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Florian Steciuch

I Need Cash Flow, not a payment

Thursday, March 14, 2013 - Article by: Florian Steciuch - Top Flite Financial - Message

I've met with many seniors who seek a reverse mortgage to extinguish a current line of credit (HELOC) or a 15/30 year mortgage. They share with me how they were originally searching for ways to augment their income. HELOCs are a fine product, but they do require a monthly payment. And that payment will rise as they access more of the credit line. Ultimately, when they max out the line, all they have left is a payment - the opposite of what they needed. A reverse mortgage line of credit does not require any monthly payment. The line actually grows (currently about 4% a year). It can never be suddenly frozen or lowered, no matter what happens to the value of the home, or the income situation of the borrower.

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