NEW TIMES RE­QUIRE NEW THINK­ING

Bet­ter read this if you are 62 or older and still mak­ing mort­gage pay­ments.

Chicago Sun-Times - - TOP NEWS | NATION/WORLD -

It’s a well-known fact that for many older Amer­i­cans, the home is their sin­gle big­gest as­set, of­ten ac­count­ing for more than 45% of their to­tal net worth. And with in­ter­est rates near all-time lows while home val­ues are still high, this com­bi­na­tion cre­ates the per­fect dynamic for get­ting the most out of your built-up equity.

But, many aren’t tak­ing ad­van­tage of this un­prece­dented pe­riod. Ac­cord­ing to new statis­tics from the mort­gage in­dus­try, se­nior home­own­ers in the U.S. are now sit­ting on more than 7.19 tril­lion dol­lars* of un­used home equity.

Not only are peo­ple liv­ing longer than ever be­fore, but there is also greater un­cer­tainty in the ecomony. With home prices back up again, ig­nor­ing this “hid­den wealth” may prove to be short sighted when look­ing for the best long-term out­come.

All things con­sid­ered, it’s not sur­pris­ing that more than a mil­lion home­own­ers have al­ready used a gov­ern­ment-in­sured Home Equity Con­ver­sion Mort­gage (HECM) loan to turn their home equity into ex­tra cash for re­tire­ment.

It’s a fact: no monthly mort­gage pay­ments are re­quired with a gov­ern­ment-in­sured HECM loan; how­ever the bor­row­ers are still re­spon­si­ble for pay­ing for the main­te­nance of their home, prop­erty taxes, home­owner’s in­sur­ance and, if re­quired, their HOA fees.

To­day, HECM loans are sim­ply an ef­fec­tive way for home­own­ers 62 and older to get the ex­tra cash they need to en­joy re­tire­ment.

Al­though to­day’s HECM loans have been im­proved to pro­vide even greater fi­nan­cial pro­tec­tion for home­own­ers, there are still many mis­con­cep­tions.

For ex­am­ple, a lot of peo­ple mis­tak­enly be­lieve the home must be paid off in full in or­der to qual­ify for a HECM loan, which is not the case. In fact, one key ad­van­tage of a HECM is that the pro­ceeds will first be used to pay off any ex­ist­ing liens on the prop­erty, which frees up cash flow, a huge bless­ing for se­niors

Re­quest a FREE Info Kit & DVD To­day! Call 800-660-1513 now.

liv­ing on a fixed in­come. Un­for­tu­nately, many se­nior home­own­ers who might be bet­ter off with a HECM loan don’t even bother to get more in­for­ma­tion be­cause of ru­mors they’ve heard.

In fact, a re­cent sur­vey by Amer­i­can Ad­vi­sors Group (AAG), the nation’s num­ber one HECM lender, found that over 98% of their clients are sat­is­fied with their loans. While these spe­cial loans are not for every­one, they can be a real life­saver for se­nior home­own­ers es­pe­cially in times like these.

The cash from a HECM loan can be used for al­most any pur­pose. Other com­mon uses in­clude mak­ing home im­prove­ments, pay­ing off med­i­cal bills or help­ing other fam­ily mem­bers. Some peo­ple sim­ply need the ex­tra cash for ev­ery­day ex­penses while oth­ers are now us­ing it as a safety net for fi­nan­cial emer­gen­cies.

If you’re a home­owner age 62 or older, you owe it to your­self to learn more so that you can make the best de­ci­sion - for your fi­nan­cial fu­ture.

We’re here and ready to help. Home­own­ers who are in­ter­ested in learn­ing more can re­quest a FREE Re­verse Mort­gage In­for­ma­tion Kit and DVD by call­ing toll-free at 800-660-1513

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