Weichert Financial Services Helps Seniors Cash in on Their Equity Through Reverse Mortgages
PLAINS, N.J., – For many older homeowners, the house they
have owned for years serves as more than a place to live and share moments with
family and friends, it’s also their most valuable asset. As a result, some homeowners must rely on the
equity in their home when it comes time to finance their retirement.
This has required many homeowners to sell
the house they lived in for much of their life before they were ready to gain
access to the equity they built over the years. Weichert Financial Services offers
reverse mortgages as one alternative for individuals who need to tap in to
their home equity but aren’t quite ready to sell.
A reverse mortgage, sometimes referred to
as a home equity conversion mortgage, is a mortgage which converts home equity
into cash. The borrower can elect a
number of different ways to receive money based on the equity they current have
in their house while maintaining ownership of their home. Homeowners can
receive a lump sum payment, a line of credit, equal payments for a fixed period
of time or a monthly payment for life.
“For individuals who wish to stay in their
family home during their retirement, a reverse mortgage is a great option” said
Stephen Adamo, president of Weichert Financial Services. “In essence, a reverse
mortgage allows people to leverage their largest asset, their home, to create a
customized pension plan.”
Borrowers can use the funds they receive
from a reverse mortgage as they see fit to maintain a financially independent
lifestyle. The money can be used to renovate their house, provide assistance
for a child looking to buy a home of their own, put a grandchild through
college, buy a vacation property, purchase a new car, supplement your monthly
income or simply to have some extra spending money.
For those with an existing home loan, a
reverse mortgage can be used to pay off their current loan, and eliminate the
need of ever having to make another monthly mortgage payment. However, the borrower is still responsible
for continuing to pay property taxes, homeowners insurance and maintaining the
home as usual. A reverse mortgage can
also help homeowners avoid foreclosure.
Since a reverse mortgage is determined by
the amount of equity you have based on the expected value of your home, there
is no income or credit qualifications needed.
There is also typically no need to pay any income tax on the money you get
from a reverse mortgage and there is no affect on social security, Medicare,
pensions and other benefits you may also receive.
To learn if a reverse mortgage is right for
you, contact Mark Rostek, reverse mortgage specialist with Weichert Financial
Services, at 973-490-8003 or email@example.com.
Weichert Financial Services is one of the
“Top 30” lenders in the U.S.,
according to the industry newsletter “Inside Mortgage Finance,” based upon
sales to Fannie Mae and Freddie Mac nationally in 2008. In an August 2007 study assessing the credit
standards of the nation’s lenders, SMR Research Corp. ranked Weichert Financial
Services among the least risky and most reliable. The quality of its products is in the top
five percent, according to Radian, a leading mortgage insurance lender.
Weichert has nearly 18,000 sales associates in
approximately 500 company-owned and franchised sales offices in key markets
throughout the U.S. A family of full-service real estate and
financial services companies, Weichert helps customers buy and sell both
residential and commercial real estate, and streamlines the delivery of
mortgages and home and title insurance.
For more information, Weichert's customer service center can be reached
at 1-800-USA-SOLD or at Weichert's Web site, www.weichert.com. Each Weichert franchised office is
independently owned and operated.