Home > Uncategorized > Reverse Mortgage, AKA “Fully Lived Mortgage” anyone?

Reverse Mortgage, AKA “Fully Lived Mortgage” anyone?


Reverse Mortgage, AKA “FULLY LIVED Mortgage” anyone?

The Reverse Mortgage in my book is also called the “Fully Lived Mortgage”…

There is a big stigma around Reverse Mortgages and although I understand why, it all boils down to mis-information.  They really can be a LIFE saver…

It’s this simple:

1.  62+ years old.

2. Equity in their primary residence OR a free and clear primary residence.
THATS it! Borrower can either forego future mortgage payments (which can take an incredible burden off an older home owner) OR can provide monthly income back to the homeowner (which can take an incredible burden off an older home owner) OR BOTH!

The “Fully Lived Mortgage” is really that simple. 

Many Reverse Mortgage recipients are concerned about their ability to leave their property to their heirs after taking the Reverse Mortgage.  There are no restrictions to the heirs.  The heir may not be receiving as much “benefit” from the asset but if it is at the sake of the older home owner being able to FULLY LIVE while they are alive, I’m sure most heirs would agree, the benefits of the Reverse were worth it. 

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner

First Class Financial Services, proudly mortgage lending since 1999!

602.294.9288(O)

602.294.9830(F)

http://www.fcfs.net

MB#0902810

NMLS #162494

AZDFI Loan Officer # LO-0911453

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