Let's face it. A Reverse Mortgage isn't for everyone. But for many seniors, a Reverse Mortgage is a perfect fit. The following questions can help you ascertain if a Reverse Mortgage is right for you:
• Do you have equity built up in your home?
• Are you looking to stay in your home for the foreseeable future?
• Would extra money enable you to do the things you want to do?
• Are there medical or cost of home care situations you face where a Reverse Mortgage would make life easier for you?
If you answered "Yes" to the above questions, perhaps a Reverse Mortgage might be an option worth considering. One of the common worries about Reverse Mortgages is concern for your heirs. Discuss Reverse Mortgages with your family and trusted advisors. Perhaps there are other options that will work better than a Reverse Mortgage.
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According to an AARP study, 89% of senior citizens want to remain in their homes as they age. This has been termed "aging in place". We have found this to be true over the years as we have helped senior homeowners remain in their homes with a reverse mortgage in place.
Are you looking to remain in your home or "age in place" as it is called and perhaps looking for in-home care but don't know how you will pay for it? Are you perhaps looking to purchase a second home closer to your children and grandchildren? Reverse mortgage cash out proceeds can help.
Whatever your situation, a reverse mortgage may be just what you've been looking for. You may be looking to supplement your income, enhance your portfolio, give gifts to your children and grandchildren, or pay off some bills. Hopefully, the information contained in this website will help you make the right decision about your future.
If you have a Power of Attorney, it must be durable, meaning it has to have been instituted prior to you becoming incapacitated. A power of attorney is a legal document that gives someone you choose the power to act in your place. In case you ever become mentally incapacitated, you need a "durable" power of attorney for medical care and finances. A durable power of attorney does not end when a person becomes ill but continues and is durable. To obtain a durable power of attorney, you must show in the document your intention that the powers will continue despite incapacity. See your attorney for more information.
Asking the right questions can help you determine if a Reverse Mortgage is the right vehicle for you. After all, a Reverse Mortgage is not for everyone.
* Am I going to stay in my home for the foreseeable future? If you are planning to move in a few years, it's not the best option for you.
*How would my life change if I could get rid of my mortgage payments? For many seniors, getting rid of a mortgage payment is life changing.
* What would it be like to have money to do the things I've been wanting to do and to have my home work for me?
*How long has it been since I was able to go on a vacation, buy a new car, or have surplus of money for emergencies?
* Am I leaving my home to my children or grandchildren and losing equity would not be my goal? (You CAN make a mortgage payment to retain equity).
All these questions are legitimate questions senior borrowers might consider. Consult with family and trusted advisors, then call Advisors Mortgage for a free proposal. A free quote will give you the numbers and figures so you will see firsthand how much money is available to you.
REVERSE MORTGAGES AND EQUITY LOANS, SIMILAR BUT DIFFERENT
Although a Reverse Mortgage is a lot like an Equity Loan, there are some significant differences.
(a) With a Reverse Mortgage, your credit number is not a determining factor.
(b) Unlike an equity loan, you make no monthly mortgage payments.
(c) With an Equity loan, if you are looking for more money, you would have to refinance.
GROWTH RATE ON THE REVERSE MORTGAGE LINE OF CREDIT!
With a reverse mortgage, the unused portion of the HECM line of credit grows over time at the same rate of interest charged on your loan plus 1/2% thereby giving you access to more funds without the need to refinance. Having future funds available to you for whatever you might need is a comforting feeling. If the line of credit is utilized, you only pay back what you used.
Your reverse mortgage proceeds come tax free and with a growth rate on your money, the program has become increasingly attractive to financial planners who work with senior borrowers. Share this information with them and have them give us a call with any questions.
