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About Druanne Bocek Druanne Bocek is a Reverse Mortgage Consultant with Wells Fargo Home Mortgage. This means that Dru helps homeowners 62 and over get access to some of the equity in their homes to make their retirement years more enjoyable. The homeowner will always retain title and there are no payments required until the homeowner no longer lives there as their primary residence. The tax free proceeds can be used for anything that they need:
Trust in the strength and security of Wells Fargo. If you are a senior homeowner or know someone who is, call Dru to find out how the Reverse Mortgage Program could benefit you. What Is A Reverse Mortgage? A reverse mortgage allows you to borrow against the equity you’ve established in your home. Instead of making monthly payments, you can choose to receive them. That’s the “reverse” part of a reverse mortgage. To be eligible, you must be 62 years or older and own your home free and clear or have a remaining mortgage balance that can be paid off by the reverse mortgage. Why Get A Reverse Mortgage? There are no restrictions on how you may use proceeds received through a reverse mortgage. You can direct the funds toward a variety of purposes, including:
How Does It Differ From A Traditional Home Loan? With a traditional mortgage or home equity loan, homeowners qualify based on their income, employment & credit history . They borrow money which requires making monthly payments. With a reverse mortgage, you will NEVER be required to make a payment for as long as you live in your home as your primary residence, regardless of your income, employment status, or credit. Three Essential Facts Making an educated decision begins with addressing common misconceptions that keep many senior homeowners from looking into the advantages of a reverse mortgage. Contrary to what you may have heard-as long as all property tax, insurance and maintenance requirements are met:
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