August 28, 2012
Age Has It's Privileges
It's true, while there may be some truth in the saying, youth is wasted on the young," there is no denying the fact that with age comes countless rewards.
One that comes to mind quickly for me is grandchildren. I wouldn't have thought so when I was young, but through wisdom I have learned to embrace every stage of their growth, for soon it will be just a memory.
Yes, age has its privileges. One that I am most excited about, these day, actually comes to us from the government. You read that right, the government. Fondly known as HECM (Reverse Mortgage). To qualify you (or your co-borrower) must be at least 62 years young. If you are this just may be the program for you.
Here's how it works - A loan specialist will tell youhow much equity you need to leave in your home, or bring into a new home. There's no credit check, no income verification, your equity does the talking. After closing on your loan, you never make a house payment... yes I said you never make a house payment. Every month your payment comes from your equity. If you live long enough to out live the terms of your loan, then not only have you been blessed with length of days but you have no worries of losing your home. You retain title.
This isn't for everyone, but it is for alot of people. Here's what I love about it: HECM provides a way for those who've spent their lives working, raising children and in some instances grandchildren; only to watch the pensions and savings go south, while their expensives go north, enjoy the benefits of their hard work and contribution to society.
If this sounds like it may be just the perfect solution to your mortgage needs, ask our sales staff to connect you with our specialists. Remember, age does have its advantages!
Written by Nanette Overly, Vice President of Sales & Marketing with Epcon Communities.