Age in Place with a Reverse Mortgage

Age in Place with a Reverse Mortgage
by Kathy Muni

“I’ve lived in my home for over 30 years. I didn’t want to leave it, and go where I didn’t know the neighbors. A reverse mortgage allowed me to have the security of staying in my home without a mortgage payment. What a relief!” —KS, Denver

Aging in place is a benefit to many seniors. The ability to maintain the familiarity with the neighborhood, and routine of life can reduce stress and add years. For many seniors who are living longer, the question is, “How do I fund my longevity?”

Spouses are thinking about what will happen when one of them passes away. Will the surviving spouse be able to stay in the home comfortably? The answer is often “Yes!” when a reverse mortgage has been put in place to ensure there is no mortgage payment and often, a sum of money available to the surviving spouse. The bank never owns the home and the property may be willed to the heirs.

Because a reverse mortgage is FHA insured, it is a non-recourse loan. No one is saddled with debt because of the reverse mortgage. As a financial tool, a reverse mortgage is a wise choice in many cases, providing relief from financial pressure in the near-term, and greater financial security in the long-term.

“A reverse mortgage is basically a tax-free advance on your home equity,” writes Robert Massi. “For some people, a reverse mortgage can offer financial freedom to enjoy their later years without worrying about income. For others, it can provide much needed help for staying in their homes.”

The money from a reverse mortgage can be used for any purpose.

Contact me for additional information and a proposal created just for you.

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