Welcome
Thank you for visiting us. Please watch the videos to learn more about Reverse Mortgages and the service we can offer you. When you are ready, please call us toll free at  888-851-6259 or go to our Contact section and fill out our online form to get a free evaluation.
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Videos
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Introduction
I have a secret that I want to share with you. This secret can open up a whole new world of possibilities for you and change your life forever. If you are 62 or older, own your home and have sufficient equity there is a priceless tool that can unlock your equity and convert it into tax free cash. Better yet, you never have to repay the cash in your lifetime unless you sell your home or move out permanently. It might sound too good to be true, but it can really happen. Over 400,000 Americans have already discovered and taken advantage of this tool and are spending their cash. You can do it too. It is easier than you think.
We at Retirement Funding Now are committed to helping you to finance your lifelong dreams. The advantage we offer you is the ability to evaluate the many reverse mortgage and equity sharing products available. We will explain them in depth so that you will be able to choose the option that is right for you.
The first step is to contact us for a free evaluation to see if you qualify. Call our toll free number 888-851-6259 or fill out our online form located on our website retirementfundingnow.com. We give you quality, unbiased advice and explain the advantages of each in a clear and concise manner.
Call use today and start on the path to a greater retirement tomorrow.
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Why People Get Reverse Mortgages
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People get a reverse mortgage for a variety of reasons. Some use the money to pay off the mortgage so they can stay in their home, some to cover the basic costs of living and some pay for medical expenses or long term care, some to take a dream vacation, to help family and friends, to pay off debts or just to enjoy the finer things of life. Having the extra money can bring peace of mind that is priceless to the enjoyment of life.
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Qualifications for a Reverse Mortgage
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To qualify for a reverse mortgage you must be 62 years old, own a home or a 2 to 4 unit property, have sufficient equity, and live in it for at least six months before you apply. If there is not sufficient equity to pay off the mortgage completely you can still get the loan. There is no age limit; in fact the older you are the more money that you can get as a percentage of the value of the home.
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How a Reverse Mortgage Works
A reverse mortgage is a loan offered to qualified adults that allow the person or couple to convert the equity that is tied up in their home into cash that they can use for any purpose. They can remain in their property until they pass away without making another mortgage payment. The repayment of the cash you get is secured by a mortgage on your home. YOU DO NOT DEED YOUR HOME TO THE LENDER! IT IS ONLY A LOAN!
The loan only needs to be repaid when the last surviving borrower dies, no one who originally took out the loan lives there for a period of 12 consecutive months, fail to pay the property taxes or hazard insurance or allow the property to deteriorate. Repayment may be accomplished by selling the home, with the proceeds going to retire the loan balance. The heirs can also repay the current loan with selling the property by using cash or by refinancing with a regular or another reverse mortgage in their name.
For example a 62 year old with a home value of $1,000,000 could get a reverse mortgage for about $250,000. Also a 62 year old person with a home valued at $10,000,000 could possibly get as much as $2,500,000. The older you are the more money you can get. For loan amounts less than $250,000 you can use the mortgage calculator that is found on our web site to determine approximately how much you can get. The money can be distributed as a lump sum, line of credit, a monthly payment for a set period or for life. Usually people do a combination of all three. Even if the value of the home diminishes during the time you have the loan, the lender is obligated to honor their original agreement. Another great feature is the money is a loan and is income tax free. Both fixed rate and adjustable rate programs are available. The costs to obtain a reverse mortgage are similar to those incurred in a regular mortgage. Your Senior Advisor at Retirement Funding Now will help you evaluate each option so that you can determine which will work the best in your situation. In addition, a complete estimate of amount of money that you can get and the costs to obtain the loan will be provided before the formal application is taken.
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Questions Frequently Asked by Children and Heirs
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Children and heirs may have questions about how a reverse mortgage will effect their inheritance. The reverse mortgage is similar to a regular mortgage in that costs are incurred to do the refinance. These costs will be added to the balance of the reverse mortgage just like with a regular mortgage. Just as in a regular mortgage, the value is determined on a certain date and the loan is given based upon that value. The amount of money that can be drawn out is fixed for the life of the loan. If the value of the home appreciates at the same rate as the interest charged on the loan, the equity will remain the same. If the appreciation rate is less than the interest rate charged or the value of the home goes down the equity is reduced. This is no different than with a regular loan. In a reverse mortgage the heirs have 6 months with two three month extensions to refinance with a regular loan or with another reverse mortgage, if they are old enough or sell the home from the time the owner moves out permanently or dies. If there is not enough money from the sale to cover the lender there is no liability to the estate.
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Success Story of Bob and Mary
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Bob and Mary were on a sparse, fixed income and were barely able to make the $1,500 monthly mortgage payment. They were struggling every month just to get by. They needed some relief. They had always taken care of themselves and did not want to ask their family for help. They could have sold and moved to a cheaper neighborhood. However their home was close to their friends and family and they treasured their time with them. They just could not bring themselves to move if there was any way to avoid it. With help from a knowledgeable reverse mortgage professional they were able to solve their cash flow problem and improve their standard of living at the same time. Their home was worth $362,800 and the balance owing on the mortgage was 200,000. Bob and Mary were both 65 years old. They were able to get a lump sum payment from their reverse mortgage to pay off their existing loan and eliminate their monthly payments. With the extra $18,000 that they save the first year they will be able to take their dream Mediterranean cruise. Their challenge now will be to figure out what to do with the money each year for the rest of their lives.
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Success Story of George and Sue
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Another example is George and Sue. Because of a change in the economy George’s business was starting to lose money and he just didn’t have the energy to work the long hours that it would take to respond to the crisis. He was 70 years old, Sue was 65 and they felt that this would be a good time for them to slow down and spend some quality time together. They wanted to pursue other interests that had always been subordinated to those of running the business. When George shut his business down the assets were able to cover the liabilities but he didn’t receive any extra cash. He and Sue had personal savings and investments but they did not have the cash that they felt they needed to really do what they wanted to do. Then they heard about a reverse mortgage and found the solution to their dilemma. Their home was worth $6,000,000 and they still owed $500,000 on their mortgage. Their monthly payment was $3,900. The reverse mortgage that they got gave them a lump sum payment that enabled them to pay off their mortgage and leave plenty of extra money to help their children and to travel. They found great peace of mind being relieved of the financial cares that had plagued them in their business.
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431,000 People Can’t Be Wrong
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There have been over 431,000 reverse mortgages funded in the United States. Each loan was taken out by a person just like you. They had hopes and dreams of their own that they wanted to accomplish while they could. Although their reasons for getting a reverse mortgage vary, they all have a similar theme. They reason as follows: “I have worked hard my whole life. I can use some extra money now. I have found the tool that can unlock the equity in my home without requiring monthly payments or moving out. If I wait to act will I have my health and be able to enjoy the extra money in the future? Will the equity in my home evaporate? What am I waiting for?” They all decided that now is the time to cash in some of their equity! You can too! Go to the Contact section of the web site and fill out the form or call us on our toll free number 888-851-6259 to receive a free evaluation and start on your path to a better retirement tomorrow!
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