Press Release

Weichert Financial Services Helps Seniors Cash in on Their Equity Through Reverse Mortgages

MORRIS PLAINS, N.J., – For many older homeowners, the house they have owned for years serves as more than a place to live and share moments with family and friends, it’s also their most valuable asset.  As a result, some homeowners must rely on the equity in their home when it comes time to finance their retirement.

This has required many homeowners to sell the house they lived in for much of their life before they were ready to gain access to the equity they built over the years. Weichert Financial Services offers reverse mortgages as one alternative for individuals who need to tap in to their home equity but aren’t quite ready to sell.

A reverse mortgage, sometimes referred to as a home equity conversion mortgage, is a mortgage which converts home equity into cash.  The borrower can elect a number of different ways to receive money based on the equity they current have in their house while maintaining ownership of their home. Homeowners can receive a lump sum payment, a line of credit, equal payments for a fixed period of time or a monthly payment for life.

“For individuals who wish to stay in their family home during their retirement, a reverse mortgage is a great option” said Stephen Adamo, president of Weichert Financial Services. “In essence, a reverse mortgage allows people to leverage their largest asset, their home, to create a customized pension plan.”

Borrowers can use the funds they receive from a reverse mortgage as they see fit to maintain a financially independent lifestyle. The money can be used to renovate their house, provide assistance for a child looking to buy a home of their own, put a grandchild through college, buy a vacation property, purchase a new car, supplement your monthly income or simply to have some extra spending money.

For those with an existing home loan, a reverse mortgage can be used to pay off their current loan, and eliminate the need of ever having to make another monthly mortgage payment.  However, the borrower is still responsible for continuing to pay property taxes, homeowners insurance and maintaining the home as usual.  A reverse mortgage can also help homeowners avoid foreclosure.

Since a reverse mortgage is determined by the amount of equity you have based on the expected value of your home, there is no income or credit qualifications needed.  There is also typically no need to pay any income tax on the money you get from a reverse mortgage and there is no affect on social security, Medicare, pensions and other benefits you may also receive.

To learn if a reverse mortgage is right for you, contact Mark Rostek, reverse mortgage specialist with Weichert Financial Services, at 973-490-8003 or mrostek@moacc.com.

Weichert Financial Services is one of the “Top 30” lenders in the U.S., according to the industry newsletter “Inside Mortgage Finance,” based upon sales to Fannie Mae and Freddie Mac nationally in 2008.  In an August 2007 study assessing the credit standards of the nation’s lenders, SMR Research Corp. ranked Weichert Financial Services among the least risky and most reliable.  The quality of its products is in the top five percent, according to Radian, a leading mortgage insurance lender.  

Weichert has nearly 18,000 sales associates in approximately 500 company-owned and franchised sales offices in key markets throughout the U.S.  A family of full-service real estate and financial services companies, Weichert helps customers buy and sell both residential and commercial real estate, and streamlines the delivery of mortgages and home and title insurance.  For more information, Weichert's customer service center can be reached at 1-800-USA-SOLD or at Weichert's Web site, www.weichert.com.  Each Weichert franchised office is independently owned and operated.

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