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Reverse Mortgage:
This product is an equity loan that grants you access to the equity in your home whereby you receive a lump sum, a tax-free monthly income and/or a credit line. This Loan is backed up by a major financial institution or by the U.S. Government.
What are the qualifications for a Reverse Mortgage?
- You need to be at least 62 or older
- Your home is occupied as the primary residence
- You have equity in your home
This is not like a common home equity loan. The equity is built into your home so there is no need to prove your future earning ability to repay the loan.
No monthly loan payment is required. The loan payoff and payment is deferred until a future date.
Your home does not need to be free of debt, a conventional mortgage can often be reversed.
You have many choices once you have a Reverse Mortgage
You can use the money any way you can think of. Your home is like a savings account waiting to be used. Here are some examples of what you could do with the money:
- Home improvements or construction
- Pay off current mortgage, reverse it, quit paying house payments
- Medical expenses
- Tax free monthly income
- Gifting to children or charity
- Debt repayment, pay off credit cards, grandchildren's college expenses
- New car
- Travel, take the grandchildren
There are endless opportunities and possibilities. The funds are yours to use as you wish.
Contact Doug for more information.
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Sound Financial Concepts
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"A Doug Holmes Company"
P.O. Box 8880
Tacoma, WA 98418-0880
Local: 253 272-1114
Toll Free: 800 473-5495
Fax: 253 476-1136
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