Dave Duncan: Good Morning, I’m Dave Duncan and welcome to another Central Alabama Business Break. I hope your day is off to a great start and joining me this morning is Will Worthington with New South Mortgage. How are you doing Will?
Will Worthington: I’m doing great Dave, How are you?
Dave Duncan: I’m doing great, good to see you; thank you for coming today. So, Will you are an underwriter for HUD and of course today we are talking about reverse mortgages. The big question I always hear is does the government get my house? What is the answer?
Will Worthington: We get that question all the time and let me tell you, the government does not get your home, they don’t want your home. A reverse mortgage is the proper term is Home Equity Conversion Mortgage where our savers over the age of 62 convert the equity in their home into tax free cash to use for; emergencies, like use for home improvement, debt consolidation and it’s a tremendous progress. But now for 25 years where there is a lot of new changes now, that make it even more beneficial than it has been before.
Dave Duncan: Yes, and of course, another question is, if I don’t own anything on my house can I still take advantage of a reverse mortgage?
Will Worthington: We get that question all the time too and absolutely, that’s the best opportunity because you can set up a line of credit on your home and make draws and use it as you need to. The best part of all, you get to choose whether or not you want to make a payment on that home. That gives senior a lot of disposal income each month that they can use to pay bills and to set up a financial plan the using equity in their home. It’s a great opportunity.
Dave Duncan: I also understand that there are some new guidelines, tell us a little about and how seniors can access line of credit?
Will Worthington: Right, if you set up a line of credit on your home. As I said, you can make a draw to direct deposit right into the bank account and you know it’s your money and seniors now it’s time for them to get something back. Instead of paying into a mortgage all their life, but this is a mortgage it is a FHA insured loan it’s not some high in the sky. It’s an opportunity we are here to answer all the questions, we are local, you don’t have to call somebody out of town. We are happy to help.
Dave Duncan: Alright speaking of that, how do people get in touch with you?
Will Worthington: It’s real easy; you can give us a call at 205-746-LOAN (5626) for New South Mortgage Worthington 746-5626 or look us up online newsouthmortgage.com
Dave Duncan: Alright Will, thanks for coming up today and join us next time for another Central Alabama Business Break.