Mortgages, Refinance and Reverse Mortgages in The Villages, Florida

Helping Village Residents stay in their homes.

Simplifying Reverse Mortgage in The Villages, Florida

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1-866-576-5254 ext. 700

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Myths

I WILL LOSE MY HOME TO THE BANK – FALSE

Many seniors assume that in order to take out a reverse mortgage they have to relinquish the title of their property to the lender.  Others believe that when the loan has to be paid back, the lender will take their home and rob the heirs of their inheritance.  Both notions are false. The fact is that you are always in control of your home and you will retain title to your home for as long as you live in it; the lender never acquires title to the property.*  If there is not enough value in the house to repay the entire loan balance, the FHA and NOT the heirs will be responsible to repay to the lender the shortfall.  Any home value that is not needed to repay the loan balance reverts back to the estate.

REVERSE MORTGAGES ARE RISKY – FALSE

Reverse Mortgages are regulated, insured and backed by HUD, an agency of the Federal Government that administers this and other federal loan programs.  Due to strict HUD enforcement of its stringent regulations and safeguard, reverse mortgages are widely recognized as a senior-safe financial product.  You have the right to stop the loan activity at anytime during the application process. You cannot outlive your right to live in the house no matter how large the reverse mortgage loan balance becomes.

I WILL LOSE MY GOVERNMENT ASSISTANCE – FALSE

A reverse mortgage does not affect regular Social Security payments, Medicare or Medi-Cal benefits.  If you are receiving Medi Cal benefits however, you must be careful to withdraw from the credit line only the amount of funds that you will spend in the month of the withdrawal.  Otherwise, money that remains in your personal bank account would count as an asset which could adversely impact your Medi-Cal eligibility. Complying with this requirement takes discipline, nothing more.

REVERSE MORTGAGE PROCEEDS ARE TAXABLE – FALSE

Reverse mortgage proceeds are not taxable.  The IRS does not treat the proceeds of a reverse mortgage as income because the proceeds are a loan.  At the time of repayment, the interest that is paid may be tax deductible.

REVERSE MORTGAGE ARE ONLY FOR DESPERATE PEOPLE – FALSE

When the reverse mortgage program was introduced twenty years ago the majority of borrowers were desperate for funds.  Today however, the reverse mortgage is a mainstream financial tool used by seniors from all walks of life to enhance their retirement years, not just by those facing difficult financial challenges.  Many seniors now realize that they can utilize a reverse mortgage to unlock the value of their home so they can enjoy a better quality of life during their retirement years.  Last year more than 100,000 reverse mortgages were originated in the United States.

TO QUALIFY MY HOUSE MUST BE FREE AND CLEAR – FALSE

Even seniors who have an outstanding mortgage or other debt on their home may be eligible. Today it is very popular for seniors to pay off their existing mortgages with a reverse mortgage.  After paying off the existing mortgage, the balance of the reverse mortgage proceeds is available for the borrower’s discretion.

MY HEIRS CAN END UP OWING MORE THAN THE HOUSE IS WORTH – FALSE

One of the biggest safeguards of the reverse mortgage program is the government guarantee that the borrower and the borrower’s heirs are never responsible for more than the value of the home at the time of repayment.  The government guarantees to the lender that if there is not enough value in the home to repay the loan, the government and not the heirs will repay to the lender the shortfall.

To learn more about Reverse Mortgage, The Villages, Florida and the surrounding areas, call Bob Gersh today!

 

1-866-576-5254 ext. 700


*There are some circumstances that will cause the loan to mature and the balance to become due and payable.  Borrower is still responsible for paying property taxes and insurance.  Credit is subject to age and property qualifications.  Program rates, fees, terms and conditions are not available in all states and subject to change.

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