Jason Gelios Michigan REALTOR®
  • HOME
  • MEDIA ROOM
    • AskJasonGelios Show
    • ON SOCIAL MEDIA
    • PRESS
    • JASON'S BLOG
    • HOMEOWNERS UPDATE
    • Jason's Books
    • PODCAST: AskJasonGelios Show
  • SELL
  • BUY
    • GET APPROVED
  • Connect With Jason Gelios
  • TESTIMONIALS
  • SENIORS

What is a Reverse Mortgage?

12/30/2019

0 Comments

 
Picture
6 min. read by Jason Gelios REALTOR®️/Author
Many people have asked me what a reverse mortgage is and how someone can benefit from it. Like anything else in life there
are pros and cons to this type of mortgage.

I'm going to share with you what a reverse mortgage is and a couple pros and cons that go along with it.

A reverse mortgage is a loan that takes the equity in a primary home and provides monthly cash to the homeowner.

You have to be at a minimum age of 62 or older to qualify. Lenders also typically look for 50% or more equity in your home. Some lenders may look at your debt versus income and credit score just to get an idea of your situation. These factors don't necessarily count as qualifiers.

A homeowner looking to get this type of mortgage will also be required to go through a consumer counseling class to make sure they know what they are signing up for.

So what happens when the loan is due?

Usually the loan becomes do when the homeowner has passed away or has not paid taxes and insurance. A reverse mortgage can also come do if the homeowner moves or sells the property or doesn't make needed repairs to maintain the home.

Here are a couple pros to this type of loan:
It provides a steady stream of income that can last for years and can convert the equity in your home into a pile of cash without having to move out.

The money is tax-free because the IRS considers this a loan. It will also not affect your Social Security or Medicare payments.

Here are a couple of cons to this type of loan:

With a traditional mortgage the debt decreases every month. The reverse mortgage has you increasing your balance on your home but provides you income in hand. There is also the chance that the debt may eventually exceed the homes market value depending on what the market is doing. Children who want to inherit the house could be stuck with a steep bill.

If you are considering a reverse mortgage, you will want to ask yourself these questions,

Do I want to maximize what I can leave to my heirs?

Am I going to stay in my home for the majority of my retirement period?

How much money do I need monthly to be comfortable?

Can I pay the taxes, insurance and handle all obligations associated with a reverse mortgage?

Do I really understand what this loan is and what it does?

Doing your due diligence to see if a reverse mortgage is right for you is crucial to making the right move. 

0 Comments

3 Things To Look For During A Final Walk Through

12/22/2019

0 Comments

 
Picture
5 min. read By Jason Gelios REALTOR®/Author

​You made it through the home buying process and you have the clear to close. Now what?

This is the time to schedule your final walk through. 

While there are many other things to potentially keep an eye out for during a final walk through on a home, these are the three major things to look for. 

1. Check that all systems are still working properly.
Do the appliances still work? Home heating properly? Do what you can to ensure these things are still working.

2. Verify all requested work has been done.
Was something in the home in need of repair before you can move forward? Make sure the work has been done by simply looking at what was done. You may have been shown proof of a repair with something like a repair order or picture of a new unit. Whatever you had the seller repair or replace, make sure it was done. 

3. Make a list of questions that you may want to ask the seller during or after your closing. 
Take advantage of the fact that you may be in front of the seller at closing and ask questions to gain knowledge on how things work. Ex. How does the alarm work, when is trash day, etc.

These are just some of the things that you should be aware of when doing a final walk through.

Enjoy your new home! 
0 Comments

AskJasonGelios Show coming to Podcast format!

12/3/2019

0 Comments

 
Picture
We are working around the clock to put together our podcast version of the AskJasonGelios Real Estate Show! We are very excited to bring this show to the podcast format so that you can listen to our valuable videos on the go.

The podcast will be available on this website, Itunes, Google podcasts and on our social media pages.

More details to come!
0 Comments

    Picture

    Author

    Jason Gelios is a  Husband and Father. After that, a Top Producing REALTOR®, Author of the books 'Think like a REALTOR®' and 'Beating The Force Of Average', Creator of The AskJasonGelios Real Estate Show and Expert Media Contributor to media outlets across the country.

    Jason is dedicated to providing real estate advice and education to home owners, buyers and sellers with content that is practical and based on real world situations.

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    July 2020
    May 2020
    April 2020
    March 2020
    February 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    April 2015

    Categories

    All

    RSS Feed

About Jason Gelios
For Buyers
For Sellers
Think Like a REALTOR® Real Estate book
Valuable Resources
AskJasonGelios Real Estate Show
Jason Gelios' Real Estate Blog​

In the press

Contact Jason Gelios
Copyright    All Rights Reserved 
Photos from wuestenigel, MarkMoz12, Spencer Means, Mrs Airwolfhound, r.nial.bradshaw, MarkMoz12
  • HOME
  • MEDIA ROOM
    • AskJasonGelios Show
    • ON SOCIAL MEDIA
    • PRESS
    • JASON'S BLOG
    • HOMEOWNERS UPDATE
    • Jason's Books
    • PODCAST: AskJasonGelios Show
  • SELL
  • BUY
    • GET APPROVED
  • Connect With Jason Gelios
  • TESTIMONIALS
  • SENIORS