REA L E S TAT E
The borrower may receive a lump sum initially or she may elect
to receive a monthly amount to help cover living expenses or
a combination of both lump sum and monthly amounts. The
borrower may elect not to receive any money initially and keep the
account open as a line of credit to be available whenever it is needed
for unexpected home repairs or medical expenses. The balance of a
reverse mortgage increases as the borrower withdraws funds.
Some people’s perceptions about reverse mortgages are most
likely based on some truths about early abuses and lingering fears
and misinformation. Before the 2007-08 federal regulations were
put in place, some lenders charged exorbitant fees; now fees are
capped. Borrowers were not advised that they must continue to
pay their real estate taxes and maintain homeowners insurance;
now borrowers must participate in pre-lending counseling,
provided by an independent, federally approved counselor prior to
applying for a reverse mortgage so that they fully understand the
benefits, alternatives and obligations. In order to further protect
the borrower from negative consequences of not paying taxes and
insurance, the borrower may include a Lifetime Expectancy Set-
Aside (LESA) that automatically pays the taxes and insurances
for them.
I decided that a reverse mortgage was the best solution for me
and was able to withdraw enough equity to pay the settlement
agreement with my now ex-husband and remain in my lovely
home. A year later I withdrew another lump sum and paid off a
large credit card debt and bought a new car. Without having to
make mortgage payments, pay credit card fees or a car payment,
my monthly income allows me to enjoy my retirement life. I am
so convinced many others would benefit from having a reverse
mortgage that I obtained my license as a mortgage loan officer
and was hired by the company that I selected for my own reverse
mortgage, Atlantic Home Equity, so that I may help others.
+
Contact C. Hillal Eastburn at 301-676-9421
or [email protected].
Real
Teams,
Real Estate
Estate Teams,
The Frederick County Guide
Specializing
Specializing in
in
Frederick
Real
Estate!
Frederick Real Estate!
Jerry
Broker,,GRI
GRI
Jerry Coates
Coates, Associate Broker
Jennifer
Coates-Wang
,
REALTOR®,
GRI
Jennifer Coates-Wang REALTOR®, GRI
240-578-3235
broker(o)
(o)
240-578-3235 Direct
Direct 301-695-3020
301-695-3020 broker
www.facebook.com/TheLandmarkGroupRE
www.facebook.com/TheLandmarkGroupRE
http://TheLandmarkGroup.us
website
http://TheLandmarkGroup.us website
Military Relocation Professional
Military Relocation Professional
SPRING 2016 | FREDERICK COUNTY GUIDE
23