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Deciding if a Reverse Mortgage is Right for you Get Comfortable with a Reverse Mortgage A C T I V E S E N I O R L I V I N G | V O L U M E 1 | I S S U E 1 5 The reverse mortgage industry has received its share of negative press; however, much of this criticism is due to a lack of education and misconceptions about the product. “Many senior homeowners who could truly benefit from a reverse mortgage have been discouraged from even considering one by some family member or friend who had good intentions, but who were truly misinformed. I believe that a senior who receives truthful information will be better equipped to make the right decision about a reverse mortgage,” says Michael Markoff a Certified Reverse Mortgage Professional and Director at Nations Lending Corporation. “Reverse mortgages can be confusing, so it’s important to be well educated and be able to distinguish between what’s fact and fiction. We encourage our clients to invite family and trusted advisors to be part of the process so that everyone is on the same page.” Markoff said. Below are some tips to help you decide if a reverse mortgage is right for you: Identify Your Retirement Goals Identify your financial and housing goals for retirement. How would you like the next 20-30 years to look? For example, do you need extra cash to supplement your income, make home improvements, or pay off your mortgage and/or credit card debt. Or maybe your financial situation is secure now, but you’re concerned about outliving your assets and having enough down the road, such as for unexpected medical costs. Do you prefer to stay in your current home throughout retirement or are you considering downsizing and/or renting at some point in the future? “Reverse mortgages are now being used in a greater variety of ways and not just as ‘the loan of last resort’ as many people identify them.” says, Peter Brown, a local reverse mortgage advisor. “For instance, The Reverse for Purchase program is gaining in popularity with older persons who are using it to buy a new primary residence.” Get the Facts Educate yourself about the product and what triggers can cause the loan to come due. Ensure that you’re working with a loan officer that is a Certified Reverse Mortgage Professional and lender who is a member of the National Reverse Mortgage Lenders Association (NRMLA). Include Your Advisor Whether your trusted advisor is a financial planner, attorney, or your adult child, any reputable lender will encourage you to include them in the learning and decision making process. If any lender discourages this for any reason, then be skeptical of working with that company. Make a Decision The key to achieving your financial goals is educating yourself and being proactive. “Hoping things will just get better on their own, usually results in more financial pain. It’s important to thoroughly explore all of your options for the benefit of you and your family” Says Markoff. Consider the Benefits of a Reverse Mortgage with Nations Lending. Free, No Pressure Consultation No Restrictions on Use of Benefit Prepare the Home to Age in Place Pay Off Current Mortgage Debt or Other Bills Contact Me to Review the Benefits: Peter Brown, Reverse Mortgage Advisor NMLS #485937 856-797-3434 Office 856-304-9320 Cell Peter.Brown@NationsLending.com www.PeterBrown.NationsLending.com Nations Lending Branch NMLS 1161813 | 1 Eves Dr. Suite 162 Marlton, NJ 08053 | 800-987-1225 New Jersey Residential Mortgage Lender & Broker 32416 licensed by the N.J. Department of Banking and Insurances | Nations Lending Corporation NMLS# 32416. 4 Summit Park Drive, Suite 200, Independence, OH 44131 Homeowner is still responsible for taxes, insurance and maintenance. This advertisement is not provided nor approved by the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA).


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