As I was reflecting on the hope that this season brings I got to thinking about the reasons the reverse mortgage gives hope to seniors. Here are some of the reasons for hope with a reverse mortgage. Yes, the list is long but seniors have a long list of wants and needs for hope. With a reverse mortgage one will be able to:
- Stay in one’s home where they may have raised their family, are familiar with the neighborhood and their neighbors and where they usually want to remain.
- Pay off a current mortgage to eliminate the monthly mortgage payments.
- Save one’s home when faced with foreclosure or tax forfeiture.
- Have improved cash flow with no monthly mortgage payments.
- Have funds for making home improvements or home modifications.
- Retire and not feeling like you have to work just to have money to pay the bills.
- Have cash flow to be able to pay taxes.
- Have funds to pay for home health care.
- Have funds for some assistance with home care or companion services.
- Have funds for adult day services.
- Have funds for medical expenses and prescriptions.
- Afford going to the dentist.
- Afford new eye glasses.
- Have funds for the needed hearing aid.
- Have funds to cover long term care expenses.
- Cover everyday living expenses.
- Not rely on credit cards.
- Not rely on children.
- Have funds for the little extras in life, like:
- getting one’s hair done,
- having cable TV,
- buying groceries,
- going to lunch with friends,
- treating their children to dinner,
- going to community plays or the theater or a concert,
- taking the grandchildren to the zoo or a movie,
- Depends (I had a client say with their reverse mortgage they could now afford to by Depends),
- being able to do hobbies.
- Purchase a more dependable car
- Afford transportation if one can no longer drive.
- Afford the travel for the family wedding or reunion.
- Take the vacation they have dreamed of all their life.
- Protect some of their other retirement funds or investments where there might be taxes or penalties on withdrawals.
- Purchase a new home to downsize and/or move closer to family
- Have funds for emergencies.
- Reduce financial stress.
- Have funds to full fill needs and goals.
- To live with security, independence, dignity and control.
I have helped seniors where a reverse mortgage has fulfilled all of these reasons and more, providing hope for their future (visit the links below for some stories). A reverse mortgage has given hope to thousands of Minnesota seniors so they can remain in their home with security, independence, dignity and control even during trying times. If you know a senior who is looking for hope for one of the above reasons, a reverse mortgage may be their answer.
To determine if a reverse mortgage is right for one’s situation, talk with an experienced licensed reverse mortgage expert to get the facts. Learn some of the facts at our website: www.RMSIDAC.com. “What to Consider When Talking With Reverse Mortgage Lenders” will help you determine questions to ask when choosing your originator.
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Related articles of stories on how seniors have used the reverse mortgage and how it’s made a difference in their lives:
- Reverse Mortgages Answers Prayers
- Finance Retirement With A Reverse Mortgage
- Know a Senior Who Wants Security, Independence Dignity ,And Control? A Reverse Mortgage May Be The Answer
- Reverse Mortgages Help Celebrate Independence
- Reverse Mortgages Help Finance Home Care
- Respect for Oneself Increases With A Reverse Mortgage
- Can’t Afford To Retire? A Reverse Mortgage May Be The Answer
- Reverse Mortgage Helps MN Senior To Be Prepared For The Future
- Reverse Mortgage Allowed Creation of Family Memories
- Reverse Mortgages Equal Independence For Seniors
- Reverse Mortgages Come To The Rescue for Senior Homeowners
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