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What is Backup Financing?
Backup financing is a safe and secure way to ensure peace of mind during your retirement years. By implementing backup financing, you put the equity in your home to work for you without jeopardizing home ownership. It is a great way to ensure you don't outlive your money.
Changes in the mortgage market within the last few years have caused reverse mortgages to become a great source of security and benefit for people 62 and older. When someone qualifies and sets up a line of credit using a reverse mortgage and doesn't touch it, the principle balance will increase by a guaranteed rate annually.
The graph below is an example of this type of line of credit received through a reverse mortgage. In this example, the initial line of credit began at a balance of $220,000. If left untouched and allowed to mature, the unused balance available to the borrower after 20 years would increase to over half a million dollars.
This money then becomes a safe haven; it becomes backup financing! No matter what happens to the property value over time, the money available to you in the form of a line of credit will never decrease. If untouched, it will only gain value.
So, what are you waiting for? If you are 62 or older, call now! We will assist you with all of your mortgage needs.
"This material is not from HUD or FHA and has not been approved by HUD or a government agency."