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‘Reverse Negative Thinking’

  • Tue Aug 29 2017, 10:12 am
By James D. York, PA

December 2, 2016

‘Reverse Negative Thinking’

By James D. York, P.A.

Everyone has heard of reverse mortgages, and many people have rejected the idea due to some common erroneous ideas.

First of all, it’s not true that you must first own your home free and clear. Reverse mortgages are often used to pay off an existing mortgage and eliminate payments.

The mortgage lender will not own your home, you will—as long as you continue maintenance and pay property taxes and insurance premiums. You can sell the home at any time.

Reverse mortgages are not just for low-income borrowers. Many affluent borrowers with high-end homes use the reverse loan funds as part of their financial and estate planning. Borrowers do not pay taxes on loan funds, and loan proceeds can be used for anything the borrower wants. Some borrowers use loan money to pay off debts including medical bills, remodel their home, help their children, or just supplement their income.

Your heirs will not be responsible for paying off the loan, either. According to Donna M. Linton, reverse mortgage advisor for Sterling Mortgage Services in Stuart, FL, “Reverse mortgages are a nonrecourse loan. If your heirs wish to keep the home and the loan balance is more than the home value, they would only have to pay 95 percent of the appraised value to keep the home.”

Just give us a call with any questions you might have about reversing your or a loved one’s mortgage.

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York Real Estate Group consists of James, Michael, and Morgan York, Florida Realtors with Downing-Frye Realty. James York is the winner of the prestigious 2014 and 2015 SWFL People’s Choice Realtor Award. The group has over 25 years combined experience and over $275 million in sales transactions.  Visit the York Group website at for all current MLS listings of houses for sale in Naples, Marco, Bonita, and Estero. If you have other questions, the York’s invite you to email or call them at or 239-273-6727.


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