Are you comfortable with your current financial situation?
Understand how a Reverse Mortgage works
WELCOME
73% of adults rank finances as the largest source of stress in their lives. With a reverse mortgage, you can use your home equity to reduce financial stress and improve your quality of life.
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WHAT IS A REVERSE MORTGAGE?
Reverse mortgages are a well-regulated financial solution and, for the right borrower, a safe and strategic resource for meeting supplemental income needs, improving lifestyle, and adding financial flexibility.
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HOW IT WORKS
A reverse mortgage converts your home equity into usable cash, similar to a home equity line of credit (HELOC). The unique benefit of reverse is that you are not required to make monthly payments like a traditional mortgage.
WELCOME
73% of adults rank finances as the largest source of stress in their lives. With a reverse mortgage, you can use your home equity to reduce financial stress and build a brighter future.
|
WHAT IS A REVERSE MORTGAGE?
Consumers widely misunderstand these loans, which has created an unnecessary stigma around reverse mortgages that persists to this day.
Reverse mortgages are a well-regulated financial solution and, for the right borrower, a safe and strategic resource for meeting needs, improving lifestyle, and adding flexibility to a retirement plan.
|
HOW IT WORKS
A reverse mortgage converts your home equity into usable cash, similar to a home equity line of credit (HELOC). The unique benefit of a reverse is that you are not required to make monthly payments like a traditional mortgage.
Want more information about reverse mortgages?
Why Choose Ken?
Who is Ken Pruitt and why is he qualified to advise you on the benefits of a reverse mortgage.
Frequently Asked Questions
Learn how to enrich your current living situation and improve your financial security.
What would you change about your finances if you could?
It’s your equity. Use it your way.
With the freedom and flexibility that comes from increased cash flow and additional funds, a reverse mortgage gives you endless options to live more
comfortably and pursue the future that’s right for you.
Is a Reverse Mortgage Right For You?
A reverse mortgage is a great solution for many. In the right situation, tapping home equity can be an incredible resource for increasing your cash flow and maximizing the possibilities of life.
Ask yourself:
□ What are my financial goals? How close am I to accomplishing them?
□ Is my current home meeting my needs?
□ If I need long-term care, how would I pay for it?
□ Would an unexpected expense take me off track?
□ Am I still working just for the money? Is that how I want to fill my time?
□ Where will I be in 5 years? Where do I want to be?
□ What excites me about life? Am I doing enough of it?
WHAT’S THE PROCESS FOR GETTING A REVERSE MORTGAGE?
The reverse mortgage process is similar to getting any other mortgage. You’ll have a licensed reverse mortgage loan officer who will expertly guide you every step of the way. Here’s a summary of what to expect:
01 EDUCATION
With a brief telephone conversation, Ken can help you determine if a reverse mortgage is right for you. If you’re more comfortable, Ken will make an appointment with you and do an in-home personal consultation with you. Our ability to give you a one-on-one consultation is one of the things that sets us apart. A detailed proposal will be provided to you so you can make a confident and informed decision.
02 COUNSELING
Reverse mortgage applicants are required to undergo independent counseling to ensure that they fully understand their financial decision. Counselors are approved by the U.S. Department of Housing and Urban Development (HUD) and have no affiliation to lenders. These sessions usually last 60 to 90 minutes and can be done in person or over the phone. Ken will provide you a list of HUD approved counseling agencies.
03 Application
As with any other loan, the application involves gathering some personal information. Ken will be by your side to let you know exactly which supporting financial documents you’ll need to provide, making the process as seamless as possible.
04 PROCESSING AND APPRAISAL
Once your application is complete, Ken will submit it and your supporting documentation for loan processing. Also, a home appraisal will be scheduled to determine your property’s value and ensure your home is in a livable condition.
05 CLOSING
Once the loan is completely approved, the last step is to sign the closing documents with a notary at a time and place convenient for you. Once signing is complete, there is a mandatory three-day rescission period. After the waiting period is over, your loan will fund and escrow will pay off any existing mortgage(s). You will receive any available money you’re requested sent via direct deposit to your bank account.
“To have full-time healthcare and using the equity in the home to pay for it overcomes a million times over what the value of the home is. The value of the house is the value of my mother’s comfort.”
— Son of a real reverse borrower
Source: Reverse Mortgage Magazine Nov-Dec 2021
It’s harder to make it on just one income. After my husband passed away, my social security benefits and pension barely covered my monthly expenses. With a reverse mortgage I can stay in my home and enjoy a less stressful retirement.
