What is a Reverse Mortgage?
Steve Orensteen is licensed as a Real Estate Broker and is licensed as well to assist clients with mortgages. For the last 20 years he has closed on hundreds of mortgage loans and has applied his expertise to a number of innovative offerings, of which THE REVERSE MORTGAGE is among the most popular and has recently been enhanced.
Steve is well-prepared to personally work with clients to explore the benefits of this offering, and if it is applicable, to assure the process moves smoothly. Here is an explanation of what this offering is about:
THE REVERSE MORTGAGE
A unique opportunity for homeowners over 62 years old to immediately improve their finances for their senior years and live in their home as long as they want.
This is accomplished simply by using a new home mortgage which provides the following:
(1) Pays off the existing mortgage which eliminates monthly mortgage payments.
(2) Provides immediate tax-free access to a portion of equity either as a lump sum or in payments, based on current appraised value.
(3) Is federally insured and no claim on your income or other assets.
(4) Ownership remains as is and occupancy is undisturbed as long as you continue to pay upkeep, property taxes and insurance.
This federally controlled process works because the lender calculates for itself a measured portion of the undistributed equity each year instead of monthly payments, this continues unless you live somewhere other than the home for a period agreed upon.