Reverse Mortgage

Neither Joel Williamson nor Financial Solutions are mortgage brokers.  This information is provided as a courtesy, is for general education purposes only and  does not address the many details of reverse mortgages.  Be sure to consult with  a qualified reverse mortage specialist.  This type of mortgage is not for everyone and can have a large fee structure, but is sometimes a viable solution to a cash flow problem.  If you have an interest in a reverse mortgage contact Financial Solutions and we can assist you in reviewing how this program works and make recommendations as to qualified vendors. 

 Reverse Mortgages are non-recourse loans that allow senior homeowners age 62 and older to convert home equity into cash on a tax-free basis.

  • Without leaving their homes
  • Without making monthly payments
  • Without income or credit qualification
  • Tax free --- doesn't affect Social Security payments
  • Proceeds paid in lump sum or monthly payments
  • Without having to repay the loan until they move out permanently or sell the house
  • Remaining equity is distributed to borrower or heirs

There Are Many Common Misconceptions Including:

"The lender takes the house."  Correct Answer:  Homeowner retains full title to the property.  A Reverse Mortgage is only a loan.

"I can be thrown out of my home."  Correct Answer:  Homeowner can stay in home until loan maturity event occurs.  Maturity occurs when last qualified owner leaves the house without any reasonable intention of returning.

"I can owe more money than my house is worth."  Correct Answer:  True, however the homeowner and/or their heirs can never be held liable for more than value of home, i.e., the house is forfeited and any remaining balance is forgiven.

"My heirs will be against it."  Correct Answer:  When used correctly for the right reason, heirs can be in favor of Reverse Mortgages.

This concept is not for everyone; however, in some situations not taking advantage of this program may be a mistake, potentially costing you thousands of dollars in living benefits that you may be eligible to receive!

A Reverse Mortgage may or may not be the answer to your cash flow problems, but I believe you will agree that it's worth a phone call and a couple of minutes of your time to find out if it is a viable solution for your situation. There is no obligation, and if nothing else, you'll learn a great deal about Reverse Mortgages and the financial advisory services provided by Joel Williamson and Financial Solutions.  So pick up the phone and call Joel Williamson now. He can be reached at 866-240-2262 or by email @ joelw@financialsolutions-tx.com. Normal business hours are from 9:00 a.m. to 4:30 p.m., Monday-Friday.