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Reverse Mortgage Facts, James Clooney, aka Jim Clooney

8/1/2013

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Quick Facts:
  • All borrowers must be 62 years and older
  • Home must be your primary residence
  • You own your home – no different than a traditional mortgage. Title stays in your name!
  • No income, health or credit qualification
  • Consult your tax advisor first, but Social Security benefits and Medicare are generally not affected by a reverse mortgage.
  • No repayment is made until the home is sold or the owner permanently moves out or passes away
  • You will never owe more than the value of your home
  • When the loan is due, your heirs have choices – they can repay the loan and keep the house, or sell the home and repay the loan. Estate nor children are responsible for debt



Possible Uses:

  • Assistance with your month-to-month living expenses
  • Help pay for healthcare and prescription drug costs
  • Pay for home repairs or modifications
  • Pay off an existing mortgage
  • Pay off existing debt
  • Reduce burden on children
  • Repair or purchase a car
  • Pay property taxes
  • Travel
  • Any purpose you choose

Receiving Your Money
  • Lump sum – A one time payment at closing. Fixed rate loans require lump sum
  • “Tenure” Monthly Payment – Receive monthly income. Can be Deposited directly into your checking account every month for life.
  • “Term” Monthly Payment – Receive monthly income. Can be Deposited directly into your checking account every month for a set number of months.
  • Line of Credit – An open credit line from which you may draw at any time.
  • Or a Combination of any of the above.

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    • Jim Clooney on Gather
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    • Jim Clooney's Blog
    • Jim Clooney | WordPress
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    • Jim Clooney's Twitter Page
    • Jim Clooney CO
    • Jim Clooney WS
    • Jim Clooney Tennis
    • Jim Clooney - Bigsight
    • James Clooney
    • Total SAI - Jim Clooney

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