Your Hometown Reverse Mortgage Consultant based in Burlington, NC
Your Hometown Reverse Mortgage Consultant based in Burlington,
NC
Licensed in NC, SC, VA, FL, GA, AZ, CA, MI, WI, CO & KY
Laura Brannock
Your Hometown Reverse Mortgage Consultant based in Burlington, NC
Your Hometown Reverse Mortgage Consultant based in Burlington,
NC
Licensed in NC, SC, VA, FL, GA, AZ, CA, MI, WI, CO & KY
I'm proud to work with a company focused on one thing: educating seniors about reverse mortgages to help them unlock the power of their homes and live a more comfortable retirement.
Your Starting Point to Reverse Mortgages
COMMON MISCONCEPTIONS
MYTH: Taxes have to be paid on money received from a reverse mortgage.
Nope! Proceeds from a reverse mortgage are not considered income, and are therefore not taxable. The money from a reverse mortgage comes from your home’s equity, which already belongs to you, so it’s not considered income. Plus, the interest on a reverse mortgage can be tax-deductible when it’s repaid.
MYTH: Your heirs can’t inherit the home with a reverse mortgage.
Nope! You will still be able to pass the home on to your kids. Just like any other mortgage, they can inherit the house. When the loan becomes due, they can decide how to repay the loan balance.
MYTH: Reverse mortgages should only be used as a last resort.
That’s incorrect! A reverse mortgage is a powerful financial tool that can be an important part of your overall financial plan. From paying off an existing mortgage to delaying Social Security benefits, or even establishing an emergency line of credit, it’s a flexible product that gives you options.
MYTH: A reverse mortgage interferes with Social Security and Medicare benefits.
False! Government entitled programs such as Social Security and Medicare are not affected by a reverse mortgage – however, need-based programs such as Medicaid may be. Consult a qualified financial advisor to learn more.
MYTH: Reverse mortgages are expensive.
Here’s the truth – reverse mortgage loan origination costs and interest rates are comparable to those of traditional mortgages. They do not require large out-of-pocket expenses. There are FHA insurance costs that some traditional mortgages don’t require, but the insurance benefits are well worth the relatively small cost.
MYTH: With a reverse mortgage, the bank takes your home.
That’s false! With a reverse mortgage, the homeowner keeps the title to the home in their name. The lender simply adds a lien onto the title to guarantee that the money will eventually be paid back when the loan becomes due.
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How it Works
For many Americans, their home is their biggest asset, and the one they have invested the most in throughout their lives. And a Home Equity Conversion Mortgage (HECM), or "reverse mortgage," can allow senior homeowners to tap into some of this hard-earned home equity – for another source of cash to help fund retirement, counteract the effects of inflation, and live more comfortably.
Let’s Get Social
Featured in HousingWire: Reverse Purchase Financing, An Overlooked Option
We're reshaping the future of real estate with "Reverse for Purchase" financing! At Longbridge, we're on a mission to educate homebuyers and real estate professionals about this powerful yet underutilized home financing option. Learn more in our blog! #Longbridge #blog #ReverseForPurchase #HECMforPurchase #reversemortgage #realestate #homebuying
Pinpointing exactly how much you need to have saved for retirement can be a difficult task – and reaching that goal may be even harder. Depending on where you live, your nest egg may not last as long as you think. Check out this article by GOBankingRates to learn more about how long one million dollars in retirement will last in your home state! https://www.gobankingrates.com/retirement/planning/how-long-million-last-retirement-state/
Juggling Retirement and Grandchildren’s College Expenses
As college tuition continues to climb, grandparents are increasingly stepping in to help. If you’re considering contributing to your grandchild(ren)’s higher education expenses, it’s important to not lose sight of other costs you may face in retirement. Learn how to juggle retirement and college expenses in our blog.
From all of us at Longbridge Financial, we sincerely thank all Veterans for their service to our country. #VeteransDay
Happy Veteran’s Day! We are grateful for all who have served, today and every day – thank you! #VeteransDay
Don’t Get Blown Away by Balloon Payments
Balloons generally imply celebration, but a balloon mortgage is anything but celebratory! With a balloon mortgage, monthly payments cover the interest, but not the principal, making them insufficient for paying off the loan balance. This balance can “balloon” to tens of thousands of dollars! Read our #blog to learn more:
Featured in HousingWire: Reverse Purchase Financing, An Overlooked Option
We're reshaping the future of real estate with "Reverse for Purchase" financing! At Longbridge, we're on a mission to educate homebuyers and real estate professionals about this powerful yet underutilized home financing option. Learn more in our blog! #Longbridge #blog #ReverseForPurchase #HECMforPurchase #reversemortgage #realestate #homebuying
Pinpointing exactly how much you need to have saved for retirement can be a difficult task – and reaching that goal may be even harder. Depending on where you live, your nest egg may not last as long as you think. Check out this article by GOBankingRates to learn more about how long one million dollars in retirement will last in your home state! https://www.gobankingrates.com/retirement/planning/how-long-million-last-retirement-state/
Juggling Retirement and Grandchildren’s College Expenses
As college tuition continues to climb, grandparents are increasingly stepping in to help. If you’re considering contributing to your grandchild(ren)’s higher education expenses, it’s important to not lose sight of other costs you may face in retirement. Learn how to juggle retirement and college expenses in our blog.
From all of us at Longbridge Financial, we sincerely thank all Veterans for their service to our country. #VeteransDay
Happy Veteran’s Day! We are grateful for all who have served, today and every day – thank you! #VeteransDay
Don’t Get Blown Away by Balloon Payments
Balloons generally imply celebration, but a balloon mortgage is anything but celebratory! With a balloon mortgage, monthly payments cover the interest, but not the principal, making them insufficient for paying off the loan balance. This balance can “balloon” to tens of thousands of dollars! Read our #blog to learn more:
About Me
Hello, I am your local Reverse Mortgage Professional. I am honored to be working with the senior community. I have several years of experience in the reverse mortgage space, focusing on Home Equity Conversion Mortgages. I am committed to helping seniors find better retirement solutions and am excited to bring my honesty, compassion and education to senior homeowners. I bring an in-depth understanding of the reverse mortgage process and how the loan works.
Arizona Mortgage Banker License #0930082. Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license. For California consumers: For information about our privacy practices, please visit https://www.longbridge-financial.com/privacy. Georgia Residential Mortgage Licensee No. #44082; Originator License No. 44035. Branch Addresses: 293 E. Front Street Suite F, Burlington, NC 27215; Branch NMLS #: 2475134; 61 South Paramus Road, Suite 500, Paramus, NJ 07652, Branch NMLS #: 957935, Phone #: 980-480-1051