REVERSE MORTGAGES
" A SENIOR HELPING SENIORS"
FACTS:
MUST BE 62 YEARS OF AGE
MUST OWN THE PROPERTY
THE PROPERTY MUST BE YOUR PRIMARY RESIDENCE
MUST PARTICIPATE IN CONSUMER COUNSELING BY PHONE WITH AN APPROVED HUD COUNSELOR
HOME NEEDS TO HAVE AT LEAST 50% EQUITY IN ORDER NOT TO HAVE PAY MONEY AT CLOSING
YOU DO NOT HAVE TO REPAY THE LOAN AS LONG AS YOU CONTINUE TO LIVE IN THE HOME
YOU CAN FINANCE THE CLOSING COST IN WITH THE MORTGAGE
MUST PAY REAL ESTATE TAXES AND INSURANCE EACH YEAR
MUST KEEP THE HOME IN REASONABLE REPAIR
BENEFITS OF A REVERSE MORTGAGE:
INCOME YOU RECEIVE IS TAX FREE - I HAVE NEVER SEEN A SITUATION WHERE THE HOMEOWNER
HAD TO PAY TAXES OUT OF THE PROCEEDS
YOU MAY RECEIVE DISTRIBUTION IN LUMP SUM, MONTHLY INCOME OR LINE OF CREDIT
A FIXED RATE REVERSE MORTGAGE MUST TAKE 100% OF BENEFITS IN LUMP SUM
AN ADJUSTABLE RATE REVERSE MORTGAGE MAY RECEIVE BENEFITS IN MONTHLY PAYMENTS
OR IN A LINE OF CREDIT OR A COMBINATION OF BOTH
THERE ARE NO LIMITATIONS ON HOW YOU SPEND THE MONEY
FOR MORE INFORMATION CALL RON STARLING AT 352-665-1300 OR GO TO www.ronstarling.com
NMLS249944
