The "New" Reverse Mortgage.  As more people become familiar with the tremendous advantages and versatility of Reverse Mortgages, this financial planning tool has gained in popularity.  Each year there is a significant increase in the number of Reverse Mortgage being used by seniors to remain in their homes, make repairs, supplement retirement income and in general, improve the quality of their lives.

Despite this increased popularity, many of the basic facts about Reverse Mortgages are often misunderstood.

Will the bank own my house?  Absolutely NOT.  You retain full ownership of your home, title and deed when you obtain a Reverse Mortgage.

My heirs will be left with a huge debt.  Your heirs will NEVER be left with a debt that is larger than the value of the property at the time the loan is settled.  And after the loan is repaid, all remaining equity stays with the heirs.

So then, what are some of the Important Facts?

A Reverse Mortgage is easy to obtain.  There are no income or credit requirements and loans are backed by the U.S. Government.

How can I qualify?
1.  You and your spouse must be 62 years of age or older.
2.  You must occupy your home as a primary residence.
3.  You must have equity in your home.

What can I do with the money?  Anything you wish!  Supplement your income, make home improvements, pay off credit card debt or medical expenses, give a gift to family, buy a new car, travel or just improve the quality of your golden years.  The possibilities are endless . . .

How much can I receive?  The amount you receive from a Reverse Mortgage is determined by the value of your home, the age of the homeowners and current interest rate.  A representative from WFS Mortgage Services will be happy to assist you in evaluating your options and calculating the maximum amount of money that will be available to you.

How do I receive the money?  There are different payment options you can choose from, but these options can be changed at any time if the need arises . . .

Tenure:  You will receive equal monthly payments for as long as you occupy the property as your permanent residence.

Line of Credit:  Draw cash from your Reverse Mortgage whenever you need it and for whatever amount you choose.  Discuss with your loan advisor the line of credit growth that makes this option such a unique product.

Lump Sum:  You receive all the money at once upon the closing of your Reverse Mortgage.

Combination of Items Above:  Please talk to your Susan Sirkin, your WFS Mortgage Services loan representative, to discuss all your options.