- Mortgage and Refinancing
- When it's time to purchase a new home or refinance an existing
mortgage, we can help you analyze how much you will spend, save and
calculate the benefits of a variety of plans.
If you or your parents are 62 years of age or older and own a home
you may be interested in financing a home improvement, paying off
your current mortgage, supplementing your retirement income, or
reducing your expenses. A might be for you.
In a standard mortgage, you make monthly payments to the lender.
With a reverse mortgage, you receive money from the lender.
You generally don’t have to pay the loan back until you die, sell
your home, or when your home is no longer your primary home.
Since you keep the title to your home, you are responsible for
property taxes, insurance, utilities, fuel, maintenance, and other
expenses while you receive the monthly ‘reverse’ mortgage payments.
The cash you get from a reverse mortgage can be paid to you as:
single sum of cash
a regular monthly cash advance
a “creditline” account
a combination of these options
Paul L. Gabbianelli & Associates can help you navigate the choices,
options and benefits of this method of managing your expenses. Find
out if a reverse mortgage is for you by calling the office for a
Learn more about Reverse Mortgages at:
The Federal Trade Commission website