page 61 realize the financial benefit of not having a monthly payment, in some cases savings thousands a month.

MYTH #4 – The lender determines how you use your loan proceeds.

FACT #4 – You decide how your funds are best utilized. Whether remodeling your home, delaying social security benefits, paying off high interest debt or simply supplementing retirement income.

MYTH #5 – When you receive the loan proceeds, you will be taxed.

FACT #5 – The funds are not considered income, therefore they are tax free. We always suggest you consult with your tax planner or financial consultant for any updates to the current tax code or your tax strategy.

MYTH #6 – Your children will be responsible for the debt.

FACT #6 – At the time of death, the loan is considered due in full. A reasonable time to fulfill this is typically granted.

MYTH #7 – You must leave your home if you exhaust all your reverse mortgage benefits or run out of money.

FACT #7 – You may remain in your home if you are able to maintain the home, pay your property taxes and abide by the loan terms.

Is a reverse mortgage a worthy retirement tool? Many think it is.

Let’s review some of the financial and life considerations where it might help: n It frees up monthly cash flow by eliminating a mortgage payment n You have access to cash without having to liquidate investment funds n You can avoid selling assets in a down economy n It can provide funding for In Home Health Care n It can allow you to delay Social Security benefits n You can invest in children’s or grandchildren’s immediate future without selling your home

If you think you might be a candidate for a reverse mortgage please contact: Craig Johnson, a mortgage professional of 25 years.

Craig Johnson

Senior Loan Officer Compass Mortgage, NMLS 21808

Phone: 612-481-2034

Email: craigjohnson@compmort.com

State Licenses: NMLS# MN: MLO 340977, CA: CA-DFPI340977, FL: LO45749, WI: 340977

Licensed by the CA Department of Financial Protection & Innovation under the CA Residential Mortgage