Debbie Gann-Mortgage South

12/19/2023

A common misconception we hear often about reverse mortgages: “If I get a reverse mortgage, the lender will own my house.”

This is a widespread misunderstanding of the loan.

Here’s a very simplistic breakdown of a Reverse Mortgage..

With a reverse, you leverage your equity in the home. It allows access to the equity you’ve built in your home to supplement your income and maintain your lifestyle in retirement. It turns the equity you’ve built in your home into cash.

That doesn’t mean equity vanishes or you sign your home over to the bank.

Whatever portion isn’t used, is still equity in the home- which can be left to the beneficiaries.

A lot of folks have 70-90% of their wealth tied up in home equity. Yet they are trying to manage the cost of living by only using their limited Social Security or depleting assets.

They pass away and never experience the 70-90% of the wealth they created over their lifetime.

The reverse is a tool that helps homeowners experience that large portion of their wealth, without cutting into cash flow.

The reverse can potentially solve so many problems.

There is such a huge gap in accurate information.

Accurate information should be for everyone.

The more education, the better.

If you want more information, don't hesitate to call us. 423-624-3878

10/27/2023

Put your home's equity to work for you during these times of high inflation. Learn how you can increase your monthly cashflow while maintaining your retirement portfolio. -south

10/17/2023

HELOCs come with strings attached, and weakness in the housing market could spur lenders to change the original terms of the loan in a way that they can’t with mortgages. With a reverse mortgage, loans are guaranteed to be there no matter what through FHA. Other benefits of a reverse mortgage?

1. HELOC is a callable loan, so your bank can technically demand payment in full. While it is rare, it can and does happen. A HECM will never be called of course until defaulted.

2. A HELOC variable rate only rises, forcing refinance if rates fall. A HECM adjusts with the market and will go lower than the initial rate.

3. A HECM Reverse Mortgage has no monthly payments.

If you are 62 or older, a HELOC isn't your friend, but a HECM will protect you.

Your lender could freeze or lower your credit line. Here’s what to expect and how to prepare.

10/10/2023

Now more than ever, housing wealth is more crucial to the financial survival of older homeowners. If you currently have a HELOC, don't let it consume any more of your retirement savings.

Call Mortgage South today and refinance your HELOC into a Reverse Mortgage.
423-624-3878

10/09/2023

A reverse mortgage is a much better option than a HELOC for retirees. Many people get a HELOC while they are still working to do home repairs, put a child through school, start a business, etc. —but the problem arises ten years later when they’re living on retirement cash flow that’s about 75-80% of what it used to be prior to retirement.

Reverse mortgages are designed specifically to help seniors manage their cash flow. While payments may be piling up and inflation at the highest we’ve seen in four decades, taking out a home equity conversion mortgage, or a reverse mortgage, can be extremely beneficial.

10/06/2023

Most senior borrowers could not afford their HELOC if their income were to change. Discover how refinancing your HELOC to a Reverse mortgage can save borrowers from unexpected financial strain. https://lnkd.in/e4PwKCzk

10/04/2023

Are you or a client you know looking for ways to create cash flow during retirement? A Reverse Mortgage could be the solution you've been searching for! Learn how to eliminate monthly mortgage payments and enjoy a stress-free retirement. 🌟💰

10/02/2023

Older Americans are living on retirement cash flow that’s about 75-80% of what it used to be prior to retirement.

Many people get a HELOC while they are still working to do home repairs, put a child through school, start a business, etc. —but the problem arises years later when their HELOC payment suddenly spikes up a few years after they’ve retired, it may create a serious cash flow problem.

Many borrowers are refinancing from a HELOC to a reverse mortgage, once they realize it’s the better choice in the long run because with a HECM, seniors’ financial stability can’t be jarred by the possibility of a payment spike.

While payments may be piling up and inflation at the highest we’ve seen in four decades, taking out a home equity conversion mortgage, or a reverse mortgage, can be extremely beneficial.

09/26/2023

When it comes to leveraging the value of a home, both a home equity line of credit (HELOC) and a home equity conversion mortgage (HECM, reverse mortgage) are options to tap into your home equity. However, a HELOC is not necessarily the most appropriate option for older homeowners, ages 62+.

Read our latest blog post to see why utilizing the equity in your home to fund your retirement through a reverse mortgage is a viable option that benefits many seniors.

When it comes to leveraging the value of a home, both a HELOC and a HECM are options to tap into your home equity. However, a HELOC is not necessarily the most appropriate option for older homeowners, ages 62+.

09/25/2023

Southern Living chose Chattanooga as the best all around place to retire in Tennessee.
It’s one thing to dream about your next move—it’s another to find a place that actually makes sense for your lifestyle and budget. See why Chattanooga "ticks all of the boxes for a great retirement town."

It’s one thing to dream about your next big move after retirement—it’s another to find a place that makes sense for your lifestyle and budget. Here are the best places to retire in the South.

09/19/2023

We celebrate Hispanic Heritage Month which celebrates and honors the culture, contributions and influence of individuals who identify as Hispanic and Latinx.

09/18/2023

According to the National Association of Realtors, the median price of a house in the United States is worth $190,000 more than it was a decade ago.

This is important because this means the housing market is more important for the middle class than the stock market for the simple fact that ownership of residential real estate is more widespread. If you’ve owned a house for more than 3 years or so, you’re likely sitting on some nice gains.

So what options do homeowners have to convert an illiquid asset such as a home into readily available cash? Tapping into that home equity using a reverse mortgage could be a great option for homeowners 62 or older with that sufficient equity in their home.