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How Reverse Mortgages Can Improve Your Quality of Life

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Reverse mortgages can help those who are 62 years old and over improve their quality of life! This special program has been designed to helped senior homeowners age comfortably in place, while continuing to receive additional income. With a reverse mortgage, they do not need to worry about making any payments to the lender while they are still living in their home. Best of all, this is THEIR money and they get to decide on how they would like to use it!

Reverse Mortgage Can Improve the Quality of Life for Seniors

Keep their home – Borrowers are not signing over their home to the lender with a reverse mortgage. The home is theirs to live in as long as they want. As mentioned previously, this is a special loan that gives seniors the opportunity age in place and find comfort in know that their home continues to remain theirs.

As long as the borrower keeps up with the terms of the loan, then they do not have to worry about their loan going into repayment status. Here are the following stipulations:

  •  The borrower(s) must continue to live in the home as their primary residence.
  •  The borrower(s) must be able to keep up with the payments on their taxes and insurance.
  •  The borrower(s) must maintain appearance and structure of their home according to FHA’s standard.

Improve cash flow – Without being required to make monthly payments to the lenders, borrowers will find that their reverse mortgage allows for a little bit more money to come in. In addition to their Social Security and retirement benefits, There are a number of ways that borrowers can receive their reverse mortgage funds, including a lump sum*, monthly payments or through a line of credit. Whichever option you choose, you can choose based on your personal needs.

*Per HUD guidelines, this amount is not to exceed 60% of the principal limit.

Gain financial independence – There are no restrictions on how a reverse mortgage can be used or spent by the borrower and it can allow the borrower to find financial freedom with their reverse mortgage! A reverse mortgage can be used for anything from paying off credit card debt, to paying for daily expenses, or even as a financial cushion during their retirement years. Seniors can even use their reverse mortgage funds to live out their retirement dreams, by paying for education, starting a business or travel.

To qualify for a reverse mortgage, the borrowers on the loan must be at least 62 years old, they must live in the home in question as their primary residence and there must be enough equity in the home in order for the reverse mortgage to make sense. To learn more about this great program, speak with a Senior Advisor at 1-888-808-8486 today!


Image courtesy of [photostock] / FreeDigitalPhotos.net

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