 | Randy Vickers is the owner of Priority Mortgage Corp of Wichita, which opened in Jan. 1989, is the oldest locally owned mortgage company in Wichita. Randy has been in the real state business since 1983 and is a licensed real estate broker as well as a licensed mortgage broker. Priority Mortgage Corp of Wichita KS Lic #1996-0122. Randy can be reached at 316-721-7700 |
Mildred was now living on just her social security. While her husband was alive, they were able to make ends meet. Now though, living on only one income and a small retirement plan, she found herself struggling financially. With no current mortgage in place on her home, she could either sell her home and cash it out, or do a reverse mortgage. Based on the fact that she had to live somewhere, selling it meant having to pack up 30 years of accumulation and acquire an additional monthly expense of somewhere else to live. Alternatively, she could stay where she was, already comfortable, by doing a reverse mortgage. After getting the facts on how it works, that’s what she opted to do…a reverse mortgage. This allowed her to stay in her home, access the much needed funds without any required monthly payment, and dispel the thought of packing and unpacking at age 76. Not to mention losing the freedom her grandchildren had always had to run around the house, as opposed to the limited space she would have had if she moved to a small apartment.
Joe, on the other hand, wanted to get into the rental business now that he was retired. He had gone to the bank to look into a small investment loan to buy a rental property. They wanted to know his income (to make sure he could make his monthly payment), his credit (to make sure he was a good risk), and they wanted his house to be put up as collateral (in case he did not make his payment). A friend told him about the possibility of doing a reverse mortgage on his home. He was overjoyed when he was informed that there were no credit or income qualifications. Nor were there any required monthly payments. Joe said, "You mean to tell me, I can take out a loan without any income or credit requirements and I won’t lose my house if my rental sets empty for several months, because I don’t have any required monthly repayment?" That’s right, there are no restrictions on what you use the money for (i.e. buying the rental property) and there are no required monthly payments for as long as you live in the primary residence. Needless to say, he liked this government program a lot.
Bob and Thelma loved to travel, and they loved their new motor home. What they didn’t love was the monthly payment, and the 12.5% interest rate. The kids had encouraged them to enjoy their retirement, which they were, but would enjoy it more if they didn’t have that monthly RV payment. Thelma had read about the Reverse Mortgage, and decided to get more details on the program. In the process of completing a new reverse mortgage for them, their monthly RV payment was eliminated, thus increasing their monthly spendable income. Then the remainder was put into a line of credit for future needs…and now Bob and Thelma are "On the Road Again"! Although reverse mortgages are not for everyone, the education about them is. Are you curious to see how they might work for you? Or for a loved one? Get in touch with a reverse mortgage lending professional today to visit about the various opportunities and positive benefits a reverse mortgage might bring to your life. More Next Month…