Reverse mortgage presentation takes place March 11

You’ve likely seen the TV commercials for reverse mortgages, with the late Fred Thompson, Henry Winkler and, lately Tom Selleck.  Do you really understand how a reverse mortgage works? If not, don’t feel bad – in a March 2017 National Council on Aging survey, 66% of older homeowners said they’d need to do more research to understand a reverse mortgage line of credit.

Tim Gristy with All House Loans Mortgage Company will offer some assistance to help us understand What is a reverse mortgage?  Is it right for me? What is the difference between a reverse mortgage and a home equity loan? How does a reverse mortgage work?  and much more on Monday, March 11 at 1 pm at First Baptist Church Marble Falls located at 901 LaVentana Drive.

Reverse Mortgage is a government insured loan designed to make a senior's retirement better by helping with extra income, providing a way to pay off debt, travel, make home repairs, help the kids, grandchildren, or anything the homeowner wants to do. This mortgage loan is very flexible in that the homeowner can make monthly payments toward the principle and interest if they wish, but they don't have to.  The only financial responsibility of the homeowner is to do exactly what they are already doing, to pay the property taxes and homeowner's insurance on time every year, and because their names are on the deed as the owners, they will want to keep the home maintained.

Homeowners do have to qualify for a Reverse Mortgage Loan, basically to be sure the income is sufficient to pay the property taxes, homeowner's insurance, maintain the home, pay other debt like credit cards, care loan, etc, and have funds for food, utilities and such.

Reverse Mortgage loan can be the only mortgage on the home, so if a homeowner has a current mortgage there has to be enough equity to pay the mortgage off.  This is where a homeowners might need some help in determining if this program is feasible and/or a good idea for them. 

Reverse Mortgage Loans are not for everyone, so it is important to talk with someone who is experienced, knowledgeable about this program, but most of all someone who will explain the pros and cons for each individual or couple.  It's best to be able to sit down face-to-face and discuss the homeowner's situation and what they want to accomplish.  

Legacy Ministry (55+ Purposeful Living) invites you to join Tim to learn more about reverse mortgage.  He will answer additional questions you may have after his presentation.

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