What is a Reverse Mortgage?
Reverse Mortgages use the equity in your home to create either a monthly tax-free income, line of credit or lump sum payment (or combination) so that you can enjoy your retirement years without the stress of hard monetary choices.
Who is eligible for a Reverse Mortgage?
Homeowners over the age of 62.
How do I know if and for how much I could qualify?
There are no credit score or income requirements. The eligibility is based off of the age of the youngest homeowner and the appraisal amount of the dwelling.
Who owns my home if I have a Reverse Mortgage?
YOU DO!! The home stays in the name of the owner for as long as they are a resident of the home. Property taxes (and insurance if applicable) must continue to be paid.
What happens after I leave my home or pass away?
After a period of 12 months without an owner living in the home - you or your estate/heirs may either sell the home or repay the loan to keep the home. This is a non-recourse loan. The lender will accept the home as final payment if it can not be sold and they will not pursue any of your other assets.
What if I or my estate sells my home, who gets the money?
If the home sells for more than the loan balance you or your estate would keep the proceeds from the sale. If your home value deteriorates and the home sells for less than the loan balance - you have paid for Government Insurance to cover the shortfall and no further funds are owed.
What if I have more questions?
Call or Email Ron Gottfried Today!
A little about Ron:
As a 17 year old southpaw pitcher, I was offered a contract by the Cleveland Indians to join their AAA farm team. My father would not sign it, so after graduating high school, and as world war II was still ongoing, I joined the U.S. Navy.
At Ohio State, a close friend was captain of the tennis team. He was from Columbus and had a 7 year old nephew for whom he made an exact replica of his varsity letter sweater. The boy reported that everytime he wore it, people tried to get him to sell it to them. We started a business called Joe College, Jr. Co. I condensed my junior and senior years into one year and didn't even attend my own graduation, we were so busy..
The business took off like a rocket, and our letter sweaters were on every college campus in the country within a year. At $2.50 to $3.50 per sweater, our sales by year two were $2,000,000.
My father was in the ladies garment business, and when his number two executive abruptly left to form his own business, my father begged me to join him. He died two years later and at age 24, I took over the presidency of the business. I sold it many years later, and that ended for good, my baseball career.
I then started a real estate investment business and developed garden apartment projects in Tampa, Dallas, Pheonix and Tuscon. That was followed by designing home products in metal and plastics, running a floor resurfacing company, a nut and bolt fastener company, and a ladies sportswear company. Then I formed another company in which I designed womens dresses and sportswear for prominent catalogs and was on the cover of Drapers and Damons, Brownstone, Tog Shop, etc. We also made all the floor samples for Jo-Ann's 1500 stores. From there I sold Mercedes Benz cars, and finally ended up in the mortgage business!