Sue White - Reverse Mortgage Specialist

Sue White Mar 15, 2024Sep 4, 2024

Reverse Mortgage: A Perfect Addition To Your Retirement Plan

reverse mortgage Some people say that parents don’t need to save up for their kids’ college education. There are college loans to help them. But, their parents can’t find a loan that will help them live a comfortable life after retirement. But, wait for a second. Are you sure there’s no loan for that? Isn’t a reverse mortgage loan the perfect option for seniors?

What Is A Reverse Mortgage?

Reverse mortgage loans is comparable to a line of credit or loan against your home equity. One main difference is that the lender will pay you and not the other way around. Through this type of mortgage, you will have the cash you need. It will supplement your retirement funds like the benefits you get from social security.

Sue White Mar 13, 2024Sep 4, 2024

Understanding Reverse Mortgage: Do They Impact Your Benefits?

There’s one concern that often arises with a reverse mortgage. It’s whether receiving such a loan will affect one’s benefits. For borrowers, there are some common issues. Including these are the following, whether their Medicare, Social Security, or pension will be impacted once they opt for this type of loan. But, amidst the myriad of myths surrounding this topic, it’s crucial to understand the facts.

How A Reverse Mortgage Affect Your Benefits

Social Security

First and foremost, it’s important to note that this loan will not affect your Social Security benefits. Regardless of whether you’ve opted for a reverse mortgage in Myrtle Beach or not, you will continue to receive your Social Security benefits. So, there will be no alterations. Also, the contributions you’ve made throughout your employment years ensure that your benefits remain intact, even after opting for this loan type.

Sue White Mar 11, 2024Sep 4, 2024

Reverse Mortgages: What Are Some of the Most Common Misconceptions?

As much as there is positive feedback, contradictions, or myths about reverse mortgages, misconceptions can also be found. This is not surprising, considering what is involved in this financial program. Basically, it is the acquisition of monthly cash flow in addition to the monthly retirement income received by senior citizens 62 years old and above.

What are some misconceptions of reverse mortgages?

The Bank Owns Your Home

Firstly, there’s the belief that the bank owns your home the moment you avail of the reverse mortgage loan. This is not the case. The truth is your home is yours as long as you remember these three things.

First, you are living in it.
Second, you are paying your insurance and property taxes.
Third, you are maintaining it in good, reasonable living conditions.

Additionally, you can cover those expenses using the monthly cash flow you get from the reverse mortgage.

Sue White Mar 7, 2024Sep 4, 2024

How a Reverse Mortgage Could Save Uninsured Homeowners From Disaster

The casino is a suitable place to roll the dice and take your chances. However, gambling with the security of your largest asset and risking the roof over your head is not. In this blog, we’ll discuss reverse mortgage and how it can help.

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Survey reveals more homeowners are uninsured

Recent information shows that in the last year, many homeowners have dropped their homeowner’s insurance coverage. Primarily, it’s because of the skyrocketing premium increases.

Are most of these homeowners well off with substantial assets to self-insure their homes? No. The survey also showed that half of those who chose to forego insurance on their home have an annual income below $40,000. Many seniors fall within this category.

Sue White Mar 5, 2024Sep 4, 2024

The Pros and Cons of Reverse Mortgages

When it comes to reverse mortgages, you need to carefully consider several things before you submit an application. You have to know the pros and cons so you can make an informed decision especially when it concerns financial loans. After all, you need to pay for the application fees. They can be quite frightening especially if you are left with high mortgage charges and rates.

Pros of Reverse Mortgages

For many people, reverse mortgages is considered a saving grace. It’s thanks to the positive effect it has on the quality of life, particularly among seniors. First, its financial programs are flexible. The restrictions are limited when it comes to how they can get and spend their loan. The house is yours under specific situations. The lender does not have the right to repossess it then default risk does not exist.

That total amount that you owe the bank will not be more than the actual worth of your home. That won’t change even if you get more money from your lender. This is beneficial especially when your home value goes up or down.

Sue White Mar 1, 2024Sep 4, 2024

Reverse Mortgages: Guide for Real Estate Professionals

When it comes to exploring home financing options, the concept of reverse mortgages might initially raise eyebrows. Some may view it as a financial last resort or even a dubious scheme. However, reverse mortgages can be a transformative solution for eligible homeowners looking to leverage their home equity.

As a real estate agent, you play a pivotal role in guiding your clients through the intricate landscape of reverse mortgages. Let’s delve deeper into this financial tool and its implications.

Understanding Reverse Mortgages

As a real estate agent, you’re likely to encounter clients in their golden years seeking ways to unlock the value of their homes. This is where reverse mortgages come into play. Equipped with the right knowledge, you can empower your clients to make informed decisions about their financial future.

Sue White Feb 28, 2024Sep 4, 2024

Is a Reverse Mortgage Worth Considering? Exploring Your Options

When contemplating major financial decisions, such as exploring the viability of a reverse mortgage, it becomes paramount to delve into the intricacies of various options available. Financial experts often offer invaluable insights. But it’s essential to acknowledge that viewpoints can vary widely regarding the efficacy of reverse mortgages.

Thus, before hastily dismissing or embracing the concept, it’s prudent to undertake a comprehensive exploration of the subject matter.

Delving Deeper into the Debate:

The discourse surrounding reverse mortgages often reveals a spectrum of opinions. Some are advocating for their potential benefits and others cautioning against their utilization. Such divergence in perspectives underscores the complexity of navigating financial landscapes, where there’s rarely a one-size-fits-all solution. Consequently, individuals are encouraged to adopt a discerning approach. You must scrutinizing the merits and drawbacks of reverse mortgages in Myrtle Beach through a nuanced lens.

Sue White Feb 26, 2024Sep 4, 2024

Can Reverse Mortgages Provide Seniors With A Retirement Income?

reverse mortages Those with fixed resources tend to overlook the possibility of tapping the equity of their home. With the home equity that seniors can access, reverse mortgages must be taken into account when developing a retirement funding plan.

A reverse mortgage is commonly referred to as a last resort loan for seniors. It’s an option for those who’ve got no other alternatives when under financial stress. They could serve as a part of a comprehensive retirement plan for retirees to think about and for financial consultants to explore.

Seniors have different situations and needs. A reverse mortgage loan offers an annuity type payment or to get rid of a current mortgage. They both help boost household cash flow. The extra income could be used for in-home care, pay for expenses, and other long term needs. A reverse mortgage can also have a retirement income that is kept at a level wherein their assets aren’t depleted.

Sue White Feb 20, 2024Sep 4, 2024

Reverse Mortgage Tips: Why a HECM Beats a HELOC

When it comes to financing home expenses, many older homeowners consider a reverse mortgage. While others prefer a traditional Home Equity Line of Credit (HELOC). It’s a common choice, especially for those with good income and credit. Also, it’s relatively easy to obtain from local banks or credit unions.

For younger homeowners. they usually need short-term financing for projects like a new roof, home addition, or even a dream vacation. A HELOC might seem like a convenient option, especially if they can pay off the loan quickly.

However, many advisors make the mistake of recommending HELOCs to senior homeowners. It’s because thye’re more cost effective upfront when compared to like the Home Equity Conversion Mortgage (HECM). They are reverse mortgages that are federally insured. HELOCs may seem appealing initially, especially for retirees on fixed incomes. But they come with risks that may not be suitable for everyone.

Sue White Feb 19, 2024Sep 4, 2024

When Is The Perfect Time To Get A Reverse Mortgage?

reverse mortgage home equity A lot of people want to learn more about reverse mortgage. You will find borrowers from different state, a range of socioeconomic backgrounds, and borrowers whose ages range from 62 to 95 years old. But many people want to know when the perfect time to get a reverse mortgage loan is.

Reverse mortgage loans provide homeowners with a way to continue living in their homes while giving them access to their home equity. The amount of the loan will be determined by the current interest rates, age, and home value. The amount of cash that will be made available to you will be based on your remaining debt on a conventional mortgage.

Guidelines In Finding The Best Time To Get A Reverse Mortgage Loan

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