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| For the Families and Advisors of Seniors 62 or Over |
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| A reverse mortgage could be an ideal way for seniors to benefit from the wise investment they made in their home. A reverse mortgage can be the right choice for senior homeowners who need additional income without having to sell their homes to raise cash. With a reverse mortgage, the homeowner can get a monthly payment, a line of credit or a lump sum distribution without having to move or give up title to the home. Financial independence... A reverse mortgage allows seniors to tap into money they've earned in the form of home equity, and avoid having to depend on relatives for financial assistance. Studies show that seniors remain healthier and happier when they feel independent. Keep title to the house... Your parents retain full title to their home and have 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. |
A better alternative... Seniors are often forced to sell their home to pay for health care or to simply cover living expenses. A reverse mortgage keeps seniors in their house, and a rapidly increasing asset (the home) in the family. Seniors are often able to pass on more to their heirs by using a reverse mortgage to hold-on to their home. Estate Planning Tool... the tax-free status of reverse mortgage proceeds and historically low interest rates can allow for estate planners and finanical planners to help seniors make more money and pass on more to their heirs. |
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