The Real Scoop on Reverse Mortgages.

Take the worry out of retirement
Turn your home’s equity into cash with no mortgage payments EVER!

If you are 62 years of age or older and have equity in your home, a reverse mortgage can turn that equity into cash, monthly income, a line of credit or a combination of the three. Unlike a traditional mortgage, you are not required to make any monthly mortgage payments, there is no income qualification and the proceeds are tax-free. Best of all, you retain ownership of your home and can live there for as l ong as you choose.

The transfer funds can be used for anything, including:
Pay off an existing mortgage and other debt
Long term healthcare and prescription drugs
Property taxes
Home repairs and renovations
Cash reserves for emergencies

Getting Started is Easy
I will be happy to meet with you at your convenience to discuss you or your client’s needs. I find that the first meeting with a prospective client takes only about an hour to gather facts and get to know one another. This will be an hour well spent.

Please call me at your convenience to set up an appointment.

Best regards,

Richard Bettinson
Security 1 Lending
Your Reverse Mortgage Provider


Misconceptions About Reverse Mortgages

Myth #1: The lender will own your home
False – You and your family or your estate continue to retain ownership of your home. The lender does not take control of the title. The lender’s interest is limited to the outstanding loan balance.

Myth #2: The reverse mortgage requires that I make monthly payments.
False – There are never monthly payments. The borrower is responsible for payment of taxes, insurance, and general upkeep of the home and nothing more.

Myth #3: My children will be held responsible for repayment.
Not True – The reverse mortgage is a non-recourse loan. This means that the lender can oly derive repayment of the loan from the proceeds of the sale of the property. Even if a catastrophe strikes and the value of the home is reduced, you or your estate can never owe more than the value of the home.

Although your heirs will not be responsible for the repayment, they will have the option of repaying the loan and buying the house for themselves.

Myth #4: You need a certain level of income, credit, or health to qualify.
False – A reverse mortgage has no income, credit or health requirements.

Myth #5: To qualify, my home must be debt free and paid off “Free & Clear”
Not True – You may have a mortgage or other debt on your home. The mortgage or debt however, must be paid off first with the proceeds of the reverse mortgage. In fact, many people get a revere mortgage just for this reason: to get rid of their monthly payments forever.

Myth #6: Reverse Mortgage lenders just want to sell your house.
False: Our lenders are in the business of helping you keep your home and meet whatever financial needs you may have in order to help you maintain financial needs you may have in order to help you maintain financial independence. Reverse mortgage borrowers may remain in the home for as long as they wish. However, should they decide to sell the home for any reason, the loan would then become due and payable.

Myth #7: If I do a reverse mortgage I will have nothing for my kids.
False – “Retained Equity” is a very important concept to grasp. Realize that your property will continue to appreciate (the whole value of the estate) and you pay interest on only the smaller amount borrowed. Please consult your representative for amortization tables that might apply to your specific situation.

Myth #8: If I get a reverse mortgage, I cannot sell my home.
False – If you decide to sell y our home, ht e reverse mortgage is like any other loan that must be paid off at closing. There are no restrictions on prepayment or penalties for paying off your loan or selling your home.

Myth #9: If my lender changes, my loan terms can change
Not True – A reverse mortgage is secured by two deeds of trust. Once executed, the terms are defined and cannot be changed as long as the deeds remain in force.

Myth #10: My Social Security, Medicare/Medicaid benefits will decrease.
Not True - Generally the money from a reverse mortgage is considered borrowed money and not income. For some programs, monthly draws must be spent and not accumulated, but for most the money is not considered disqualifying. Please consult with an advisor or your local Agency for Aging for your specific situation.

Call me via www.RichLifeInc.com