Extinguish Debt
Updated Oct. 9, 2013
23% of seniors use their credit cards for daily expenses, yet many have ample equity in their homes that they can use far more efficiently. With reverse mortgage rates around 4-5% (versus credit cards of up to 34%), and having NO monthly payments, the quality life can be improved for the seniors. ....

Seniors make ends meet - by taking meds every other day!
Updated Oct. 9, 2013
I recently met with a client, age 62. He was searching for ways to improve his cash flow. When I asked him how he was managing. he answered "I take my meds every other day". Sad,but this is more common than people think. I was able to show him how a reverse mortgage line of credit can provide him access to tax-free proceeds so...

Cash Flow is King
Updated Oct. 9, 2013
Consulted with a client, age 67. We are extinguishing a $330,000 mortgage he currently pays over $2000 a month on. That freed-up cash flow will be used to pay off his credit card debt (about $30,000). In a little over a year he will have freed up over $3000 a month! I see what huge monthly payments do to seniors and their...

Low rates hurting seniors
Updated Oct. 9, 2013
I remember hearing retirees claiming they will "live off the interest" on their savings. Well, with savings account paying less than 1% (and actually negative if you consider inflation), the retirees have virtually no interest income. For those on fixed income, and who can not afford to take more risk in the...

Reverse Mortgage for Purchase
Updated Oct. 9, 2013
What do seniors look for in a home:. Entrance without steps. More hallway lighting. Full bathroom on main floor. Wide doorways. NO monthly payments - available with a reverse mortgage. Visit www.topflitereverse.com/florian for more info.

Reverse Mortgage - for the "What if's" in Life
Updated Oct. 9, 2013
About a third of the clients I help do not need immediately need any of the tax-free proceeds that are available with a reverse mortgage. They opt for the Reverse Mortgage Line of Credit. They have access to the funds anytime; the LOC grows about 4% a year; can never be lowered or frozen; and of course, there are NO...

Guaranteed Tax-free Proceeds for Life
Updated Oct. 9, 2013
There are several ways one can receive tax-free money through a reverse mortgage. One is a perpetuity (tenure) payment. The borrower(s) receives a fixed amount every month, for their entire lives (as long as at least one borrower lives in the home) - even if the proceeds exceed the value of the home. Remember - a...

Using Reverse Mortgage for Home Repairs
Updated Oct. 9, 2013
Recently I met with a client all ready to sell her home because she was denied traditional credit. She wanted to install some safety features in her home and put in a new furnace. She was pleased to know that with a reverse mortgage line of credit - she could do all the upgrades, improve the quality of her life and have...

Reverse Mortgage-age at home safely
Updated Oct. 9, 2013
A recent survey showed that over 2/3 of seniors prefer to age at home. That may create some issues, primarily how to do so safely. Many home owners over the age of 62 use the tax-free proceeds from a reverse mortgage to modify their homes and create a safe environment. Those features may include widening doorways,...

Reverse Mortgage Line of Credit
Updated Oct. 9, 2013
Have you had your bank call you and inform you that your line if credit has been frozen or lowered? That is not uncommon. If you are a home owner, age 62+, you can have a line of credit that can never be frozen or cancelled - and - it actually grows (currently about 4% a year), and never have a monthly payment. This is...

I Need Cash Flow, not a payment
Updated Oct. 9, 2013
I've met with many seniors who seek a reverse mortgage to extinguish a current line of credit (HELOC) or a 15/30 year mortgage. They share with me how they were originally searching for ways to augment their income. HELOCs are a fine product, but they do require a monthly payment. And that payment will rise as...

I have a mortgage now - can I qualify for a reverse mortgage?
Updated Oct. 9, 2013
Even if you have a current mortgage or HELOC, you can qualify for a reverse mortgage. The existing liens have to be paid off from the reverse mortgage proceeds first. It is fairly common that folks take out a reverse mortgage to extinguish a current mortgage, to eliminate the monthly payment. This improved cash flow...

What's My best Option in a Reverse Mortgage?
Updated Oct. 9, 2013
One of the first questions I ask when meeting with a potential reverse mortgage borrower is this "what are your cash needs?". It is important to determine what the borrower's cash needs are now, mid-term and long-term. For example, if a borrower needs to extinguish a current mortgage of $90,000 and has...

Benefits of ReverseMortgage
Updated Oct. 9, 2013
Some benefits of a reverse mortgage include:. -Tax free proceeds. -Minimal qualifications. -NO monthly mortgage payments. -Non-recourse feature. -Easy access to funds. -NOT credit score driven. For more info: visit www.topflitereverse.com/florian or email me: [email protected].