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Page 12 Territorial News December 16, 2009 The bar sports Office * About Reverse Mortgages For many seniors the favor of Reverse origination fee, appraisal equity in their home is their Mortgages. and inspection fees, title LIVE ENTERTAINMENT Home of the 13 largest single asset, yet it is policy, mortgage insurance Hour Happy Hour! unavailable to use unless Who can qualify? and other normal closing THE FORCE they use a conventional Virtually anyone can costs. With a reverse Classic Rock 6am til 7pm! home-equity loan. But a qualify. You must be at least mortgage, all of these costs conventional loan really 62, own and live in, as a will be financed as part of December 19 • 9:00-1:00 R doesn’t free up the equity primary residence, a home the mortgage prior to your NO COVER! because the money has to [1-4 family residence, withdrawal of additional NFL GAME be paid with interest. condominium, co-op, funds. Gala NEW YEARS EVE DRINK SPECIALS A reverse mortgage is permanent mobile home, or If a senior homeowner featuring a risk-free way of tapping manufactured home] in chooses to repay any During The 2:00 into home equity without order to qualify for a reverse portion of the interest THE FORCE Sunday Game creating monthly payments mortgage. accruing against his There are no income, borrowed funds, the Karaoke and without requiring the Every Touchdown money to be paid back asset or credit payment of this interest & Field Goal during a person’s lifetime. requirements. It is the may be deductible (just as Fri & Sat: 9:30-1:30 $1 Shots & $1 Pints Instead of making easiest loan to qualify for any mortgage interest may FREE Poker payments the cash flow is reversed and the senior and the proceeds from a be). A reverse mortgage reverse mortgage are tax- loan will be available to a Mon-Thurs: 7:30pm & 10:30pm Open at receives payments from the free and can be used for any senior homeowner to draw 6am! legal purpose you wish. upon for as long as that Pool & Darts bank. Thus the title “reverse mortgage”. As a general rule, the person lives in the home. For those seniors who older you are and the And, in some cases, the NEW! BUZZTIME for POKER & TRIVIA earn low incomes but own greater your equity, the lender increases the total a home, a reverse larger the reverse mortgage amount of the line of credit 330 S. Gilbert Rd. Mesa, AZ mortgage can allow them to benefit will be (up to certain over time (unlike a remain in the home by limits, in some cases). The traditional Home Equity creating extra income. It can reverse mortgage must pay Line where the credit limit also allow for remodeling or off any outstanding liens is established at repairs and when the time against your property origination). If a senior comes to sell, the before you can withdraw homeowner stays in the investment in the home can additional funds. property until he or she make it more valuable. dies, his or her estate When is a Reverse valuation will be reduced False beliefs about Mortgage due? by the amount of the debt. Reverse Mortgages: The loan is not due and “The lender could payable until the borrower What happens when I take my house.” The no longer occupies the die? homeowner retains full home as a principal At the death of the last ownership. The Reverse residence (i.e. the borrower borrower or the sale of the Mortgage is just like any sells, moves out home, the loan is repaid other mortgage; you own permanently or passes from equity in the home. the title and the bank holds away). At that time, the Any remaining equity a lien. You can pay it off balance of borrowed funds (which is often the case) anytime you like. is due and payable, all goes to the heirs. “I can be thrown out of additional equity in the All reverse mortgages my own home.” property belongs to the now are the HECM loan Homeowners can stay in owners or their which is guaranteed by the home as long as they beneficiaries. If the heirs FHA mortgage insurance. live, with no payment want to keep the home with If there is not enough requirement. the additional equity, they equity to cover the loan, “I could end up owing can refinance with a the insurance satisfies the more than my house is conventional loan. loan by paying the deficit. worth.” The homeowner With a HECM loan, the can never owe more than How much will it cost? bank will never come after the value of the home at The costs associated the heirs to satisfy the the time the loan is due. with getting a reverse mortgage obligation. “My heirs will be mortgage are similar to For more information against it.” Experience those with a conventional please call Robert E. demonstrates heirs are in mortgage, such as the Jones at 480-467-1107. Locally Owned & Operated by The Kabat Family Benjamin Moore Paint f ursel Special Order Services 9303 E. Apache Trail, Mesa, Arizona it y o 480-986-5572 Do Frontier Ace Paints Custom Colors • Drip System Supplies • Keys Made • Electrical • Join us for 1¢ DRAFTS Locks Re-Keyed • New Years Eve Thursday 8:00pm to 12:00am Lawn & Garden • Evap Cooler Supplies • Party Favors, Champagne Fri & Sat 8:30pm to 11:30pm Housewares • Screens Made & Repaired • The Best Place to Watch Pete Byam Hand & Power Tools • NCAA • NFL • NHL • NBA Buy One Get One Glass Cut To Size • 5:30 - 8:30 Mondays We Have the NFL Package! Delivery Available • FREE KEY! Check Out Our Sunday Breakfast! With Coupon. Ph. 480.983.9223 No Limit Texas Hold ‘Em Mid-Day Madness! M-Sat. 7am to 6pm / Sun. 8am to 4pm TN Sun, Mon, Tue, Wed 7pm & 10pm 2-4pm Mon-Fri 725 W. Apache Trail #3B, Apache Jct, AZ Sat 2.:30pm $1.25 Well, Wine & Draft!
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