Reverse Mortgages Give Reasons For Hope

Reverse Mortgages Provide HopeAs 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.Reverse Mortgage Finances Home Health Care
  •  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.Reverse Mortgage Makes Grocery Shopping Easier
  •  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.Reverse Mortgage provides funds to enjoy hobby of golfing
  • 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:  “What to Consider When Talking With Reverse Mortgage Lenders” will help you determine questions to ask when choosing your originator.

© 2011-2015 Beth Paterson, CRMP, Beth’s Reverse Mortgage Blog, 651-762-9648

This material may be re-posted provided it is re-posted in its entirety without modifications and includes the contact information, copyright information and the following link:

Related articles of stories on how seniors have used the reverse mortgage and how it’s made a difference in their lives:

Blog posts’ information is current as of date post published, program is subject to change in in the future. Contact us for current information, 651-762-9648.

This site or the information provided is not from, or approved by, HUD, FHA, or any US Government or Agency.

20 thoughts on “Reverse Mortgages Give Reasons For Hope

  1. Hi Beth,
    “Thank you for many positive thoughts about what your clients are able to do with the reverse mortgage that you helped them obtain. The common theme, I think, is “independence” and the ability to continue to take care of oneself. Seniors have a lot of pride and most want to remain as active and as comfortable as possible. Most did their very best to provide for their own future/retirement… but things do not always work out as planned. Turns out that the best investment was buying a home…. and now the equity in that home can help them to have a much more comfortable life. Keep up the great work!


    • Well said, Bob! Thanks! I think you’re right about the best investment was buying a home. Most of the homes are worth more than than paid for them, even in the declining market their home can provide the funds for a more comfortable life.

  2. Hi Beth,
    Due to the economic downturn, currently the value of my house, which is located in Minneapolis, MN is shown to be less than or equal to what I owe towards the mortgage. Will I qualify for the reverse mortgage? My wife and I are both above 65 years of age.

    • The reverse mortgage needs to be in first lien position so enough funds are needed from the reverse mortgage to pay off any current liens or mortgages. While it sounds like it will not work for you, please call me (I’m licensed in MN) and I can discuss your situation and see if there is a solution and if the reverse mortgage is an option for you, with no obligation or pressure of course.

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