According to a recent survey of seniors, 80% were concerned about their ability to age-in-place due to the cost. 60% have less than $10,000 in savings (including investments and retirement plans), and debt among seniors has never been higher. Nearly 50% of homeowners ages 65–79 carry a mortgage.
In addition, seniors are living longer than previous generations. All this adds up to a tough reality, funding longevity is hard. However, with a tool like a reverse mortgage, you can be one the road to financial stability.
To qualify for a reverse mortgage at least one borrower must be 62 or older, the home must be your primary residence, and you should have 30–60% equity. A reverse mortgage can be used to eliminate your monthly mortgage payment* if you have one, which can be a real burden if you’re on a fixed income.
Just to clarify, with a reverse mortgage, you are the only one who owns your home and its equity. The bank does not.
We all want to live a long, healthy, independent life. With a reverse mortgage in place, aging-in-place is possible! Call me today at 720-458-4034 to see if a reverse mortgage is right for you.
Silver Leaf Mortgage, Colorado’s #1 Reverse Mortgage Broker.
Matt Witt, NMLS #1638881, President at Silver Leaf Mortgage in Centennial.
Contact me at: 720-458-4034, or you can email me at: MattW@SilverLeafMortgage.com
* The homeowner is still responsible for applicable property taxes and homeowner’s insurance, as well as maintaining the property.