As the baby boomer generation continues to grow, so does the need to take he time to explore a reverse mortgage. A reverse what? There are accountants, real estate attorneys and even financial advisors that are not well educated to the benefits of a reverse mortgage which in return, creates numerous uneducated opinions scattered all over the web and through media outlets.
I just heard this call in on a radio show last week. Caller was 68yrs of age and needed to go into a nursing home or at least have her home modified to become more user friendly to meet her needs. She will also require an in-house home health aid during the day. The over-all expense for her to stay in her home was going to be approximately $5,000/per month and about $35,000 to upgrade her home to meet her standards.
Her home was paid off and was worth about $265,000. She is a perfect example of an individual that should at least explore a reverse mortgage but, the financial advisor that was on the talk show advised her not to do so because they were expensive and her children would not have much of an inheritance down the road. His suggestion was to sit down with her remaining 4 children and discuss splitting up the monthly expenses amongst them (4 children). In theory, who in the world wants to inherit an additional $1,250 monthly expense?
With rising costs of health care, prescription drugs, lack of proper retirement, high cost of living etc., a reverse mortgage can assist with all of the above as well as off-set your standard monthly living expenses so that you do not have to be stressed out about your financial well-being throughout your golden years.
Ask yourself the questions below. If you answer YES to any one of them, you may be an excellent candidate for a reverse mortgage.
1. Are your necessary living expenses becoming more of a challenge each month?
2. Are you concerned about your ability to handle a large unexpected expense such as a health emergency?
3. Are there home repairs that you would like to do that will enable you to live more comfortably?
4. Does your health insurance lack the coverage you need for current and future medical expenses?
5. Do you rely on your family members or senior services for financial support?
6. Do you have available home equity to access?
Typical Uses of a Reverse Mortgage
· Paying for everyday expenses
· Making home repairs or improvements
· Covering medical expenses
· Purchasing long-term care insurance
· Investing
· Establishing trusts
· Helping to financially support family members – funding grandchildren’s college tuition
· Pay off loans or bills
· Maintaining or improving your quality of life
· Rewarding yourself with something special – buying that new car you have always wanted or going on that vacation that you could not afford at the time
Of course I am only touching on a brief portion of this product but the bottom line is that if you, a friend or a family member are at least 62yrs of age or older and currently own a home, call me today to learn more about this option.
