For the Families of Seniors
In today's tough economic conditions, everyone is feeling the heat, many seniors are struggling financially to afford even the basic needs on a limited budget. Most of them have to cut one or more necessities during their retirement years. But fortunately there is a respectful way for seniors to live financially secure without another loan or needing to depend on others.
If your parent(s), or another family member, is 62+ years of age and a homeowner with equity in their home, a Reverse Mortgage could provide them the financial boost to live life comfortably in their existing home and handle routine expenses with ease.
Get money without selling or moving out of your home...
A reverse mortgage can help your parent(s) or anyother senior family member to create a new source of tax-free (in most cases) money without selling our moving out of their home. They stay in your home as long as they like, no income is required to qualify, and there are no regular monthly repayments.
Enjoy financial freedom and security...
A Reverse Mortgage, allows you to enjoy some of the equity in your home without having to sell or down-size. They'll no more be dependent on others for their day to day or even leisure expenses.
Keep title to the house...
The Title of the property stays in the name of your parents and there is no risk of losing the home to the lender. And no matter what happens to the housing market, your parents can never owe more than the value of their home when it is sold. Over 150,000 Americans have already benefited from reverse mortgages. The fact is that HECM reverse mortgages are government-protected loans and many safeguards are in place to protect seniors from unethical lending practices.
Repayment options...
If your last-remaining parent passes away while living in the home, you, as the heir(s), simply pay off the reverse mortgage principal plus accrued interest. If you - or a sibling or other relative - want to keep the home in the family, you can take out a new traditional mortgage or use other assets to pay for it. If no one in the family is interested in keeping the home, it can be sold to repay the loan. Any money left over goes to the estate to be shared according to your parents' last wishes.
