Are you missing the little known secret about Reverse Mortgages?
Reverse mortgages have a key feature, that many people miss - and it can cost you dearly!
"Your reverse mortgage is based on the appraised value right now - and if values drop in the future, it doesn't matter" says Rick Foxx, the CEO of Florida's Reverse Mortgage Center
We're transitioning into a Buyer's Market, and the market peak median home price of $413,800 has now dropped down to $369,000, just since July 2022.
We're already seeing price drops, and that will affect the amount Seniors can get if they choose a reverse mortgage.
But Reverse Mortgages have a unique feature that is unlike any other mortgage - you CAN owe more than your home is worth - and it won't matter!
Because Reverse Mortgages are based on the value of your home at the time of application, if property values drop - which they already are - your reverse mortgage stays intact, and you stay in your home!
NOW is the time to apply for a reverse mortgage, when property values are at all-time highs, because the FHA sponsored insurance absorbs any loss at the end of the loan.
Reverse Mortgages have NO personal liability, so your heirs can buy the home, or sell it, for 95% of the market value, not the outstanding loan balance.
For example, if a person 63 years old takes a reverse mortgage for $300,000, and the loan balance compounds to say $550,000, while the property value DROPS to $275,000, FHA absorbs the loss.
And you get to remain in the home, as long as you live there full-time, and pay the taxes, insurance, and HOA fees , if any.
"Now it the time to apply for a reverse mortgage, before property values drop further" Says Rick Foxx
"I heard the same talk last time in 2007, that there was no bubble - until it POPPED, and left millions with little equity, or no equity at all" he continued
"Seniors who apply now lock in their equity - those who don't will simply lose out in a housing market correction, which appears to be happening right now"
We help homeowners 62 & older access tax-free cash quickly & confidentially, even if they have credit or income issues.
Reverse Mortgages are not all we do, but they are our specialty.
We understand the importance of offering all loan products to our consumers.
Yes, you most likely found us with a reverse mortgage Google search and we would love to help you with your reverse mortgage.
We do specialize in them and we do a good job of it as evidenced by our reviews.
However, should another loan product be a better fit for you than a reverse mortgage, we have the ability to offer that product to you.
Think about it, if a company advertises that all they do is reverse mortgages, do you REALLY think that some of their clients are being sold a reverse mortgage when they shouldn’t be or are they turning them away?
Most likely they are closing the sale.
As a broker, we offer wholesale rates from most leading reverse mortgage lenders.
We are a small, efficiently run reverse mortgage broker. As such, we strive to keep our overhead costs low, which allows us to pass that savings on to you.
Give us a call anytime, we'll gladly discuss your retirement in a confidential manner, and answer any questions you may have.
No pressure, we promise!