Happy Independence Day!

 Our holiday events may not be as big as we are use to.  We are America and I believe we will combat the COVID virus and next year will be bigger,grander as we celebrate our freedom and the Great country we live in. 

 Today I will be able to view fireworks from our vehicle from the gorgeous dells in Watson Lake.  I will be grateful for the beauty of this area and the knowledge that better days are ahead. 

 I wish you and your families a beautiful holiday full of memories, great health,happiness and hope your hearts feel the gratitude we are afforded to live in this great country!

 We are selling homes in  Beautiful Prescott and the Quad Cities, just being cautious of your health and safety.  I provide each client protective gloves and masks. 

 If you, family members or friends have Prescott Arizona on your radar this year, please take a look at this website that will allow you to view properties in our beautiful area and all cities in the USA. 

Search Properties in Prescott or anywhere in USA!

 Enjoy your day and may God bless each one of you and may God bless the USA!

 Respectfully,

Debra K. Pauley

Reverse Mortgages

Retire in a Home that’s Right for You

A reverse mortgage can be used to turn a portion of the equity in your home into cash that can be used for many different purposes that may enhance and extend your retirement. If you currently have a mortgage, a reverse mortgage could eliminate your mortgage payment (taxes and insurance must still be paid, and the home maintained), and also allow you to access any additional equity (over and above your mortgage balance), to create accessible cash which is not readily available while in the form of home equity. You have spent many years putting your money into your home equity, and now with a reverse mortgage, you may be able to convert some of that equity into tax-free cash.*

*This information does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

Reverse Mortgage Eligibility

• Borrower(s) must be 62 years or older
• Must be homeowner and either own home outright or have significant equity; must live in home as primary residence (live there 6+ months per year)
• Property must be a single-family home, 2- to 4-unit dwelling or FHA-approved condo
• Must meet minimal credit and property requirements
• Must receive reverse mortgage counseling from a HUD-approved counseling agency
• Must not be delinquent on any federal debt

Pros

- You get money based on the value of your home and you stop making your mortgage payment. You can use the money for whatever you want.

- You maintain ownership of your property.

- It is a “non-recourse” loan. This means the debt cannot exceed the market value of the property. Your heirs can keep the house and settle/refinance the loan, or sell the house to settle the loan and keep the remaining money. If the house isn’t worth enough to cover the loan no debt will pass to them. The Federal Housing Administration covers it.

Cons

- If you’ve not paid off your mortgage the interest on the reverse mortgage loan compounds with the original interest and it can quickly balloon out of control.

- Unlike a traditional home equity loan, you are not making payments on the principle and interest. So although your heirs are not on the hook for the loan, compound interest, fees, and fluctuations in the market can increase the likelihood they will be unable to retain the home when you are gone. 

• You must remain there and continue to pay property taxes, maintenance and insurance.
• Reverse Mortages may be a great option for your next purchase.  Call me and let me show you some great homes!