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62+, A Commissioned Salesperson and Still Worried About Cash Flow?

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 Are you still required to pay on a mortgage?

Donna B. was getting tired of the stress.  A residential Realtor for over 35 years, a former top performer in her market and a distant dream to just slow down.

The problem?  She had refinanced her home in order to buy investment rental homes, and the new mortgage payments just weren’t quite being covered by her rental income month in and out.

And, the worry that followed the pressure of making those mortgage payments was becoming overwhelming.

So, following the advice of a trusted friend, Donna reached out to Richard McWhorter of Ridge Reverse to see what could be done. And after a thorough review of her financial needs a solution was quickly agreed upon…

The solution?  Sell one of those rental homes, take some of the money along with a Home Equity Conversion Mortgage (HECM) to help pay off that first mortgage on her primary residence and use it to remove the pressure of those payments.

And now?  She is still very active in the residential real estate industry, as she has discovered what made her choose it as her lifetime of work…  the love of her day to day, the meeting new people and helping them buy their next dream home.

Today, she no longer has the hammer of making payments on that old first mortgage every month.  If she doesn’t close a loan, she skips that month.  When she does close one, she voluntarily makes a payment or two just to pay down the HECM loan balance.

Why pay it down at all?  Donna understands that every payment made goes toward increasing the line of credit balance that automatically came with her HECM loan…  a line that has no personal guarantee with the home itself as the sole collateral, that cannot be called as long as she continues to occupy the home as her primary residence, maintains the home and keeps current her taxes, insurance and HOA fees.

And the available line of credit borrowing capacity is FHA guaranteed to grow, every month, at the same rate she is paying on the outstanding loan balance regardless of the value of the home.  For how long? Again, as long as she lives in the home as her primary residence (and keeps the home in good repair and pays taxes, insurance and other fees when due).

Maybe you, or someone you know, needs a similar success story but still thinks the new HUD/FHA Home Equity Conversion Mortgage is too good to be true?  As with any loan product, there is always additional information to discuss. Give Richard McWhorter of Ridge Reverse a call, text (863-456-7810) or email (richard.mcwhorter@amerifund.com) and find out why what you use to hear about reverse mortgages is keeping you from one of the best and safest long term financial products on the market today.

Next step?

Simply reach out to us at Ridge Reverse and let’s discuss how we can help you with a product designed specifically to meet your needs for a lifetime of happiness… while enhancing long term cashflow and quality of life. Feel free to call, text (863-456-7810), or email richard.mcwhorter@amerifund.com and find out more.

Ridge Reverse, powered by Amerifund, provides an Equal Housing Opportunity. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to secure a loan. Some restrictions may apply. This material is not from HUD or FHA and has not been approved by HUD or any government agency.

Richard W. McWhorter, NMLS 1618644, is an independent reverse mortgage specialist can assist in your reverse mortgage needs in most states. Follow him on LinkedIn, the Ridge Reverse website or contact him directly at richard.mcwhorter@amerifund.com.

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Licensing

Ridge Reverse
Powered by Amerifund Home Loans Inc.
NMLS #347051

Richard W. McWhorter
NMLS  #1618644

Amerifund Corporate
2655 First St. Suite #220
Simi Valley, CA 9306

Contact Us

Local Address
200 E Tillman Ave
Lake Wales, FL 33853

Number:
Office: (863) 456-7810
Mobile: (404) 313-9785

Hours:
MON-FRI 9AM - 5PM EST

Ridge Reverse powered by Amerifund NMLS #347051. Equal Opportunity Mortgage Broker. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. NMLS Consumer Access

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.

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