Do not get a reverse mortgage if you are planning to move. Reverse mortgages are only for primary residences.
Do not get a reverse mortgage if you cannot even afford to pay your real estate taxes, insurance, and HOA.
Do not get a reverse mortgage if you are wealthy and have no need for more money.
Do not get a reverse mortgage if you have enough money to pay for senior care insurance.
Do not get a reverse mortgage if you have enough money to pay for in-home professional care, which may allow you to stay in your residence.
Do not get a reverse mortgage if you do not need money to start a new business.
Do not get a reverse mortgage if you do not need money to buy a vacation home or an RV.
Do not get a reverse mortgage if you do not need money to travel to all those places you have wanted to see but did not have the time or money to go see.
Sincerely,
James Robert Deal
Real Estate Attorney & Real Estate Managing Broker
James@JamesDeal.com
PO Box 2276 Lynnwood WA 98036
Law Office Line: 425-771-1110
Broker Line: 425-774-6611
Cell & Text Line: 425-670-1405 (better to send email)
KW Everett Office Line: 425-212-2007
Fax: 425-776-8081
Flat fee payable at closing.
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Video-Introduction To Reverse Mortgages
The FHA reverse mortgage is a powerful retirement tool. If you are 62 years or older, and if your mortgage is less than half of the home’s value, you can take out an FHA mortgage that has no mandatory payments. The spouse younger than 62 is protected.
Videos
For Sale for $699,000
Are there non-FHA reverse mortgages?
There are non-FHA jumbo reverse mortgages that go up to $4 million, meaning jumbo borrowers can borrow up to around 50% of the value of the home, around $2 million. Borrowers can qualify at age 60 instead of 62. However, the spouse under 60 will not be able to inherit the mortgage.
What if the house does not go up in value?
Sometimes the complaint is that the home has not appreciated in value or has gone down in value. Maybe the borrower has lived so long and drawn so...
JR-Deal-NewZ-1-18-2021
The James Robert Deal NewZ January 18, 2021 www.JamesRobertDeal.org/JR-Deal-NewZ-1-18-2021 SMART METERS TESTIMONY TO SNOHOMISH PUD...
JR Deal NewZ 9-14-2020
James Robert Deal, real estate attorney and real estate broker. Flat fee payable at closing. Helping buyers, sellers, and brokers. 425-774-6611.
Smart Meter Scam
Smart Meter Scam Click on this link: https://tinyurl.com/Smart-Meter-Docs
Buy Real Estate In Partnership
If you do not have enough income to qualify to buy a home, join together with several others. But a larger home, big enough for several families. With multiple incomes you can qualify. If you want privacy you can jointly buy a tri-plex or a four-plex. These can be bought with an FHA loan with only 3.5% down.
JR-Deal-NewZ-7-19-2020
The James Robert Deal NewZ. July 19, 2020.
Flat Fee Payable At Closing
I am a real estate transactional attorney. There is no charge for inquiries by phone or email. I can often quote a flat fee payable at closing.
