6 Easy Pros To Getting a Reverse Mortgage

• Closing costs and ongoing fees, such as the Federal Housing Administration (FHA) Mortgage Insurance Premium (MIP), can be financed with the reverse mortgage loan — so out-of-pocket expenses can be minimal. 
• You can choose to take your funds as a lump sum; line of credit that you can tap as needed; a steady stream of monthly advances for a set period of time, or as long as you live in the home; or a combination of these options.
• After the loan is repaid, any remaining equity belongs to you or your heirs. 
• A reverse mortgage loan is a non-recourse loan. This means that neither your nor your heirs are personally liable for any amount of the mortgage that exceeds the value of your home. 
• You continue to live in your home and retain title to it.
• A reverse mortgage loan is a non-recourse loan. This means that neither your   nor your heirs are personally liable for any amount of the mortgage that exceeds the value of your home.

Add A Retirement Tool to your Tool belt

A  Reverse Mortgage gives you the opportunity to convert your home equity into cash. In the most basic terms the reverse mortgage allows you to take out a loan against the equity in your home, but you don't have to repay the loan during your lifetime as long as you are living in the home and have not sold it. If you like most people want to increase your retirement funds without loan payments a reverse is your go to.

What’s the catch? How does it work?

With a reverse mortgage, a lender of your choosing makes payments to you based on a percentage of the value in your home. When you choose to move out, the lender will sell your home in order to gain back the money that was loaned out to you. The lender does have the right to request back their funds if you do not maintain your property, fail to keep your property insured, declare bankruptcy, and abandon the property.

Let’s Now talk about HECM

 HECM is federally-insured home equity conversion mortgage. These are provided by the U.S. Department of housing and Urban Development (HUD).  HECM’s limit the costs to borrowers and guarantee the lenders meet the obligations. With this being the most commonly used one there is one big drawback. Private lenders you have more flexibility with loan amounts, under HECM you are limited on the loan amount.

There are pros and cons to both private lenders and HECM. Like we have advised before, really do your research and pick what best suites you. We do think that a Reverse Mortgage is something great for people 62 and over to utilize.

The more tools in your tool belt the better you can build the rest of your life.

"Home rich, cash poor"

Retirement is becoming a very difficult tedious process. You hit many roadblocks throughout your life trying to maintain security when you retire, but we have a solution that could help you out. The "home rich, cash poor" idea will help those out who have funds in their home equity with a reverse mortgage. 

If you (like many others) have more than half of their net-worth in your home you need to leverage your home equity to help with your other expenses. Just by tapping into your home equity you will have money to spend elsewhere of your choosing. 

Fewer than 1% of Americans who are able to take out a reverse mortgage have done so. This is a very low percentage compared to all the benefits of taking out a reverse mortgage. 

Do not be the retires that are "home rich and cash poor". If you are 62 or older start doing your homework and learn about reverse mortgages. You never know... a reverse might be very beneficial to you. 

Retired? Let us Help you make your money last!

Older Americans are becoming the big bulk of homeowners. We understand that its very stressful and critical on you and your family to make sure that you are set in your home for years to come. With a reverse mortgage some of those worries can be taken off your plate and you can stay in your home longer. 

Before looking into a reverse mortgage there are some things you should look into. You must be 62 to be considered for a reverse mortgage. Also you want to look into your finances. Does your home have enough equity to make the process worth it? Do you think a reverse would be beneficial to your finances? Reverse Mortgages are very time consuming and you want to make sure that this is what is right for you. 

When it comes to lenders you want to shop around and find the right lender for yourself. There are many different lenders out there with different procedures and ways of doing things. Really be choosy about who you choose to invest your time with. Also if you are not familiar with reverse mortgages, educate yourself a little before investing. Read all the documents very carefully before signing anything. You want to have a full understanding with no confusion before moving on with the process. The more questions you ask, the less confusion there is. 

Here are some benefits of Reverse Mortgages

• You retain the title and ownership of your property.
• You are never required to make a monthly mortgage payment.
• You have access to cash you built up in home equity.
• You don't have to have income to qualify or good credit.
• You can never owe more than your home is worth.

Vandyk Mortgage would love to help anyone who is interested in a Reverse Mortgage.Call our experienced reverse mortgage professionals today and learn more about the benefits of this financial tool. You can release part of the equity in your home and retain the ownership all without a monthly payment. Help a loved one, remodel or make repairs to your house, you can do what you want to do.

 You now have more choices than ever.

Memorial Day is Coming Up! Veterans have you looked into Reverse Mortgages?

Veterans, 

Do you know how a reverse mortgage can benefit you? It can you give you the financial freedom you need and deserve in the later years. Proceeds from a  reverse mortgage can free up your budget to allow you to travel, remodel your home or help loved ones which will give you security and peace of mind. 

Homeowners 62 and older who have paid off their home( or mostly paid off) or have a large equity position are eligible. Seniors buying a home with fifty percent or less down payment can obtain a reverse mortgage and not have any monthly mortgage payment. Unlike a traditional mortgage, a HECM loan does not require a monthly payment or payment in full, until all borrowers have moved out of the house. The reverse mortgage gives people another option to improve or maintain their standard of living while staying in their home.

David and Rob will be able to help you decide if this loan option is right for you and your family!

What will you do with your extra money? Call us at 513-429-2122 to let us know your answer! 

Vandyk is partnering up with Make-A-Wish Foundation

VanDyk's Legacy Team is partnering up with the Make- A- Wish Foundation to help grant wishes to over 8,000 critically ill children waiting in the Indiana, Ohio, and Kentucky area. Make A Wish grants wishes to children with life threatening medical conditions to instill hope, strength, and happiness. With impacting over 136 families in the 2015 year, the foundation hopes to impact even more in 2016. Along with many other sponsors Vandyk chooses to actively impact those in our community and help reach that 2016 goal!

On Saturday, June 11th, 2016 come join our team at Sawyer Point to help make differences in little kids lives. There will be a family friendly one to three mile walk, music, food, and a chance to meet families who have already been impacted!

Cant Make It? Let your generous DONATION do the talking!  Visit our Legacy Team page HERE: http://www.kintera.org/faf/donorReg/donorPledge.asp?ievent=1154671&supId=436244478&extSiteType=4

 Vandyk set a company goal to raise $1,000 dollars for one wish to be granted to a special child! Become a part of our team and help us grant that wish! 

Check our page out!!

Could tax-free funds help you restart your retirement?

Could tax-free funds help you restart your retirement?

Many retirees have found themselves in the position of seriously questioning whether or not the funds they saved for retirement will outlast their lifestyle needs. This can happen for many reasons.

For example, an unplanned illness can deplete a couple’s savings fairly quickly even with medical insurance.  There can be out-of-pocket expenses for medications and complications from a serious medical or experimental treatment that can deplete anyone’s budget.

Even something as simple as the number of seniors who don’t have a will, estate plan or retirement in place because of the cost to the monthly cash-flow is surprising.

Today’s most savvy retirement planners would recommend a reverse mortgage as part of a smart retirement re-boot . 

By tapping the built-in equity in your home, the proceeds from a reverse mortgage can be used for just about anything.

It’s your tax-free money!

You could:

Pay off medical bills and/or credit card debt

Create an interest -bearing emergency fund

Make home repairs and keep up with general house maintenance

Remodel the bathroom, enlarge doorways or build a mobility ramp

Estate planning, making or amending a Will or pre-paying for final expenses

Did you know that by taking out a reverse mortgage on your current home you can send yourself a monthly payment for the rest of your life?

 It’s true! In addition to accessing a lump sum of cash and structured monthly payments, your reverse mortgage can establish an instant line of credit that cannot be closed until you move out of your home.

All these choices come with the freedom to never have to make a monthly payment, further aiding in your retirement re-boot!

For more information about how your home can serve you and help replenish your retirement savings, call David at Vandyk Mortgage (513) 429-2122 or click HERE to visit us online.