Your Opportunity has Grown!
By Jim Doyle ~
Beginning on January 1, 2019, the opportunity to pay off your existing mortgage putting that payment back in your budget, or to access your housing wealth with a government insured reverse mortgage grew! HUD increased the lending limit for Home Equity Conversion Mortgages (HECM) to $726,525. This means that if your home is close to that value or exceeds it, you can still put your home equity to work for you with a guaranteed line of credit growth of around 5% a year.
The line of credit, on which you are not paying interest, is available to you if-and- when you need it and will continue to grow over time – guaranteed! How many of your current investments offer guaranteed growth and are not taxable? You may also convert the line of credit into a monthly income stream at your discretion.
Financial Planners such as Don Graves, president of the Housing Wealth Institute and instructor of Retirement Income at the American College of Financial Services, are strongly recommending that housing wealth be included in the retirement income conversation. The tax-free loan proceeds can be used strategically to plan for longevity and provide more comfortably for your Golden Years. Of course, you must continue to pay your property taxes and insurance, or set up a type of escrow so that lender will pay those for you.
Income and credit requirements are very reasonable with a reverse mortgage and easier than a traditional mortgage. The bank never owns your home, and you will the property to your heirs who never inherit any debt. Call your local Reverse Mortgage Specialist for the specifics of how this will benefit you. You owe it to yourself and your family to know your options so that you can live your best retirement.
Jim Doyle is the VP of Lending and a Reverse Mortgage Specialist at Silver Leaf Mortgage in Centennial, CO. Direct: 303-875-5994
JimDoyle@SilverLeafMortgages.com | NMLS# 1394377
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