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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.




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