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How much can I borrow?
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For once, its good to be older. How much you are eligible
to borrow is based on your age and the current value of
your home. The older you are, the more you can borrow
as a percentage of your home’s value. Don’t
forget to ask about our “GROWING LINE OF CREDIT
PROGRAM”. A SeniorLoan specialist can help you calculate
figure out how much you are eligible for in less than
five minutes on the phone. |
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Should I consider this if I am thinking of moving
soon? |
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Unless there are immediate financial needs and no other
way to cover them, a reverse mortgage is generally NOT
recommended if you think you will be moving in the immediate
future. Ask a SeniorLoan specialist what other options
might be right for you. |
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Who will own my house? |
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By far the most common misconception about reverse mortgages
is that the lender will own the house. The truth is however,
whoever is currently on title to your home (presumably
you) will remain on title. Title does not transfer with
a reverse mortgage and the lender NEVER shares ownership
in your home . You will still own your home and are free
to do what you wish with it. When you our your heirs eventually
sell your home, you keep all the remaining equity after
the loan is repaid. |
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What can the money be used for? |
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Any existing liens on the property will be paid out
of your loan proceeds. The remainder can be used for anything
you like. Some common uses are: Home Improvements, Debt
Elimination, Medical Expenses, Long Term Care Premiums
and Life Insurance Premiums. There are no limits or restrictions
on what the funds can be used for, in fact, the Line of
Credit does not have to be used at all. Many seniors find
that having it in place “just in case” allows
them to sleep better having piece of mind knowing that
funds are available if needed. |
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How long does the process take? |
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Processing time varies but average is 30 to 45 days
from beginning to end. |
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Is the money I receive taxable income? |
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No, a reverse mortgage is a loan. Borrowed funds are
not considered taxable income under current IRS guidelines. |
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Will this affect my benefits? |
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Borrowed funds will not affect your pension or retirement
benefits. Please Call - 410 - 902 4660
with any specific questions. |
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What others are
saying
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Not having a payment will make things a lot easier for
us but I can not begin to tell you how much better I feel
knowing that if something should happen to me, my wife
won’t be forced to sell the house and move. |
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Frederick K
Cumberland Maryland
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You know, I came in here feeling very different
about this program. Thank you for showing me how this
really works. I know I have some clients (and some clients
whose parents) this would be perfect for. |
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Alan B, CPA
Baltimore , Maryland
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It is amazing how much of what is written
in the media about reverse mortgages is simply false.
The shame of it is that so many seniors who would benefit
from it read these error filled articles and avoid something
that would really help them out. |
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Robert S.
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It has put my heart at ease, no more mortgage
payments, no more pinching. With this wonderful program,
I paid off my mortgage and all my other bills. I feel
free now. This program is a godsend
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Ms Williams
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