Upload
james-stout
View
535
Download
3
Embed Size (px)
DESCRIPTION
Citation preview
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13. Frequently Asked Questions Who owns the home? You do.You retain the title and ownership of your home. The bank does not own your home. Can the bank take my home? Will I be forced to sell my home if the money I owe on the loan exceeds the value of my home?No, as long you continue to occupy the home as your primary residence, pay the appropriate taxes and insurance. 14.
15. Frequently Asked Questions What if the value of my home increases during the mortgage term? No matter if, or how much, your property has appreciated in value, you or your estate are only required to pay back the outstanding balance due on yourreverse mortgageat the time the home is sold .Any excess proceeds from the sale of your home belong to you or your estate. 16. Frequently Asked QuestionsWill receiving my reverse mortgage proceeds in monthly payments affect my Social Security or Medicare benefits? If you opt to receive monthly payments, they will not affect your Social Security or Medicare benefits.However,your monthly eligibility for need-based programs such as Medicaid or state assistance programs may be impacted. We recommend that you consult a tax or legal advisor and your local Area Agency on Aging for advice. We can assist you in researching this and getting the correct information. 17. Frequently Asked QuestionsWhat if I decide to sell my home? You always retain the title to your home during the period of yourreverse mortgageloan. You can sell your home at anytime and pay off the reverse mortgage with the proceeds and you or your heirs receive the equity. 18. We can help you choose thereverse mortgagefinancing solution that best fits your individual needs and requirements. 07/11 James Stout Reverse Mortgage Specialist Tel: (954) 993-6150 Fax: (888) 578-9669 3327 NE 32 ndStreet,Fort Lauderdale, FL33308[email_address] www.EasternTrustLending.com