A few days ago I had coffee with David Carter, he is a reverse mortgage specialist at BofA. When I initially heard about reverse mortgage I thought is was some sort of a scam… I was wrong. As with any loan product, a reliable specialist is key and David is a specialist.
Recent legislation and changes in the marketplace are increasing the use of reverse mortgages. Here are three factors that make reverse mortgages an improved retirement-planning tool.
1. Fees are lower. The government, with support from lenders, has revised how reverse mortgages are structured.
2. Loans are more flexible. New loans let borrowers take money as they need it instead of all at once.
3. Selling isn’t always wanted, someone likes to stay in his/her house but need some extra income.
You can make payments on your mortgage but you don’t have to. This basically means that you cannot be foreclosed on when you don’t pay the mortgage.
You have to be 62 or older. For more information, contact David Carter: 707.235.8786.
Fall is beautiful in the wine country, visiting wineries, taste and discover new wines… Found a great winery with a deck where you can enjoy a picnic as well as the views: Everett Ridge Winery in Healdsburg
Have a great day!
Mirjam
