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Live It Up, Winter 2016

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12 LIVE IT UP! FRIDAY, JANUARY 29, 2016 SANTA CRUZ SENTINEL Reverse Mortgage Myths: Myth: e lender owns the home. You will retain the title and ownership during the life of the loan, and you can sell your home at any time. Myth: Borrowers pay taxes on loan proceeds. Reverse mortgage proceeds are tax-free as it is not considered income. However, it is recommended that you consult your financial advisor and appropriate government agencies for any effect on taxes or government benefits. Myth: e borrower is restricted on how to use the loan proceeds. Once any existing mortgage or lien has been paid off, the net loan proceeds from your reverse mortgage can be used for any reason. Many borrowers use it to supplement their retirement income, defer receiving Social Security benefits, payoff debt, pay for medical expenses, remodel their home, or help their adult children. Myth: e home must be free and clear of any existing mortgages. Actually, many borrowers use the reverse mortgage loan to pay off an existing mortgage and eliminate monthly mortgage payments. Borrowers must continue to pay required property taxes and homeowners insurance. Santa Cruz Home Finance is your local source for reverse mortgages! 1535 Seabright Avenue, Santa Cruz SantaCruzHomeFinance.com NMLS # 237693 | CalBRE # 01316139 Call one of our professionals today! 831.425.1250 "Where our clients send their friends" Karen Coslett, D.D.S. 2901 Park Ave., Soquel, CA 95073 831.476.6900 831.476.6900 Free Consultation DENTISTRY • Dentures • Partials • Implants • General Dentistry Dentures and Partials are our forte

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