Frank Magnante Explains the Benefits of Reverse Mortgages

I wanted to speak to Frank Magnante because I see a lot of people running out of money and there is a big wait for Medicaid beds in many communities but there is a way to stay in their homes. 

            How are reverse mortgages different now than when they were first introduced?

• What are some common reasons someone would pursue a reverse mortgage
• What qualifies for a reverse mortgage
• Are there age limitations
• Can you please share the up-front costs
• How does purchasing a home with a reverse mortgage work?
• Many people from all walks of life use a reverse mortgage to enhance their lives
• What are the types of reverse mortgages
• HECM purchase program explained
• KEY to Reverse Mortgage: sitting down with a professional
• Criteria for reverse mortgages includes willingness & capacity
• Do both spouses have to sign off, on a reverse mortgage
• What should someone look at before making a decision on pursuing a reverse mortgage
• Do you pay interest on a reverse mortgage
• Can an heir keep the home, and refinance as a regular mortgage
• What might cause a default on a reverse mortgage

Favorite ice cream: Arethusa Dairy Farm Chocolate and Rich’s Ice Cream Cherry Vanilla

Song that reminds you of your youth and why?  All of Van Halen

What do you do with your leisure time? All about the family

How can people get in contact with you?  860-237-8926 or fmagnante@mutualmortgage.com

Contact Deirdre by emailing DeClutterByDeirdre@gmail.com

Thank you for listening, I appreciate you!