Helping a family member manage their finances can be difficult. Many older homeowners wish to remain financially independent in their home and welcome the advice of family members. Although reverse mortgages can be an excellent option for many seniors, they are not for everyone. At Retirement Life Funding, we are dedicated to working with you to help determine what is best for your loved ones. Our Reverse Mortgage Specialists can provide you with reliable and easy to understand answers to all of your reverse mortgage questions.
With all of the benefits of reverse mortgages, they are worth exploring as an option to help a loved one remain comfortably and independently in their home for as long as they wish.
Reverse Mortgages help loved ones remain in their homes longer.
According to a recent study, 85% of senior homeowners indicated that they wish to remain in their homes. A reverse mortgage can help family members remain in their homes independently for longer. Because of its unique characteristics, a reverse mortgage allows homeowners 62 years and older turn the equity in their homes into cash without having to make monthly mortgage payments.
Many seniors wish to remain at home but may be unable to do so without some help. A reverse mortgage can be a valuable tool to help family members age in place safely.
A reverse mortgage can provide both you and your loved one with peace of mind.
Whether providing additional funds for general living expenses or in home health care, it is comforting to know that a government-insured reverse mortgage is extremely safe and secure. Built-in insurance from the Federal Government protects the family from housing market declines because the total amount of debt that will have to be repaid if the home is sold can never be greater than the value of the home. In addition, the Federal Government stands behind the reverse mortgage program and guarantees that the borrower receives all of the scheduled payments and that any funds in the line of credit will be available when requested.
A reverse mortgage can provide funds to meet health care needs.
A reverse mortgage can provide funds for a variety of health care needs that could assist your family member to maintain independence. This list of needs is as individual as each senior and each situation.
- The cost of medicine not covered by insurance
- Medical insurance premiums
- Medical care not covered by insurance
- Dental care
- Other in home health care services including:
- Nursing aides
- Rehabilitation services
- Physical therapy
- Adult day care centers
- Housekeeping aids
- Companion services
A reverse mortgage can be used to get out of debt or pay off an existing mortgage.
Helping a loved one out from under excessive debt can give them enormous peace of mind. A reverse mortgage is often used to pay off credit card debt and to pay off an existing mortgage on a home that will free up finances and provide peace of mind.
Proceeds from a reverse mortgage can help make a loved one’s home safer.
For some family members to remain comfortably in their homes, they may need home modifications or repairs in order to accommodate their health needs. From adding safety hand rails to installing an elevator, a reverse mortgage can provide the needed funds for home improvements without monthly repayments.
For additional information about how to help a family member age in place, visit the National Aging in Place Council website.
A reverse mortgage could allow your loved one to buy a home.
A new possibility.In situations where your loved one would like to move into a smaller home, a single level home, a senior community or move closer to family, a reverse mortgage can now be used to purchase a home. Talk to a reverse mortgage specialist for details.
Reverse mortgages offer a variety of repayment options for loved ones and their heirs.
With a reverse mortgage, if a loved one’s situation changes they always have the option to pay some or all of the reverse mortgage balance at any time without penalty.
If a borrower passes away, the heirs choose what happens to a loved one’s home. If the heirs wish to keep the home, they simply pay off the reverse mortgage by refinancing the loan or using other assets. If the heirs do not wish to keep the home, they can sell the home and keep 100% of the remaining equity. As added protection, because of the government insurance, if the heirs sell the home, they can never owe more than the home is worth.
