Reverse Mortgages

A note from Edward Stone regarding reverse mortgages:

If you have navigated to my site, you have probably already been inundated with reverse mortgage offers and promises that reverse mortgages are the answer to all of your problems.  In order to make a well informed decision, you need to ask the following questions:

• Is your loan officer well versed in estate planning?
  
• Is your loan officer a financial planner?
  
• Is your loan officer knowledgeable in tax strategies?

If the answer is no to any of the foregoing, then you should be wary of that loan officer's advice.  First and foremost, I am an estate planning attorney.  Second, I am a tax strategist and financial planner.  Third, I am a realtor and senior loan officer.  A reverse mortgage is only one tool I use to assist my senior clients. 

So, what can a reverse mortgage accomplish?

• Peace of mind. You know there is a source of income on which you can rely;
• A means of establishing regular and reliable monthly income;
• A lump sum payout to use in any manner in which you deem fit;
• A line of credit that can be tapped just like a credit card; 
• So long as you reside in your home, there is no repayment;
• When repayment is due, the lender cannot get more than the value of your home; 
• The lender cannot foreclose on you; the lender cannot kick you out of your home;
• A tax free source of income;
• An effective estate planning tool, with the appropriate circumstances;

Call me for a free estate planning, financial planning or reverse mortgage consultation.  I look forward to hearing from you.

- Edward Stone, Attorney at Law