I wanted to post in my own words on what a satisfied Reverse Mortgage client told me. “We got our reverse mortgage a year ago. It was info overload…BUT the advantages of paying off a HELOC that required monthly payments vs now- no monthly payments AND money available for future….We are happy we went ahead.”

I don’t think many people understand that today’s Reverse Mortgage isn’t that scary and has many benefits and few drawbacks. I am writing this without looking into a book or any help. These are things I see daily and know are true.

The government doesn’t own your home. The Reverse Mortgage is FHA-insured only against a no equity situation. This is rare these days, but if your home does go “underwater”, you don’t have to call the lender; yes, the lender, Reverse Mortgages or HECMs are done by lenders just like traditional 30-year mortgages. The FHA guarantee states you can live in your home until age 149 even if underwater. A HELOC requires a payment, and your credit line doesn’t accrue interest like a Reverse Mortgage credit line. The higher interest rates give you less money, meaning that according to the amortization schedule, almost any year, you can sell, your heirs can sell when you pass or move out, and get substantial money back. If the economy changes for the better and your home goes up in value, and interest rates go down, a Reverse Mortgage can be refinanced with little closing costs. A Reverse Mortgage cannot decline people like a HELOC, requires no payment except taxes and insurance forever. My business is mostly based on 3 clients. This can be a financial planner move- Eliminate the current mortgage and the retirement fund can pay out much less because it has no no payment to make each month or a person that decided if they eliminate thier current mortgage (always you biggest payment) then they will have that amount more each month. You can make changes even after closing, such as changing the payout amount or time.

For straightforward information from a southern broker of Reverse Mortgages for 19 years and ALL 5-star reviews, call Scott Underwood at (205) 908-2993 or email scott@reversemortgagealabama.com