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 My name is Gregory Polk and I am a professional that specializes in my Senior Clients needs. Because so much of my business revolves around the Senior Community, I want to be your first call for advice on your senior benefits.
I wish to earn your trust as a friend and financial advisor.
I am writing today to address a subject that you may be hearing more and more of… The Reverse Mortgage
As your first response you may be saying to yourself, “I don’t need to hear anything mortgage related at my age, I’ve been there and done that”. But the fact is the Reverse part is something entirely different and seniors around the country are utilizing it as a wonderful retirement tool.
A Reverse Mortgage is, in fact, a special government insured program made available only to Senior’s age 62 and older. It’s the Reverse part that makes all the difference to you and your generation.
You spent your life making payments to the bank and over time paying down or even paying off your mortgage balance.
The Reverse part allows you to take back the money that you have paid down on your mortgage, not to mention the years of equity earned on your home, called appreciation. In today’s housing market (inflated or not) you have the ability to take your current equity now and convert this equity into real cash.
What are the true benefits of a reverse mortgage?
You may take your money as tax-free cash, an open line of credit (for your peace of mind), or even as monthly checks that could certainly supplement your social security income.
Use your money for whatever you want!
Fund your grandkid’s college tuition, take a Caribbean cruise, fund a long term care plan, or even buy a second home.
Most Importantly You NEVER make a payment back as long as you live in your home.
Common Misconceptions:
Many Senior’s today still view the Reverse Mortgage as a bad Idea based on its history. The fact is Ronald Reagan signed a bill in 1988 that reformed the Reverse Mortgage into a safe and viable retirement tool that is now being utilized more than ever. At this time the FHA or Federal Housing Administration created the Reverse Mortgage HECM which stands for “Home Equity Conversion Mortgage” You can read up of the many safeguards built into the HECM through the AARP
You may have heard…
“The bank takes your home when you pass away”, this could not be further from the truth! You retain title and full ownership of your property at all times with a Reverse Mortgage. When you pass away your property is then transferred to your heirs. Within 6-12 months your heirs can refinance the Reverse Mortgage into a conventional loan or simply sell the property. Your heirs will pay back the bank the difference and would keep to themselves any remaining equity.
Worried about the values of homes dropping?
Your heirs will NEVER owe more than the value of the property. You may even hold title through your living trust.
Listen, you have worked hard all your life. I believe the reverse mortgage is a safe retirement tool that allows my senior friends to empower themselves to live financially independent, and all doing so in the community they built their lives upon. While it’s not necessarily the right program for everybody it’s certainly an important option that you should at least know about, or at least tell your friends about that are in need.
Thank you for your time and I do hope whether you have an immediate financial need or just want to talk more about this opportunity that you think of Reverse Mortgage Professionals first.
After all it’s your benefit and the Reverse Mortgage is what we do best!
Yours truly,
Gregory D. Polk, President
Reverse Mortgage Professionals
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