Your Hometown Reverse Mortgage Consultant based in Rhode Island and also serving the states of Massachusetts, Connecticut, Maine, New Hampshire , Colorado and Florida, RI
Your Hometown Reverse Mortgage Consultant based in Rhode Island and also serving the states of Massachusetts, Connecticut, Maine, New Hampshire , Colorado and Florida,
RI
Licensed in RI, MA, CT, FL, ME, CO, and NH
Carol Miller
Your Hometown Reverse Mortgage Consultant based in Rhode Island and also serving the states of Massachusetts, Connecticut, Maine, New Hampshire , Colorado and Florida, RI
Your Hometown Reverse Mortgage Consultant based in Rhode Island and also serving the states of Massachusetts, Connecticut, Maine, New Hampshire , Colorado and Florida,
RI
Licensed in RI, MA, CT, FL, ME, CO, and NH
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. I am based out of Newport, Rhode Island and am licensed in Rhode Island, Massachusetts, Connecticut, Maine, New Hampshire, Colorado and Florida. It is an honor to serve my clients across these states.
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.
About Me
Hello, my name is Carol, your Reverse Mortgage Professional. I am based out of Newport, RI and honored to be working with the senior community. I am licensed in Rhode Island, Massachusetts, Connecticut, Maine, New Hampshire, and Florida. I have more than 20 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.
Branch Addresses: 61 South Paramus Road, Suite 500, Paramus, NJ 07652, Branch NMLS #: 957935,
8 Red Cross Avenue, Newport RI 02840, Branch NMLS #: 2454975
Phone #: 551-264-5422