Reverse Mortgages:

Cash Solutions for Senior Homeowners

When is a Reverse Mortgage a good idea? 

To maintain or improve your lifestyle – Reverse mortgages are designed to help seniors enjoy their retirement years. Sometimes, when there is a decrease in income for some reason, it becomes difficult to enjoy life. A reverse mortgage supplies a new source of income to help maintain a comfortable lifestyle.

 To pay off your mortgage – A reverse mortgage is often used to pay off a conventional mortgage that is either current or behind. This frees up money used to make monthly mortgage payments and creates an immediate cash flow increase. 

To catch up on back taxes and to stay current on taxes – This is the most popular use of reverse mortgages in many areas. Seniors become overwhelmed with real estate taxes and fall behind.

 To prevent foreclosure due to mortgage or other debt placed on your home – Reverse mortgages have helped many seniors pay off a variety of debts that were forcing them into foreclosure.

 To pay for home health care – A reverse mortgage is often used to pay for in-home health care. Payments can be adjusted to meet the bills of the health care provider and can be set up to keep a senior at home even when around the clock care is needed. However, whenever you are taking more than the maximum lifetime monthly income, the loan becomes a term loan.

 To fix up the house or modify it to meet changing needs – A reverse mortgage can be a source of money for home improvements or repairs, including wheelchair ramps or other modifications needed to accommodate the senior homeowner’s changing needs.

Reverse Mortgage - Facts

When is a Reverse Mortgage a good idea?

When is a Reverse Mortgage a bad idea?