• Jessica Goldberg * NMLS #1713098

    ~Email: jessica.goldberg@cardinalfinancial.com ~Cell Phone: (612) 718-6763

    ~Office Phone: (702) 945-0281

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  • Reverse Mortgage

  • Fun Fact about Minnesota: Minnesota's nickname is "The Land of 10,000 Lakes." but it has at least 11,842 lakes of 10 acres or more. If you count the smaller lakes, the number goes up to as many as 15,000. Minnesota has more recreational boats than any other state: one per every six people. 

  • A vehicle for a borrower who has substantial equity in a property to convert that accumulated equity at a cost to cash and additional debt without selling the property and without making payments to the lender. With a typical reverse mortgage, the balance of the loan rises as the borrower receives money from the lender and incurs interest to the outstanding loan balance. Also called a reverse equity mortgage or reverse annuity mortgage. The most popular reverse mortgage program is the HECM.

    Be aware, the balance of the loan rises as the borrower receives money from the lender and incurs interest to the outstanding loan balance. Since the borrower is not making any payments, by the time a reverse mortgage becomes due, the borrower may have a high loan balance and little or no, even negative equity. For most reverse mortgages, the amount owed grows and the equity shrinks, which creates a "rising debt, falling equity" scenario.

  • Why Get a Reverse Mortgage?

    Seniors can use the equity in their home for any use, including, but not limited to:

    • Start a small business.
    • Pay off credit card debt.
    • Health care.
    • Home repairs and upkeep.
    • Dream vacation.
    • Maintain a lifestyle that is otherwise unaffordable.
  • Eligibility for a reverse mortgage
    • All persons who have an ownership interest in the security property must be at least 62 years of age. 
      • if one of the owners does not satisfy this age requirement, one way to secure a reverse mortgage loan on the property is for the younger owner to relinquish all ownership interests in the property
    • A reverse mortgage has no income requirements to qualify. However, the lender will consider the borrowers ability to meet continued obligations to pay property taxes, insurance premiums, homeowners association fees (if applicable), and maintain the property as shown previously.