Down,sizing,with,Reverse,Mortg finance, share, loan Down sizing with a Reverse Mortgage - A Retirement Tool -Ask
Date:2020-12-25 Down,sizing,with,Reverse,Mortg finance
Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
Considering a reverse mortgage? Here are some questions to ask your self first. It's quoted time and time again; over 95% of seniors want to live the duration of their retirement years in their own homes. Often consumers will start their research on programs, costs and numbers. I propose that if you are looking at using a reverse mortgage to improve and enhance your retirement lifestyle, you ask yourself a few questions before you consider reverse mortgage program numbers and costs.
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Is this the house I plan on staying in for the rest of my life?
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Is this a house that I can afford to stay in the rest of my life?
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Will it need a new roof, painting or a new furnace? Do I have the funds for this or will it be a struggle?
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Can I easily pay my property taxes?
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Can I maintain my home myself or do I have the resources to have my home maintained for me? Handyman work, house cleaners, laundry and grocery shopping etc.
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Or if I don't have the financial means to pay for these things when I either don't want to or can't do them, do I have reliable family or friends that are willing to help me as I age?
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Do I have the emotional, physical & financial resources to stay in this particular house?
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Are my bedrooms upstairs? If I am injured or have arthritic knees, will I be able to move about the house safely?
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Do I have more house than I really want?
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Would it make sense for me to down size?
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Would it make sense for me to move closer to my son or daughter?
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Would I be better off if I sold my home, added my profits to my retirement resources and buy a smaller home with a reverse mortgage?
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By staying in this house will I able to maintain my independence and set myself up for healthy aging on all levels or should I consider downsizing?
Potential Downsizing examples for Mr. & Mrs. Anderson moving from a $700k valued home to a $430k valued home and Mr. & Mrs. Jones moving from a $420k valued home to a $300k valued home:
Mr. & Mrs. Anderson are both ages 68. The Andersons own a home valued at $700k and they owe $220k. After commissions, closing costs, mortgage payoff & moving etc. the Andersons retain an estimated $430,000 from their sale. Instead of paying cash for their new retirement home, the Andersons either:
A. Purchase a $430,000 home with a reverse mortgage put down a one time payment of $180,000 and have no house payments for the life of their loan. They also take the balance of $250,000 as principal residence tax exempted proceeds (Internal Revenue Code 121 principal residence sale tax exemption; consult your tax advisor).
Or
B. Purchase a $430, 000 with a reverse mortgage and set up a credit line that is liquid and tax free when accessed. The unused portion of the credit line grows at the same rate as the loan rate, this gives the Andersons approximately a $250,000 credit line and every year has access to more money guaranteed.
Mr. & Mrs. Jones are both ages 68. The Joness own a home valued at $420k and they owe $40k. After commissions, closing costs, moving etc. the Andersons retain an estimated $350,600 from their sale, moving and mortgage payoff. Instead of paying cash for their new retirement home, the Joness either:
A. Purchase a $300,000 home with a reverse mortgage, put down a one time payment of $119,000 and take the balance of $231,600 as principal residence tax exempted proceeds (Internal Revenue Code 121 principal residence sale tax exemption; consult your tax advisor).
The Joness will have no house payments, purchasing with a reverse mortgage.
Or
B. Purchase a $300,000 home with a reverse mortgage and set up a credit line of $181,000 that is liquid and tax free when accessed. The remaining balance of $50,600 is taken as principal residence tax exempted proceeds (Internal Revenue Code 121 principal residence sale tax exemption; consult your tax advisor).
The unused portion of the credit line grows at the same rate as the loan rate; this gives the Joneses an approximate $181,000 credit line. This credit line grows at the same rate as their loan rate. Every year they will have access to more money guaranteed.
If you have a reverse mortgage question, CALL Angella Conrard at 866-949-7030 or log onto www.reverse-your-mortgage.com.
Down,sizing,with,Reverse,Mortg
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