Before You Say No See 7 Reasons Why You Should Roll Your Own Reverse Mortgage
Reverse Mortgages are popular ways for
Seniors to continue to Live in their Homes and still
take advantage of the Equity Build up in the form
of Monthly payments. Using the Simple Steps in this
Article you can create your own 'Reverse Mortgage'
and Save Money while Increasing your Monthly Income.
A Reverse mortgage actually consists
of 2 Parts
- a Mortgage
- a Guaranty Monthly Payment for life also known
as an Annuity
It is very Simple to Build your own
'Reverse Mortgage.' Refinance your House and then
Purchase an Annuity. Here are 7 reasons why should
should Create your own 'Reverse Mortgage'
1 - You Have Much More Control
By Building your own reverse Mortgage
you are in control. You have much more flexibility.
You can Customize the Reverse Mortgage to better fit
your situation.
2 - Many More Lender Choices
Only a handful of Lenders do Reverse
Mortgages. By Building your own Reverse Mortgage you
can choose from a much larger selection of lenders.
This often allows you to get a Mortgage loan with
lower fees and lower monthly payment then in a Traditional
Reverse Mortgage.
3 - You Pick the Loan Type
You get to pick a loan that fits your
current situation best
- Do you want a 15 or 30 Year Loan?
- Do you want a Fixed or Adjustable rate loan?
- Do you want an Interest only Loan?
You may want to consider one of these
2 Popular Loan Options not normally available in a
traditional Reverse Mortgage. They often result in
a higher net Monthly payment to you because of a significantly
lower monthly Mortgage payment.
- Low Fixed Monthly Payments for 5 Years, Currently
you can Get a Loan based on a 1.95% Payment for
5 Years. Then In 5 Years you can do it again or
change to a different mortgage type
4 - Things Change As your house
gains Equity you can continue to Refinance and Increase
Your Monthly Annuity Payments. If a better mortgage
becomes available you can Refinance to take advantage
of the Savings. Because you are in control you can
evaluate your situation every year or so and change
to meet your new needs if necessary.
5 - Many More Annuity Choices
You can Pick one Annuity or Diversify
with more then one Annuity the choice is yours. You
can take Payments starting now or wait for later.
6 - The Bonus Annuity
With Bonus Equity Indexed Annuities
from popular insurance companies You can have it all.
A way to earn some huge Gains from the Stock market
while being totally insulated from any downside risk
and a Bonus of up to 10% of all money added in the
first 5 Years. (This Article explains Equity Indexed
Annuities http://ewguru.com/eq-idx)
7 - You Save Money
It is often much cheaper to Build your
own Reverse Mortgage by finding the 'best Mortgage'
and 'best Annuity' for you.
You worked hard all of your life to
buy and pay off that dream home, why not build your
own Reverse Mortgage to improve your quality of life
and still maintain control of your Prized asset.
About the Author
Mike Makler is a Financial Consultant in the St Louis
Missouri Area Specializing in Real Estate Loans and
Annuities. To Learn More Call Mike at 314 398-5547
or Visit Mike's Web Page: http://ewg
uru.com/finance
Get Mike's Newsletter Here http://ewg
uru.com/fin-news
Copyright 2005-2006 Mike Makler
