Are you still concerned about a mortgage?
Donna B. was getting tired of the stress. A residential Realtor for over 35 years, a former top performer in her market and a distant dream to just slow down.
The problem? She had refinanced her home in order to buy one more investment rental home, and the new mortgage payments just weren’t quite being covered by her rental income month in and out.
And, the worry that followed the pressure of making those mortgage payments was becoming overwhelming.
So, following the advice of a trusted friend, Donna reached out to Richard McWhorter of Central Florida Reverse to see what could be done.
The solution? Sell one of those rental homes, take some of the money along with a Home Equity Conversion Mortgage (HECM) to help pay off that first mortgage on her primary residence and use it to remove the pressure of those payments.
And now? She is still very active in the residential real estate industry, as she has discovered what made her choose it as her lifetime of work… the love of her day to day, the meeting new people and helping them buy their next dream home.
Today, she no longer has the hammer of making payments on that old first mortgage every month. If she doesn’t close a loan, she skips that month. When she does close one, she voluntarily makes a payment or two just to pay down the reverse loan balance.
Why pay it down at all? Donna understands that every payment made goes toward increasing the line of credit balance that automatically came with her HECM loan… a line that has no personal guarantee with the home itself as the sole collateral, that cannot be called as long as she continues to occupy the home as her primary residence and that grows at the same rate she is paying on the outstanding loan balance.
And that increased borrowing capacity is FHA guaranteed to grow, every month, regardless of the value of the home. For how long? Again, as long as she lives in the home as her primary residence (and keeps the home in good repair and pays taxes, insurance and other fees when due).
Maybe you, or someone you know, needs a similar success story but still thinks the new HUD/FHA Home Equity Conversion Mortgage is too good to be true? As with any loan product, there is always additional information to discuss. Give Richard McWhorter of Central Florida Reverse Mortgage a call, text (404-313-9785) or email (Richard@CFReverse.com) and find out why what you use to hear about reverse mortgages is keeping you from one of the best and safest long term financial products on the market today.
Simply reach out to us at Central Florida Reverse Mortgage and let’s discuss how we can help you with a product designed specifically to meet your needs for a lifetime of happiness… while enhancing long term cashflow and quality of life. Feel free to call, text (404-313-9785), or email firstname.lastname@example.org and find out more.
Richard W. McWhorter, NMLS 1618644, with McWhorter Mortgage, LLC, NMLS 1486483, dba Central Florida Reverse Mortgage is an independent reverse mortgage specialist and Certified Mortgage Planning Specialist® exclusively serving Florida (FL LO-44137) and Georgia (GA Mortgage Residential Licensee 57530). Follow him on LinkedIn, the Central Florida Reverse Mortgage website or contact him directly at Richard@CFReverse.com.
McWhorter Mortgage, LLC provides an Equal Housing Opportunity. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to secure a loan. Some restrictions may apply. McWhorter Mortgage is licensed in Florida and Georgia, call for originator recommendations in other states. This material is not from HUD or FHA and has not been approved by HUD or any government agency.