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Reverse Mortgages...what the heck are they?


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  • Reverse Mortgages...what the heck are they?

    Hey Guys…

    As some of you know…I work for Wells Fargo Bank, specializing in ONLY Reverse Mortgages.

    A reverse mortgage is a special mortgage loan designed for senior citizens 62 years and older. It allows them to borrow a portion of the equity in their home, without having to income or credit qualify. There are no payments required on the loan for as long as they live in their home. The proceeds can be taken as a lump sum, monthly income or a line of credit. It’s an awesome loan for seniors designed by HUD and backed by the FHA.

    The biggest misconception about reverse mortgages is that the bank owns your home, but in reality, it’s just like a traditional mortgage. The borrower only owes the amount they borrowed plus the interest that accrued on it. The current interest rate is at 3.7% (as of 10/7/04)

    Most people aren’t even aware that this program is available. The effect on senior’s lives can be incredible; from keeping a senior from losing their home to foreclosure, to allowing them to afford medicine they couldn’t otherwise afford or provide live-in care. Some seniors use the money to fix up their homes; others use it to travel while they still can. There are no limits on what the senior can use the money for, even Jeep Mods!

    Most of you have parents, grandparents, relatives, neighbors or friends that could greatly benefit from this program. I would be happy to answer any questions that you or they may have regarding it.

    There are some awesome websites out there. My favorite one is AARP.

    Please let me know if you have any questions. Feel free to PM me here or catch me on AIM (TJJeepgal). (I would be happy to call you if you pm me your phone number.)

    Last edited by JeepGal; 10-07-04, 10:09 PM.
    2002 TJ on 35s a bit of lift with some stuff
    Rock-ItMan all the way around