Maximize Your Reverse Mortgage Payout
Maximize Your Reverse Mortgage Payout:
What’s the Perfect Payout for your reverse mortgage? It’s easy to assume that the older you are and the more valuable your home is, the more money you could qualify for. But the loan program you select and the way you elect to take your money can make huge difference for you Here’s an example of your extensive options: A 65 year old man owning a house worth $500,000.00 could get approved for lump sum of cash on a fixed rate between $71,715.00 and $152,680 depending on the program selected. A growing line of credit could start at $143,000.00, which if left untouched at current market rates could grow to as much as $300,000 in just 10 years. Lifetime monthly payments of $950.00, would total $400,000, If he lives to 100, and $205,000 if he lives to the actuarial age of 83 A term payout, for 11 years, would yield monthly payment of $1500.00 totaling $198,000.00. Finally, you are allowed to make changes to most programs over time and you can also mix and match options. WOW so much choice! I’m Kurt Heide I’ve been serving the Florida mortgage market since 1992 If your considering a reverse mortgage, give me a call. Lets explore your options.