Midwest Capital-MC Mortgage Kathey Grodi
Reverse Mortgages COULD be the answer to your
prayers! The proceeds of this loan are TAX FREE.
This loan can be used three ways. Refinance-
you can use the funds from your equity to pay off existing
mortgages to eliminate the monthly payments, go on a dream
vacation, medical bills, grandchildren’s college or purchase
a 2nd home Purchase – for a new primary residence the
borrower doesn’t have to liquidate as much of their cash
to purchase a home & not have a monthly payment.
This loan helps a borrower stretch their purchasing dollars
to secure the home of their choice. Retirement Plan –
There are four ways a Reverse Mortgage can improve
your retirement plan: defer social security benefits,
reduce draws on portfolio assets, allow IRAs to convert
to ROTH at a lower tax rate reduce retirement expenses
& cash outflow. At least 1 borrower must be 62 years old,
borrowers must pass a financial and credit assessment.
Eligible properties are single family homes, & FHA approved condos.