Introducing the reverse home mortgage, the answer to a fuller life for senior homeowners reaching retirement age. Isn't it time to fulfill your dreams after taking care of those you love for many years? Does stable income after the age of 62 requiring no repayment appeal to you? Or does the worry of leaving debt behind to your heirs stop you from pursuing the program?
Let's face it. You're already waiting longer than your parents to retire. So does this promise of income seem a little too good to be true?
Well, think again. With sufficient equity in a home, homeowners retain ownership and even the freedom to make home improvements with reverse home mortgage financing.
Let's back up a moment for a quick overview of the reverse mortgage program. For senior homeowners of at least 62 years old, borrowing against equity in their homes can provide ongoing stable income without the pressure of a monthly repayment schedule.
Here's what they don't get - The requirement to pay back the funds!
Homeowners are still responsible for paying property taxes and homeowner's insurance, just as before. But receiving a stable monthly income without a house payment equals the comforting difference.
Okay, so far so good. But what about heirs? When they inherit the house, will they have to pay off the debt accumulated by your reverse home mortgage financing? How does the loan eventually get repaid?
These are valid questions that I'm often asked by senior homeowners and their family. The answers are simple.
Next in this series, learn who to contact for help evaluating income for senior homeowners.
If you begin to feel that reverse mortgage plans are not right for you, consider your other options. Have you thought about selling your house? How about renting it and moving to a warmer climate. Perhaps a smaller condo or apartment might be more manageable.
Do you have a reverse mortgage program question?
Important: Senior homeowners should consult a financial planner, tax accountant, and/or attorney as applicable to evaluate their circumstances before financing with a reverse mortgage. Even if not a loan requirement, reverse mortgage counseling is highly recommended.
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