Reverse Mortgage

What is a reverse mortgage? The real question is why.

Why did over 100,000 seniors choose a reverse mortgage last year? To have a dignified lifestyle in their retirement years, not just today but also 20 years from now. The reverse mortgage addresses two of seniors' biggest fears: running out of money and losing their home or independence. Two facts often misunderstood by the younger generations are life expectancy and income. The current life expectancy of a 65 year old female is 20 years, and over 42% of senior households have income of less than $2083 per month. If the ends aren’t meeting now for a senior, what will happen in 10 years with inflation, medications, utility bills, food?

Would you let your mom get a reverse mortgage?

The short answer is yes. The long answer is not until I knew this was the best option for her. I would ask about other options for today. Living with a family member, moving to a small apartment, or getting a roommate to help with expenses. Next I would look at the future and make some educated assumptions. Look at a few what if's; the best and the worst cases. Ask the tough questions now. Some of Mom’s answers may surprise you! Going through this process with an expert will help, and at the end you will know if a reverse mortgage is the best option for your mom.

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What is a reverse mortgage?

Reverse mortgages are non-recourse loans that allow homeowners age 62 or older to convert home equity into cash:

• Without income qualifications
• Without making a monthly mortgage payments
• Without having to repay the loan until they no
  longer occupy the primary residence
• Proceeds are tax free and can be taken in any
  combination of lump sum, monthly payments,
  or a growing line of credit