Lower costs make now best time to obtain a reverse mortgage; call Tim Gristy today

Gristy Financial Services, Inc. is pleased to announce an opportunity for homeowners to receive more funds from a reverse mortgage due to a reduction in closing costs.“There are several choices in reverse mortgage loans, but the most popular is the fixed-rate, lower closing cost, lump-sum option,” says Tim Gristy of Gristy Financial Services, Inc. “The only reason someone would pick another type reverse mortgage loan is if the homeowner doesn’t want to borrow the full available amount.”The reverse mortgage loan is for people who are 62 years young and older, and this government insured loan allows the homeowner to borrow equity money from their home without making monthly payments for as long as they live in the house. When the last spouse leaves the home, the loan is to be repaid, usually from selling the house, “although that is the homeowner’s option,” says Tim.People obtain a reverse mortgage for a variety of reasons – to pay off the current mortgage, to pay down other debt, to help children or grandchildren, to update the home, or to take the edge off of a tight monthly cash flow.It is important to remember:• the homeowner doesn’t need good credit to obtain a reverse mortgage loan• the government nor the bank will ever own your home• the proceeds are income tax free

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