by Charmaine Blount

Are you considering a Reverse Mortgage?

The Bynum Law Firm, PLLC is a full-service law firm. While primary areas of practice are Real Estate Transactions and Family Law, The Bynum Law Firm takes pride to fully educate their clients.

When consulting with a client who is seeking legal counsel, Christie Bynum reviews the pros and cons to determine whether a reverse mortgage is a good fit for her clients needs.

Here are some of the qualifications for a reverse mortgage:

  • Both occupants are 65+.
  • Occupants own the home.
  • The home is the clients’ primary residence.
  • The client must discuss the program with an independent counselor (approved by the Department of Housing and Urban Development [HUD] and from a HUD-approved agency).

Pros

  • Homeowner may reside in the home without making a monthly mortgage payment.
  • Homeowner may receive funds in a lump-sum payment or a line of credit along with other options.
  • Proceeds are tax free.
  • Estate heirs inherit any remaining equity after reverse mortgage is paid.
  • Funds may be used for anything you choose (i.e., home repairs, in-home care, purchase of a second home, vacation, etc.)

 Cons

  • Not recommended if a spouse is younger than 65
  • Homeowner cannot budget taxes and insurance.
  • Fees can be higher than a traditional loan.
  • Value of estate inheritances may decrease over time.

*PLUS GET YOUR CLOSING ON LOCATION! –  If you are unable to travel to their office, they can travel to the location most convenient for you, such as your realtor’s office, lender’s office, place of employment, etc. They travel to any location within Guilford and Forsyth Counties.

Attorney Bynum is committed to providing all clients with personal attention and dedication that their case deserves. Contact The Bynum Law Firm today for a consultation!