Over 55 – Active Adult Communities – Wellington – What you need to know about Reverse Morgages
When finances are tight, and people have to make dramatic budget cuts for the basics of food, clothing, shelter, medicines and health care, a Reverse Mortgage could be the life saver you are looking for. If both spouses are over 62 years old and have 50% or more equity in the current value of their home when compared to any existing mortgages, they could easily qualify for a Reverse Mortgage:
- NO Income check
- NO Asset check
- NO Credit check (except to make sure there are no federal liens)
- NO Credit score Minimum
- NO longer have to pay any monthly Mortgage payment for the rest of your life, as long as you remain in your home, keep it presentable, and pay your home taxes, maintenance and insurance.
- Yes !! You still own your home
- Yes !! Your heirs will be the beneficiaries when both spouses pass away
- Yes !! Any money you receive after paying off existing mortgages is TAX FREE
- Yes !! You can receive a lump sum payment
- Yes !! You can receive a line of credit
- Yes !! You can receive a monthly annuity
- Yes !! You can receive a combination of the above 3 choices
Why spend all your cash on a purchase of your new primary residence? As long as you are 62 years old, without any income or credit check as stated above, you can purchase your next home with as little as 50% down, take the balance with a Reverse Mortgage, and keep the rest of your cash in a safe investment to protect your future!! You will never have to pay a mortgage payment for the rest of your life !!!
Looking for that perfect Over 55 – Active Adult Community? This link will get you community information and homes for ale in over 30 of the most popular 55 Plus communities. Click the following link Wellington Homes by Price Range to see what’s for sale in The Village of Wellington.
561-434-6009 or cell 516-607-0544
For Further Over 55 or Wellington Information Contact
The Harelik Team