The postings on this site are my own and do not necessarily represent the positions, strategies or opinions of Tribe Financial Group

4 More Myths About Reverse Mortgages

Posted by Test on 26 September 2017
4 More Myths About Reverse Mortgages
A reverse mortgage is a unique product that has helped many people better enjoy their retirement years. Below, the myths are separated from the facts. Myth 5: A Home Equity Line of Credit (HELOC) is a better option. Fact: HELOCs are a good short-term borrowing option for people who can pay the interest and loan in the near future. However, HELOCs are callable loans and there exists significant risk of non-renewal or cancellation. In comparison, a reverse mortgage is a long-term financ...
 

4 Myths About Reverse Mortgages

Posted on 6 September 2017
4 Myths About Reverse Mortgages
Reverse mortgages have evolved from a needs-based product to a product many financial planners recommend as an important component of a comprehensive retirement plan. Below, the myths are separated from the facts. Myth 1: The bank owns the home. Fact: The homeowner always maintains title ownership and control of their home, and they have the freedom to decide when and if they'd like to move or sell. Myth 2: Those with a reverse mortgage will owe more than their house is worth. F...
 

5 Innovative Uses for a Reverse Mortgage

Posted on 9 August 2017
5 Innovative Uses for a Reverse Mortgage
A reverse mortgage is an attractive product for so many people who are at least 55 years old. Traditionally, a reverse mortgage gives people the money to stay in their home and enjoy their retirement years. This is still the number one use of a reverse mortgage, but did you know that there are many other ways in which you can use a reverse mortgage? From my experience, here are five innovative uses: 1. Investment Properties: Do you want that equity in your home to be working hard for you du...
 

How Does A Reverse Mortgage Work?

Posted on 1 August 2017
How Does A Reverse Mortgage Work?
A reverse mortgage is a loan secured against the value of your home, but with NO monthly payments required. You always maintain ownership and control of your home. The most common form of a reverse mortgage is that you receive a lump sum of money up front. The amount depends on your age and the value of your home. Interest accrues on the mortgage amount but you do not make any payments for the life of the mortgage. Three basic criteria to qualify: First is that you are at least 55 years old...
 

How Do You Actually Qualify For The Lowest Mortgage Interest Rate?

Posted on 4 July 2017
How Do You Actually Qualify For The Lowest Mortgage Interest Rate?
The first thing to keep in mind is that interest rates are at an all-time low.  Whether you qualify for 2.59% or 3.29% or even 4.99%, it is still a very low cost of borrowing. A mortgage for most people is the cheapest form of borrowing money. Now let's consider the lender's perspective. Lenders have money that they want to loan out as mortgages, and they need to earn a return on their money. The higher the risk of the investment, the higher the rate of interest charged.&nbsp...
 

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