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The Finance Doctor
R. Scott Dobbs was President-CEO of Bright Mortgage Corporation for 16 years . . and he is . . The Finance Doctor
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What is a Reverse Mortgage?
A Reverse Mortgage is a U.S. Government loan against your home that you do not have to pay back for as long as you live in the home. It can help turn the market value of your home into cash without having to make monthly mortgage payments. Rather than making a monthly mortgage payment, you actually receive funds from the lender based on the terms that you select. Perhaps best of all, a Reverse Mortgage allows you to still own your home and capture all future appreciation.

What are the benefits of a Reverse Mortgage?
- Through a U.S. Government program you can obtain a loan at the low 4%-6% and you never have to repay the loan in your lifetime. You must be 62 or older and own your own home.
- No monthly mortgage payments, in fact there are no payments as long as you live in your home.
- No income qualifications
- No credit qualifications
- The loan is not due until the last person sells or permanently leaves the home
- Neither you nor your heirs will owe more than the home's maret value at the maturity of the loan
- Retain all future property appreciation of the home

Qualifying can be easy
- All Homeowners must be at least age 62
- Current appraised value of home
- No Restrictions on the money you receive
- Loan proceeds are tax free and don't affect Medicare are Social Security Benefits
- Reverse Mortgages are sponsored by the U.S. Government

Payment Plan Options

A reverse mortgage provides versatility because it allows a person to use the proceeds for any purpose they choose You can receive your money 5 different ways:
*Tenure- equal monthly payments for life, as long as you occupy your home as a primery residence
*Term- monthly payments for a fixed period of time
*Line of Credit- establish a line of credit equal to the principal limit which can be used when you want
*Modified Term- combination of term payments and line of credit
*Modified Tenure- combination of tenure payments and a line of credit

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Initial Fee Worksheet Explanation

Recovery Fund Notice

Last Updated 07/28/2010

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