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January 28th, 2009 1:15 PM by David W. Welch
I would like to thank Dennis Loxton with MetLife for inviting me to meet with a team of MetLife Reverse Mortgage Consultants yesterday. It was great to make the connections with experts in this area of lending. One of the comments I made to the group yesterday is that the financial experts never fail to come up with creative solutions to new challenges. As I was thinking about it this morning, quite often these solutions already exist we just need to start using them again. In the case of reverse mortgages, they have been around for years. They just were not necessary, because there were other lending vehicles available that may have been (at least perceived) to be easier.
As I have mentioned in several of my blog posts lately, cash is in shortest supply. A reverse mortgage could be a great way to tap equity for cash to purchase a second home, a vacation home, or even help children make their first home purchase. If you are not familiar with reverse mortgages, the great thing with them is that typically you don't have a payment like you would with an equity line. That way you can tap the equity, make the purchase as a cash buyer possibly, and not add to your monthly expenses. If you are facing one of these situations, contact Marv Snyder with MetLife. He is a reverse mortgage consultant serving the Central Florida area. You can also call him toll free at 800-607-0366. Be sure to tell him David Welch sent you.
David Welch, Orlando Real Estate