Reverse Mortgages a/k/a (“Home Equity Conversion Loans”) were
specifically designed for house-poor seniors and elderly Spendthrifts. Which is why unscrupulous Sales Promoters like to target senior citizens, needing to supplement their meager savings just to make ends meet.
Under this sort of financial pressure, says David Selig
of Selig & Associates, many senior citizens have been swindled. Conversely says Selig, knowledgeable tax practitioners, accountants and attorneys recommend
successful people, ages 62 and older, take advantage of
the existing equity conversion loophole.
“The last great loophole, says
Selig, is a non-cancelable line of credit & no-recourse reverse mortgage
home loan.”
Selig advises his clients to establish a reverse mortgage line of
credit that grows in value each year. This is one of the
greatest moves a senior can make, since the only security is the house, and all excess funds are treated as a non-recourse
loan.
A Case in Point: Lets say your home is worth $600,000 and you
establish a Home Equity Conversion Mortgage line of credit with a present
credit line of $300,000. In 10 years, your available line of credit could far
and away exceed the value of the home. At that time, you may withdraw all
of these funds, and never repay the shortfall. This truly is one of the last
great loopholes still available.
For additional information
contact David Selig and Attorney Bradley Dorin at (212) 974-3435.
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