Top Ten Uses for a Reverse Mortgage 2nd Lien
Melinda Hipp
Creating Cash Flow Options for Retirees | Educating Financial Professionals, Realtors & Elder Care Attorneys | Changing the way loan officers earn future income | Golfer & USGA referee | Poker Player | Dachshund mama
??YES, you CAN have a second lien Reverse Mortgage behind a first lien standard mortgage. Most Financial Advisors and even Mortgage professionals are not aware of this fact! ??
??♂?WHY would a Baby Boomer choose to do this loan? Well there are many reasons:
?? You have a lower balance first lien mortgage with a really low rate and are not ready to pay that off entirely with a standard Reverse Mortgage, BUT you DO need funds NOW!
?? You are going to be selling your home in the next 3-5 years and do not really feel that a standard Reverse Mortgage would be best right now...save it for later!
?? You have any of the following items on your mind and you REALLY would like to utilize the home equity you have built up to take care of them.
1. The client has a line of credit (LOC) that is maturing
2. The client needs to make accessibility home improvements
3. The client wants to build an ADU
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4. The client wants to start a passion project
5. The client wants to help grandchildren with college tuition or take them on a "memory" trip
6 The client wants to help with down payment
7 The client has credit card debt
8 The client wants to buy an investment property
9 The client needs to make a large purchase
10 The client currently has a first and a second mortgage
If you have any clients that may be in this situation, check out this option! No monthly mortgage payments and you do not have to repay it until you sell the house, dies, or choose to make monthly payments. Easier to qualify for than a HELOC!
Call me at 210-493-7332 or email me at [email protected]